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Central bank digital currency can be safe and private, claims CipherTrace
Central bank digital currency can be safe and private, claims CipherTrace
Blockchain forensics firm CipherTrace wants to expand its business to central banks. A new initiative aims to help central banks launch their own digital currencies in a safe, private, and regulatory compliant manner. CipherTrace, funded by DARPA, already works with banks and governments around the world.
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·decrypt.co·
Central bank digital currency can be safe and private, claims CipherTrace
Bank of England: No Compromise on Our Principles for Any Future CBDC
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."
#Fintech#CryptoAssets#CBDC#Consensus#DFC
·coindesk.com·
Bank of England: No Compromise on Our Principles for Any Future CBDC
Telegram Abandons TON Blockchain Project After Court Fight With SEC
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.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·telegra.ph·
Telegram Abandons TON Blockchain Project After Court Fight With SEC
Mauritius Central Banker Confirms Island's Digital Currency Plans
Mauritius Central Banker Confirms Island's Digital Currency Plans
Governor Harvesh Seegolam said the Bank of Mauritius would be embarking on a pilot in the near future, though he declined to share many details. Seegolam said any CBDC 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 https://www.bom.mu/media/speeches/shaping-new-banking-landscape)
#Fintech#CryptoAssets#CBDC#Consensus#DFC
·coindesk.com·
Mauritius Central Banker Confirms Island's Digital Currency Plans
Stablecoin Heatmaps Show Tether is Mostly Used During Asian and European Market Hours
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.
#Fintech#CryptoAssets#Stablecoins#Tether#USDC#Paxos#DAI#DFC
·coinmetrics.substack.com·
Stablecoin Heatmaps Show Tether is Mostly Used During Asian and European Market Hours
JP Koning: Why Fedcoin
JP Koning: Why Fedcoin
A CBDC could be designed so that anyone can get as much anonymous money as they want. But they'd have to pay for this privilege. One way is by charging a hourly fee, or a negative interest rate, on anonymous balances or set a large withdrawal fee, say 5% for anomymity. These revenues might be used by the government to to bolster the budgets of fraud departments, or to compensate victims of ransomware. But an anonymity tax puts regular people and criminals into the same bucket and it subtly ostracizes licit users of anonymous CBDC.
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·jpkoning.blogspot.com·
JP Koning: Why Fedcoin
Without privacy, do we really want a digital dollar?
Without privacy, do we really want a digital dollar?
If governments do decide to develop a publicly-run digital alternative to existing bank-mediated payments and physical cash, then technologies pioneered in the cryptocurrency space should deliver scale and accountability while preserving much of the privacy and freedom inherent in cash transactions, privacy and freedom that are essential to a free and democratic society.
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·coincenter.org·
Without privacy, do we really want a digital dollar?
Overview of Central Bank Digital Currency - State of Play
Overview of Central Bank Digital Currency - State of Play
This SUERF note provides an overview of the state of play regarding the development of central bank digital currencies across the world. It describes the leading central banks current initiatives and outlines the main aims and design features of their CBDC projects.
#Fintech#CryptoAssets#CBDC#DFC
·suerf.org·
Overview of Central Bank Digital Currency - State of Play
Telegram Agrees to Hand Over Trove of ICO Documents to SEC
Telegram Agrees to Hand Over Trove of ICO Documents to SEC
Telegram has filed an order of consent agreeing to provide a trove of communications and documentation requested by the U.S. SEC on May 7. The communications concern the distribution of Telegram’s Gram tokens and purchase agreements relating to its 2018 ICO. Telegram’s consent comes amid the Free Telegram Open Network community’s decision to launch a version of the TON blockchain via a ‘fork’.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·cointelegraph.com·
Telegram Agrees to Hand Over Trove of ICO Documents to SEC
Bison Trails Announces Support for Celo Platform
Bison Trails Announces Support for Celo Platform
Bison Trails has announced support for the Celo open network, which enables smartphone users to send crypto directly to a phone number instead of a blockchain address. The added support means that users will be able to transfer value using Celo's stablecoin pegged to the U.S. dollar on the Bison Trails platform. The Celo tech system has three layers: Celo Blockchain, Celo Core Contracts, and Application, and uses Earned Value Management and the Go-Ethereum protocol for their underlying node system.
#Fintech#CryptoAssets#Stablecoins#Celo#DFC
·cointelegraph.com·
Bison Trails Announces Support for Celo Platform
The Central Bank Digital Currency Survey 2020 – debunking some myths
The Central Bank Digital Currency Survey 2020 – debunking some myths
According to the results of Central Banking’s inaugural CBDC survey very few central banks plan to issue CBDCs, in any form, within the next five years. Moreover, much-vaunted blockchain technology is viewed as having limited applications – despite the Libra Association sticking with a version using Byzantine algorithms. And the idea of a decentralised currency is a non-starter – centralised controls are essential from a public-sector perspective.
