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Stanford Future of Digital Currency Initiative
Stanford Future of Digital Currency Initiative
The Initiative will focus on Digital Currencies of all forms across the entire ecosystem spectrum, from centralized to decentralized to hybrids including Central Bank Digital Currency (CBDC) and stablecoins amongst many others. Currently, more than 40 central banks are exploring some form of digital currency initiative. The Initiative will undertake research and evaluation of technical standards for interoperability in collaboration with key government, NGO and private industry stakeholders. The Initiative will also study and implement emerging cross-border business use cases related to supply chain, financial markets, charitable giving and macroeconomic impact of these instruments on promoting financial inclusion.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·fdc.scs.stanford.edu·
Stanford Future of Digital Currency Initiative
The Rise of sUSD · Synthetix Community
The Rise of sUSD · Synthetix Community
In an upcoming release, Synthetix will introduce sUSD-denominated ETH collateral − a feature familiar in many ways to Maker CDP owners − and the value proposition will flip overnight. Not only will this feature deliver more utility to the trader, it will also expose a key advantage sUSD has over DAI as a stablecoin.
#Fintech#CryptoAssets#Stablecoins#Synthetix#DFC
·synthetix.community·
The Rise of sUSD · Synthetix Community
Digital Dollar Project Publishes its US Central Bank Digital Currency White Paper
Digital Dollar Project Publishes its US Central Bank Digital Currency White Paper
The Digital Dollar Project white paper calls for a tokenized US dollar that will operate alongside existing fiat currency and commercial bank money, and maintain the current two-tiered banking system. It will support a balance between individual privacy rights and necessary compliance and regulatory processes. The technological architecture will offer the flexibility to adapt configurability based on policy and economic considerations, and possibly (but not necessarily) be based on distributed ledger technology.
#Fintech#CryptoAssets#CBDC#DFC
·digitaldollarproject.org·
Digital Dollar Project Publishes its US Central Bank Digital Currency White Paper
China's central bank governor says there is no timetable for digital currency launch
China's central bank governor says there is no timetable for digital currency launch
People's Bank of China Governor Yi Gang has said that the central bank doesn’t yet have a timetable for the official launch of digital yuan. He also confirmed that the PBOC has been internally testing its digital currency, known as Digital Currency/Electronic Payment (DC/EP), in four cities - Shenzhen, Xiong'An New Area, Chengdu, and Suzhou - since April. Yi also confirmed that DC/EP might see use during the 2022 Beijing Winter Olympics “to verify theoretical reliability and system stability.” http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4028235/index.html
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
China's central bank governor says there is no timetable for digital currency launch
Telegram Quits Court Fight With SEC Over TON Blockchain Project
Telegram Quits Court Fight With SEC Over TON Blockchain Project
Telegram withdrew its appeal over a previous court decision that backed the SEC in prohibiting the issuance of Gram tokens to investors both in and out of the U.S. The new document filed with the U.S. Court of Appeals for the Second Circuit states: “The parties in the above-referenced case have filed a stipulation withdrawing this appeal pursuant to Local Rule 42.1.” The rule means that the parties have filed an agreement for dismissal of the case without prejudice. As such, the case is over for now, but not necessarily forever.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·coindesk.com·
Telegram Quits Court Fight With SEC Over TON Blockchain Project
Celo's Approach to Decentralization
Celo's Approach to Decentralization
Aiming to overcome price-volatility and ease of use problems associated with many cryptocurrencies, Celo seeks to bring financial infrastructure and tools to anyone with a smartphone.  To reach this goal, Celo is taking a full-stack approach and introducing innovations at the networking and application layers with technologies like a lightweight address-based encryption scheme, an ecosystem of stable-value tokens, and novel system architectures. "
#Fintech#CryptoAssets#Blockchain#ProofOfStake#Stablecoins#Celo#DFC
·blog.consensusnetworks.com·
Celo's Approach to Decentralization
Terra’s Approach to Decentralization
Terra’s Approach to Decentralization
Terra aims to provide a price stable cryptocurrency, built on top of the Cosmos SDK, that will function as the infrastructure layer for decentralized financial applications. The protocol utilizes an elastic monetary supply that allows for both a stable price and the censorship resistant capabilities of Bitcoin to be maintained, enabling it to be used in everyday transactions. Currently, Terra is the backend technology powering CHAI, a mobile payments application that allows users to link their bank accounts and participate in ecommerce using Terra’s currency and receiving discounts in exchange.
#Fintech#CryptoAssets#Blockchain#ProofOfStake#Terra#Stablecoins#DFC
·blog.consensusnetworks.com·
Terra’s Approach to Decentralization
Pitfalls of a Reserves-only Narrow Bank
Pitfalls of a Reserves-only Narrow Bank
All in all, we worry that the rise of segmented narrow banks could leave the Federal Reserve facing a risk of disintermediation that would diminish the supply of private credit, potentially in a disruptive way. Returning to a pre-crisis world of scarce reserves would diminish this threat at the cost of a sacrificing a useful tool for financial stability. In theory, Congress might find this outcome sufficiently unappealing to restrict SBA-only banks, but that possibility seems remote.
