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Frances Coppola: How to Get Coronavirus Money to Folks Fast
Frances Coppola: How to Get Coronavirus Money to Folks Fast
These days, by far the fastest and most efficient way of delivering money is via smartphones and mobile devices. The U.S. government should simply provide a general portal to a wide range of payment delivery mechanisms. Visa and Mastercard are easily capable of handling these payments, especially as their normal transaction volumes have fallen significantly due to the shutdown. But the government should also work with platforms such as Venmo, Zelle, Square Cash, Paypal, Apple Pay and Google Pay [Chime, a San Francisco fintech startup, says it's piloted a way to distribute the $1200]. And it could also offer payment in cryptocurrency as an option.
#Fintech#CryptoAssets#CBDC#G2P#DFC
·coindesk.com·
Frances Coppola: How to Get Coronavirus Money to Folks Fast
Digital Dollars for All
Digital Dollars for All
There are several ways to streamline and universalize an American national payment system. One easy way would be to build on the existing network of TreasuryDirect accounts. Any citizen or legal resident of the U.S., including any business, can open a digital account with the Treasury through which to transact with it. Accounts take five minutes to open and begin using. All the country would need to add is peer-to-peer connectivity between accounts, and then allow dollars to flow over the network.
#Fintech#CryptoAssets#CBDC#G2P#DFC
·wsj.com·
Digital Dollars for All
Private Companies Could Play Role in Digital Currency Issuance, Bank of England Says
Private Companies Could Play Role in Digital Currency Issuance, Bank of England Says
Although the BoE has said crypto-assets don't meet the necessary criteria to be considered money, CBDC analyst Ben Dyson said, "that doesn't mean that it's impossible for somebody to improve upon that technology and create something that much better fulfills the qualities of money... We've seen proposals over the last year from large technology firms, for example, to build payments systems and crypto-assets that could function more as stable money."
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·coindesk.com·
Private Companies Could Play Role in Digital Currency Issuance, Bank of England Says
Sweden’s cashless society dream isn’t all it’s cracked up to be
Sweden’s cashless society dream isn’t all it’s cracked up to be
There’s a small segment of Swedish society for which digital payment technology doesn't work. That segment includes people on low incomes, who feel cash gives them greater control, enabling them to prevent their remaining money being eaten by direct debits. For people living in rural areas, often the infrastructure doesn’t exist to rely on digital payments. And charities report how cash enables people who experience domestic abuse to hide money away if their abuser has taken control of their bank account.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·wired.co.uk·
Sweden’s cashless society dream isn’t all it’s cracked up to be
MakerDAO Foundation Plots Its Own Demise
MakerDAO Foundation Plots Its Own Demise
MakerDAO founder Rune Christensen planned to make the MakerDAO Foundation obsolete by end-2021. It may take a bit longer but recent moves suggest the organization really is serious about shutting down. First, it turned control of the supply of undistributed governance tokens, MKR, over to MKR holders at large. Then Christensen detailed a three-plank plan that would get community governance to the point where MakerDAO users wouldn't even notice when the foundation shuts its doors.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·coindesk.com·
MakerDAO Foundation Plots Its Own Demise
EconStor: Stablecoins as a crypto safe haven? Not all of them!
EconStor: Stablecoins as a crypto safe haven? Not all of them!
This paper tests the safe haven properties of the largest stablecoins against non-stable crypto-assets. The dataset comprises high-frequency 1-minute data calculated as volume-weighted averages across 18 exchanges where these crypto-assets are traded, thus capturing the entire price movement around the world. It finds that only TUSD, PAX, and GUSD can serve as safe havens.
#Fintech#CryptoAssets#Stablecoins#DFC
·econstor.eu·
EconStor: Stablecoins as a crypto safe haven? Not all of them!
Sweden joins ECB’s instant payments settlement platform
Sweden joins ECB’s instant payments settlement platform
The European Central Bank, the Eurosystem and Sveriges Riksbank concluded a cooperation agreement offering Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) to support the Swedish instant payment service, called RIX-INST. Based on this agreement, electronic payments made in Swedish krona can be settled on the settlement platform for instant payments operated by the Eurosystem.
#Fintech#CBDC#PaymentSystems#FastPayments#DFC
·ecb.europa.eu·
Sweden joins ECB’s instant payments settlement platform
Paper stimulus checks could be delayed by up to 5 months
Paper stimulus checks could be delayed by up to 5 months
Individuals who receive their stimulus relief payments by mail could be in for a long wait, according to one Congressional timeline. Individuals who do not have their personal bank account information on record will be at the biggest disadvantage, and that often includes the elderly and disabled.
