Kiffmeister’s #Fintech Daily Digest (05/06/2021)*

Federal Reserve proposes guidelines for what firms qualify for Fed accounts, payments services

The U.S. Federal Reserve proposed guidelines for what sorts of financial institutions can have access to accounts at the central bank and its related payment services. “With technology driving rapid change in the payments landscape, the proposed Account Access Guidelines would ensure requests for access to the Federal Reserve payments system from novel institutions are evaluated in a consistent and transparent manner that promotes a safe, efficient, inclusive, and innovative payment system, consumer protection, and the safety and soundness of the banking system.” 

Kazakhstan Digital Tenge (CBDC) Pilot Project

The National Bank of the Republic of Kazakhstan plans to conduct a comprehensive study of the benefits and risks of issuing retail central bank digital currency (CBDC). It will start with the definition of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem. 

Coinbase Saw a 17% Jump in Law Enforcement Requests in 2020

Coinbase published its Transparency Report showing that it received 4,227 requests for customer data in 2020 from U.S. authorities and law enforcement agencies deom around the world, and that the pace of requests is increasing. The U.S. agencies ranged from the FBI and Drug Enforcement Agency to the country’s tax collector, the IRS, and the Food and Drug Administration.   

IRS Authorized to Get Records from Kraken for US Taxpayers Transacting at least $20k In Crypto

A federal court in the Northern District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on the crypto exchange Kraken, seeking information about U.S. taxpayers who have used crypto. The IRS is seeking information about taxpayers who conducted at least $20,000 in transactions in crypto between 2016 and 2020.  

Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets

A report from the World Economic Forum (WEF) and Boston Consulting Group (BCG) has found that while distributed ledger technology (DLT) offers the potential for significant market-wide transformation, market participants are still far from adopting this technology at scale at a market-wide level. 

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