#Fintech#CryptoAssets#CBDC#DFC
·centralbanking.com·
The Central Bank Digital Currency Survey 2020 – debunking some myths
Libra Association Names HSBC Chief Legal Officer as First CEO
Libra Association Names HSBC Chief Legal Officer as First CEO
The Libra Association has named HSBC Chief Legal Officer Stuart Levey as its first chief executive. He has been at HSBC since 2012 and previously served the U.S. government as Under Secretary of the Treasury for Terrorism and Financial Intelligence under the presidencies of George W. Bush and Barack Obama, and has a background in combating illicit finance.
#Fintech#CryptoAssets#Stablecoins#Facebook#PaymentSystems#Libra#DFC
·coindesk.com·
Libra Association Names HSBC Chief Legal Officer as First CEO
Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia
Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia
The Bill and Melinda Gates Foundation have formed the Mojaloop Foundation to develop and promote a free, open-source real-time payments platform for nations and central banks. The Mojaloop software includes a directory for identifying account holders, a transfer system for routing payments, and a clearing and settlement layer that transfers funds among users’ financial institutions. The routing system relies partly on Interledger technology originally developed by Ripple. Mojaloop-based systems are hosted by each country’s authorities, but because they use a shared standard, they could eventually become interoperable across borders.
#Fintech#PaymentSystems#CBDC#Mojaloop#DFC
·forbes.com·
Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia
Stablecoins as a collateral sinkhole
Stablecoins as a collateral sinkhole
As the ECB noted in a recent stablecoin research piece in an extreme-case scenario where libra coins prove as popular as Facebook, the global size of the Libra Reserve could reach almost €3tn of assets under management! In that context it’s fair to say the Libra Reserve’s potentially endless demand for safe assets could swiftly transform it into a self-consuming Ouroboros. Especially in the current crisis environment.
#Fintech#CryptoAssets#Stablecoins#Facebook#Rehypothecation#SafeAssets#Libra#DFC
·ftalphaville.ft.com·
Stablecoins as a collateral sinkhole
What We Can Learn From Telegram’s Token Troubles - CoinDesk
What We Can Learn From Telegram’s Token Troubles - CoinDesk
Will Telegram be able to retain funds sufficient to fight the SEC, maintain its ever-growing messenger, continue developing the blockchain and potentially fight additional legal claims from some of its investors? The significant portion of the remaining $1.2 billion would need to be retained to make it happen.
#Fintech#CryptoAssets#Telegram#Stablecoins#PaymentSystems#DFC
·coindesk.com·
What We Can Learn From Telegram’s Token Troubles - CoinDesk
Alliance for Prosperity: 75 Members Strong & First Integrations Live
Alliance for Prosperity: 75 Members Strong & First Integrations Live
There are now 75 members in Celo's "Alliance for Prosperity" stablecoin payments network ahead of its mid-May mainet launch. Celo is a mobile-first blockchain-based platform alongside a suite of financial tools accessible to anyone with a basic smartphone. The stability protocol can host an ecology of stable value currencies like the Celo Dollar, regional currencies, and commodity prices.
#Fintech#PaymentSystems#CryptoAssets#Stablecoins#Celo#DFC
·medium.com·
Alliance for Prosperity: 75 Members Strong & First Integrations Live
A regulatory and financial stability perspective on global stablecoins
A regulatory and financial stability perspective on global stablecoins
This ECB article focuses on the global stablecoin asset management functions, assessing their regulatory and financial stability implications. It argues that regulatory gaps may exist with certain design features, and concludes that the malfunctioning of that function could pose risks to financial stability given its potential size and interlinkages with the financial system. Also, a robust regulatory framework needs to be put in place in order to address these risks before such arrangements are allowed to operate.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·ecb.europa.eu·
A regulatory and financial stability perspective on global stablecoins
Telegram Decides to Immediately Buyout US-Based Gram Investors
Telegram Decides to Immediately Buyout US-Based Gram Investors
Telegram is now forcing the U.S.-based Gram token investors to take the 72% refund and exit the TON blockchain project. The encrypted messaging platform has also retracted last week's offer to pay investors in Gram tokens at all. These moves were based on the scheme's uncertain reception from the U.S. regulators.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·financemagnates.com·
Telegram Decides to Immediately Buyout US-Based Gram Investors
Launch of the OMFIF Digital Monetary Institute
Launch of the OMFIF Digital Monetary Institute
The Official Monetary and Financial Institutions Forum (OMFIF) has launched the Digital Monetary Institute, a high-level group of policy-makers, technologists, financiers and regulators to explore the challenges and opportunities of digital finance. The principal focus will be on payments instruments in wholesale and retail markets, with central bank digital currency being of particular interest.
