Kiffmeister’s Fintech Daily Digest (05/12/2020)

Telegram Abandons TON Blockchain Project After Court Fight With SEC
Telegram has given up on its upcoming Telegram Open Network blockchain network, following a lengthy, protracted dispute with the SEC. Since October 2019, the SEC has alleged that Telegram’s $1.7 billion ICO in 2018 for the Grams crypto-asset that powers the network, constituted an illegal securities sale.

Mauritius Central Banker Confirms Island’s Digital Currency Plans
Governor Harvesh Seegolam said the Bank of Mauritius would be embarking on a CBDC pilot in the near future. Seegolam said it would have to be distributed through the established banking system, even if the central bank issues the actual currency, to avoid the risk of destabilizing the island’s financial system. (See also:

Bank of England: No Compromise on Our Principles for Any Future CBDC
Wise words from the BoE’s Simon Scorer: “We’re clear that any choice of technology around a CBDC should be led by a set of requirements and not the other way around… We would not let the choice of technology dictate the design; instead, what we would do is decide what functionality the CBDC requires, what our design principles are, and then we would choose what technology is most appropriate.”

Stablecoin Heatmaps Show Tether is Mostly Used During Asian and European Market Hours
Stablecoin transfer patterns show that different stablecoins are potentially being used for different purposes, and are favored in different parts of the world. USDT-ETH transfers are concentrated during Asian and European market hours. USDC transfers are also clustered during Asian market hours, but not as densely packed as USDT-ETH. PAX transfers are more dispersed, which could signal that it is being used for non-institutional purposes. And DAI transfers mostly occur during U.S. hours.

IBM Blockchain to Offer Decentralized Smart Contract Option
IBM is upgrading its enterprise Blockchain Platform to carry over changes in Hyperledger Fabric 2.0 (its base layer) that will improve performance and data privacy, and allow transaction parties to propose and amend smart contract parameters.

UAE Bank Opens Bangladesh Remittance Corridor using Ripple’s Blockchain Tech
UAE-based RAKBank is expanding its remittance routes using RippleNet blockchain technology. RAKBank and Bangladesh-based Bank Asia have partnered to allow users to transfer money between accounts at the two institutions within 24 hours. The announcement doesn’t specify whether the service utilizes XRP, which is an option for RippleNet users.

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