#Fintech#CBDC#NarrowBanking#DFC
·moneyandbanking.com·
Pitfalls of a Reserves-only Narrow Bank
US Federal Reserve Bank Segregated Balance Accounts
US Federal Reserve Bank Segregated Balance Accounts
This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess reserves (IOER).
#Fintech#CBDC#NarrowBanking#DFC
·newyorkfed.org·
US Federal Reserve Bank Segregated Balance Accounts
Central Bank Digital Currencies Need Decentralization
Central Bank Digital Currencies Need Decentralization
"A CBDC 2.0 will be issued and decentrally governed either on a national or on a supranational level, across multiple jurisdictions. This implies a different set of legal, monetary, and fiscal policies, some of them automated, required to be codified and put in place across nations... Decentralized governance will result in fast and cheap cross-border transactions, pseudonymity, personal data protection, and international operability. CBDC 2.0 will be interoperable at the protocol level so that data exchange and functionality should be easily accessible and transferable... The currency should be interoperable on a supranational level, meaning that emerging economies could suffer less from purchasing power inequality."
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Central Bank Digital Currencies Need Decentralization
JPMorgan Says Central Bank Digital FX a Danger to U.S. Power
JPMorgan Says Central Bank Digital FX a Danger to U.S. Power
JPMorgan analysts don’t see the U.S. dollar being toppled as the world’s reserve currency anytime soon, but “more fragile” aspects of dollar dominance, including in trade settlement and the SWIFT messaging system, could be at risk. “Offering a cross-border payments solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,” they said. “For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.”
#Fintech#CryptoAssets#CBDC#DFC
·bloomberg.com·
JPMorgan Says Central Bank Digital FX a Danger to U.S. Power
Nearly $5 billion in Tethers were issued since January. Why? - Decrypt
Nearly $5 billion in Tethers were issued since January. Why? - Decrypt
Bitcoin's price is determined by the total dollars, both fiat and Tether, in the system. Nicholas Weaver, a researcher at the International Computer Science Institute in Berkeley, believes that actual dollars in the system are depleted as Bitcoin miners need cash to pay their electricity costs. If the amount of real dollars in the ecosystem hits zero, Bitcoin will collapse, he argues. (Exchanges, typically those that lack links to traditional banking, use Tether in lieu of real dollars as a way to bring liquidity to the crypto markets and hedge against volatility.)
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·decrypt.co·
Nearly $5 billion in Tethers were issued since January. Why? - Decrypt
Central Bank Digital Currencies - Grayscale®
Central Bank Digital Currencies - Grayscale®
"CBDCs are sometimes viewed as synonymous to, or as replacements for, digital currencies like Bitcoin, but they represent a meaningful departure from the decentralized protocols inherent to many cryptocurrencies. If CBDCs gain traction, they may actually bolster the value proposition of Bitcoin and other digital currencies. "
#Fintech#CryptoAssets#CBDC#DFC
·grayscale.co·
Central Bank Digital Currencies - Grayscale®
Coronavirus: Case for Digital Money?
Coronavirus: Case for Digital Money?
This paper discusses the pros of adopting government-issued digital currencies as well as a supranational digital iCurrency. One such pro is to get rid of paper money (and coinage), a ubiquitous medium for spreading germs, as highlighted by the recent coronavirus outbreak. It sets forth three policy recommendations for adapting mobile devices as new digital wallets, regulatory oversight of sovereign digital currencies and user data protection, and a supranational digital iCurrency for facilitating international digital monetary linkages.
#Fintech#CryptoAssets#CBDC#Pandemic#DFC
·arxiv.org·
Coronavirus: Case for Digital Money?
Raiffeisen Bank International (RBI) to Pilot Digitized National Currency
Raiffeisen Bank International (RBI) to Pilot Digitized National Currency
Billon and Raiffeisen Bank International are extending a successful proof-of-concept of a national currency tokenization platform into a pilot project, which will include selected RBI corporate and institutional clients. This pilot will lever a new form of national currency tokenization using Billon’s distributed ledger technology, successfully tested during RBI’s Elevator Lab acceleration program earlier this year.
#Fintech#CryptoAssets#Blockchain#Tokenization#Stablecoins#DFC
·prweb.com·
Raiffeisen Bank International (RBI) to Pilot Digitized National Currency
Facebook’s Libra Adds Firepower To Its Leadership
Facebook’s Libra Adds Firepower To Its Leadership
The Libra Association announced Robert Werner as General Counsel. He adds more regulatory and financial compliance firepower to the Facebook inspired stablecoin and blockchain project. This executive change comes just after the announcement of Libra’s new CEO, Stuart Levey, who recently stepped down from HSBC Holdings as Chief Legal Officer.