#Fintech#CryptoAssets#CBDC#PaymentSystems#Stablecoins#DFC
·omfif.org·
Launch of the OMFIF Digital Monetary Institute
$10 billion stablecoin boom as Bitcoin halving nears
$10 billion stablecoin boom as Bitcoin halving nears
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.
#Fintech#CryptoAssets#Stablecoins#DFC
·decrypt.co·
$10 billion stablecoin boom as Bitcoin halving nears
Frances Coppola: Stablecoins Are Built on Smoke and Mirrors
Frances Coppola: Stablecoins Are 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.
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
Frances Coppola: Stablecoins Are Built on Smoke and Mirrors
White Paper : Why are Central Banks Interested in Digital Currency?
White Paper : Why are Central Banks Interested in Digital Currency?
With a decrease in the use of cash, the objectives pursued by the Central Banks with an electronic and universally accessible form of money are to anticipate the disappearance of cash, create an efficient and cheap means of payment, and strengthen regulatory controls. It is not a matter of “if” but a matter of “when”. Central Banks must define the objectives first, then get the design parameters right while carefully assessing the second order effects; and conduct thorough pilots before launching a central bank digital currency.
#Fintech#CryptoAssets#CBDC#DFC
·chappuishalder.com·
White Paper : Why are Central Banks Interested in Digital Currency?
Facebook's Calibra Team Introduces A Novel Distributed Audit Protocol
Facebook's Calibra Team Introduces A Novel Distributed Audit Protocol
Calibra published a paper on a novel distributed auditing proofs of liabilities (DAPOL) protocol designed to introduce additional optimization and enhanced privacy to existing distributed audit procedures. It allows entities to undergo a distributed audit of their liabilities and it works in any situation where an entity does not have a motivation to overstate its liabilities.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·cointelegraph.com·
Facebook's Calibra Team Introduces A Novel Distributed Audit Protocol
Bitfinex, Tether Seek Subpoenas Across US in Hunt for Missing $800M
Bitfinex, Tether Seek Subpoenas Across US in Hunt for Missing $800M
The Bitfinex crypto exchange is making a new push to find and potentially recover more than $800 million in user funds seized by legal authorities in four different countries after its payment processor’s bank accounts were frozen. The funds were seized by authorities pursuing anti-money laundering criminal charges against Crypto Capital.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·coindesk.com·
Bitfinex, Tether Seek Subpoenas Across US in Hunt for Missing $800M
How Biometric Wallets and eMoney Ensure Nations Can Respond to Pandemics
How Biometric Wallets and eMoney Ensure Nations Can Respond to Pandemics
The U.S. government needs a stimulus payment system that ensures the policy objectives are met. It could be based on programmable eMoney ("digital dollars") or eVouchers that are time-stamped, purpose-limited, and even location-limited to prevent users from hoarding them. Loans to small businesses could be tied to payroll or capital expenditure. Such eMoney or eVouchers could be sent or received directly to users’ eWallet accounts and settled over an automated clearing house.
#Fintech#CBDC#DigitalID#DFC
·www-nasdaq-com.cdn.ampproject.org·
How Biometric Wallets and eMoney Ensure Nations Can Respond to Pandemics
Central Bank Digital Currency: an innovation in payments
Central Bank Digital Currency: an innovation in payments
An R3 white explores proposed CBDC models and applications from across the globe, and examines technologies for different implementations based on recent engagements with central banks and payment infrastructure providers. It discusses use cases that CBDCs are solving, the benefits they may unlock, minimum viable ecosystems, the difference between the hybrid, synthetic and direct models, and the technologies, including blockchain, that are being considered.
#Fintech#CryptoAssets#CBDC#Haiti#DFC
·r3.com·
Central Bank Digital Currency: an innovation in payments
Embedded supervision: how to build regulation into Libra 2.0 and the token economy
Embedded supervision: how to build regulation into Libra 2.0 and the token economy
Taking the example of the revised proposal for the Libra global stablecoin, this column describes how supervisors could harness information in distributed ledger based-finance via “embedded supervision.” The aim is to increase the quality of data available to supervisors and reduce administrative costs for firms. The policy note concludes by discussing legislative and operational ways to promote low-cost supervision and a level playing field for small and large firms.
#Fintech#CryptoAssets#Stablecoins#Facebook#Supervision#Libra#DFC
·suerf.org·
Embedded supervision: how to build regulation into Libra 2.0 and the token economy