#Fintech#CBDC#DFC
·cnbc.com·
Paper stimulus checks could be delayed by up to 5 months
Cash Is King in COVID-19
Cash Is King in COVID-19
Worries about the coronavirus and the government’s response are turning people to banknotes. Over the last two weeks, the supply of Federal Reserve banknotes has increased by around $70 billion to $1.876 trillion, a week-to-week increase of 1.75%. This is the fastest weekly increase in cash in circulation since December 1999.
#Fintech#CBDC#DFC
·aier.org·
Cash Is King in COVID-19
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument
Telegram filed a response to Judge Castel dated March 31, writing that the SEC’s injunction earlier today was unwarranted. Further, they are asking the federal court to deny the regulator’s motion to enforce a total ban, adding that Telegram’s request is not “procedurally barred.”
#Regulation#CryptoAssets#Telegram#Stablecoins#Fintech#DFC
·financemagnates.com·
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.
#Fintech#CryptoAssets#Stablecoins#DFC
·news.bitcoin.com·
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
Central Banks Are Well Placed to Pay Universal Basic Income
Central Banks Are Well Placed to Pay Universal Basic Income
"It’s too late to create a CBDC for the current crisis. But as part of the exit strategy we should plan to create a CBDC as soon as possible and create a constitutional right to universal basic income, so that when the next disaster hits, people know that they will survive."
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Central Banks Are Well Placed to Pay Universal Basic Income
USD Stablecoins Are Booming But Have Business Headache
USD Stablecoins Are Booming But Have Business Headache
For now, it seems more likely that operators will try to build (and charge) adjacent businesses made possible by these stablecoins instead of passing on costs [of negative interest rates] to retail users, e.g. via inflating the token supply relative to deposits as a form of usage tax, or implementing an additional transaction fee (PAX already does this for its gold-backed token.)
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
USD Stablecoins Are Booming But Have Business Headache
Tron launches its own MakerDAO-like stablecoin system
Tron launches its own MakerDAO-like stablecoin system
The Tron Foundation has launched its own MakerDAO-like stablecoin system called “Djed.” The USDJ stablecoin will be generated through decentralized smart contracts on the TRON network. Anyone can pledge TRX as collateral to generate USDJ, which is pegged to the US dollar through Collateralized Debt Positions using autonomous feedback mechanisms.
#Fintech#CryptoAssets#Stablecoins#Tron#DFC
·theblockcrypto.com·
Tron launches its own MakerDAO-like stablecoin system
Demystifying Stablecoins
Demystifying Stablecoins
"Many [stablecoin] white papers are obfuscated with jargon—terms left undefined and used inconsistently across other projects and the financial literature. In other cases, system components appear to be mislabeled. For example, a component that clearly meets the definition of a security or a derivative might instead be labeled a bond or a loan. "
#Fintech#CryptoAssets#Stablecoins#DFC
·queue.acm.org·
Demystifying Stablecoins
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Going on the offense with a fresh filing on March 27, the lawyers representing Telegram claim that the preliminary injunction issued by Judge Kevin Castel only applies to US-based purchasers. They were reportedly only 39 participants who bought nearly 1 billion Grams when its $1.7 billion worth ICO raised $424.5 million from a group of US vetted investors.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·financemagnates.com·
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
Dai is minted by users taking on collateralized debt positions, where collateral is deposited in an Ethereum smart-contract, with a percentage of the asset’s value being paid out in Dai. The collateral then gets released once the tokens are repaid, and the Dai are destroyed. Loans that can’t be supported by their collateral are placed into liquidation proceedings, in which the collateral is auctioned for Dai to repay the debt. But the price drop allowed bidders to win liquidation auctions for 0 DAI — further worsening Maker’s crisis.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#Ethereum#DFC
·cointelegraph.com·
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
We just glimpsed how a “digital dollar” might work, thanks to coronavirus
We just glimpsed how a “digital dollar” might work, thanks to coronavirus
It’s no surprise that the digital dollar was removed from the relief package. Setting up the FedAccounts system would be “really complicated,” says Davis Polk & Wardwell's Jai Massari. “That is a big tech build, it raises lots of legal questions of all sorts, and it is not practical as a way to get immediate stimulus payments out to individuals.”
#Fintech#CryptoAssets#CBDC#DFC
·technologyreview.com·
We just glimpsed how a “digital dollar” might work, thanks to coronavirus