Anticipation of Bitcoin’s halving could be driving the issuance of stablecoins. A record $3 billion of stablecoins were deposited on exchanges this year. Stablecoins are increasingly being used to enable Asian trade finance. Businesses in Malaysia and Indonesia, for example, are using stablecoins to pay their suppliers in China, transferring funds via ETH wallets. But stablecoins are still mainly used for crypto trading and enabling capital flight out of China.
The Stablecoin Surge Is Built on Smoke and Mirrors
U.S. stablecoin reserves may not be fully protected by FDIC insurance. And if they aren’t, then stablecoins may actually be less secure than ordinary bank deposit accounts. If people really are investing in stablecoins because they think they are safer than bank deposit accounts, I’m afraid they have allowed the smoke to get in their eyes and the mirrors to blind them.
Palestine Monetary Authority on Electronic Payment Services in Palestine
The Palestine Monetary Authority (PMA) issued instructions for PMA-licensed payment service providers to operate and provide electronic payment services. This will be done through authorized agents of these companies spread across the governorates, cities and villages of the country. Any citizen can benefit from the services provided by payment services companies without requiring a bank account.
Brazil’s central bank to implent open banking in November
Banco Central do Brasil will start implementing open banking rules in November. Under the rules, banks will share customers’ data with third parties that can use the information to offer consumers products, in a move expected to spur competition in Brazil’s highly concentrated banking market. It is expected to be fully implemented by October 2021.
Revolut launches licenced bank in Lithuania
U.K.-based Lithuanian-licensed digital bank Revolut has launched as a fully-licenced bank in Lithuania. Existing customers are able to upgrade from e-money accounts to bank deposit accounts from their Revolut app.
South Sudan mobile money operator launches remittance service
South Sudan’s mobile money service, m–Gurush, has launched an international remittance service. The service will be particularly beneficial to the South Sudanese living in East Africa who will now be able to receive money using the existing mobile money services such as M-Pesa in Kenya and MTN Mobile Money in Uganda.
Posted from Diigo: https://www.diigo.com/user/kiffmeister/Fintech