#Fintech#CryptoAssets#Stablecoins#Facebook#PaymentSystems#Libra#DFC
·forbes.com·
Facebook’s Libra Adds Firepower To Its Leadership
The Digital Euro and the Role of DLT for Central Bank Digital Currencies
The Digital Euro and the Role of DLT for Central Bank Digital Currencies
This paper discusses the forms and advantages of a DLT-based digital Euro. It analyzes current CBDC projects and explains the intentions behind the respective CBDC projects. In addition, possible threats for the financial system caused by a CBDC introduction, such as financial stability and data protection concerns, are discussed, and possible solutions are outlined. http://explore-ip.com/2020_The-Digital-Euro-and-the-Role-of-DLT-for-Central-Bank-Digital-Currencies.pdf
#Fintech#CryptoAssets#CBDC#DFC
·medium.com·
The Digital Euro and the Role of DLT for Central Bank Digital Currencies
Designing central bank digital currencies
Designing central bank digital currencies
This column written by IMF staff proposes a framework for analyzing CBDC design tradeoffs to mitigate bank disintermediation risk while maintaining diverse payment instruments. Currency that closely competes with deposits would likely depress bank credit, while cash-like currency could lead to the disappearance of cash. It concludes that making CBDC interest-bearing may help alleviate this trade-off.
#Fintech#CryptoAssets#CBDC#DFC
·voxeu.org·
Designing central bank digital currencies
Is Central Bank Currency Fundamental to the Monetary System?
Is Central Bank Currency Fundamental to the Monetary System?
This Bank of Canada paper discusses whether the ability of individuals to convert commercial bank deposits into central bank money is fundamentally important for the monetary system. This is a significant question since the use of cash—the only form of central bank money that the public currently has access to—is declining rapidly in many countries. The question is also highly relevant to the discussion around whether central banks need to issue a retail central bank digital currency. The paper concludes that depositors’ need for control could be a reason why cash or a CBDC is essential, even in countries with strong measures safeguarding commercial bank money.
#Fintech#CryptoAssets#CBDC#DFC
·bankofcanada.ca·
Is Central Bank Currency Fundamental to the Monetary System?
Majority of TON Investors Reportedly Choose to Quit for 72% Refund
Majority of TON Investors Reportedly Choose to Quit for 72% Refund
Prior to abandoning its involvement in the Telegram Open Network and GRAM token, Telegram offered TON investors in its 2018 $1.7 billion initial coin offering an immediate 72% refund, or a 110% refund in 12 months. However, the majority of TON investors purportedly decided to get their money back as soon as possible, choosing the 72% option.
#Fintech#CryptoAssets#Telegram#Stablecoins#PaymentSystems#DFC
·cointelegraph.com·
Majority of TON Investors Reportedly Choose to Quit for 72% Refund
Trolly McTrollface's theory on what’s backing Tether — loans to Bitcoin miners, backed by bitcoins.
Trolly McTrollface's theory on what’s backing Tether — loans to Bitcoin miners, backed by bitcoins.
Bitcoin miners need cash to pay their electricity bills. They could sell their rewards on exchanges which someone would have to buy, to prevent BTC from crashing. Tether and Bitfinex have real money from those who trade on its exchange, but why would they buy miners' BTC, when they can loan them the money instead? And if a miner defaults, it's not Tether the company that takes the hit, but USDT holders. Maybe that's the real reason why Tether/Bitfinex don't want an audit. Not because USDTs aren't backed, but because they're backed by miners' BTC. And because Tether controls the miners, they also control Bitcoin.
#Fintech#CryptoAssets#Bitcoin#Tether#Bitfinex#Stablecoins#DFC
·twitter.com·
Trolly McTrollface's theory on what’s backing Tether — loans to Bitcoin miners, backed by bitcoins.
Visa Applies For Digital Dollar Blockchain Patent
Visa Applies For Digital Dollar Blockchain Patent
Visa has filed a patent application to create "digital fiat currency" on a centralized computer using blockchain technology. The computer generates digital currency for the denomination requested and links it to a serial number, and records it on a blockchain. http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=/netahtml/PTO/srchnum.html&r=1&f=G&l=50&s1=20200151682.PGNR.
#Fintech#Blockchain#CryptoAssets#VISA#Stablecoins#DFC
·forbes.com·
Visa Applies For Digital Dollar Blockchain Patent
Accredited Investors on CoinList Pour $10M Into Celo Token Sale in Roughly 12 Hours
Accredited Investors on CoinList Pour $10M Into Celo Token Sale in Roughly 12 Hours
Silicon Valley blockchain startup cLabs just raised $10 million for the Celo project through a token sale to accredited investors on the CoinList platform. Roughly 109 investors from dozens of countries participated in the auction, paying an average of $5 per Celo Gold token. The average buyer spent $519 on these tokens and often earned 50 bonus tokens for referrals.
#Fintech#CryptoAssets#Stablecoins#Celo#DFC
·coindesk.com·
Accredited Investors on CoinList Pour $10M Into Celo Token Sale in Roughly 12 Hours