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Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Negative interest rates can potentially pose a challenge to the ability of USD-backed stablecoins to operate as-is," Garrick Hileman, head of research at Blockchain.com, told The Block. "Specifically, the types of backing assets held by a stablecoin operator may need to be adjusted in a negative rates environment, and such changes may introduce additional risk to maintaining the 1:1 redemption peg.
#Fintech#CryptoAssets#Stablecoins#DFC
·theblockcrypto.com·
Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Bank of Uganda Encourages Banks and Telcos to Go Cashless
The Bank of Uganda is encouraging banks and mobile network operators to further reduce fees on mobile money transactions and other digital payment charges to limit the use of cash and bank branch visits, increase daily transaction and wallet size limits for mobile money transactions, to make the cost of money for the business community and commercial banks low.
#Fintech#MobileMoney#CBDC#Cash#DFC
·bou.or.ug·
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Trillion-Dollar Stimulus Jumpstarts Project To Issue Central Bank Currency On Ethereum
Trillion-Dollar Stimulus Jumpstarts Project To Issue Central Bank Currency On Ethereum
First conceived earlier this year, eThaler gets its name from the thaler, a silver coin used throughout Europe for hundreds of years, from which the word “dollar” is derived. A group of professionals from consulting firms Accenture and InfoSys and the Itau Bank in Brazil, have been working on the open-source project in their free time for the past six months to explore the future of central bank currency issued on a blockchain.
#Fintech#CryptoAssets#Stablecoins#CBDC#eThaler#DFC
·forbes.com·
Trillion-Dollar Stimulus Jumpstarts Project To Issue Central Bank Currency On Ethereum
The Transfer of MKR Token Control to Governance: The Final Step
The Transfer of MKR Token Control to Governance: The Final Step
The transfer of MKR token control from it to the Maker governance community is now complete. The MKR token contract is now 100% in control of MKR holders. With MKR holders now in full control of that contract, decentralized governance is the only avenue for changing MKR token authorizations.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·blog.makerdao.com·
The Transfer of MKR Token Control to Governance: The Final Step
MakerDAO debt auction achieves its goal, late bidders reap reward
MakerDAO debt auction achieves its goal, late bidders reap reward
It appears that the auction has helped MakerDAO to achieve its objective. Over 4.3 million DAI stablecoins have been raised to cover the bad debt across a total of 86 auctions. However, because it was formatted as a reverse auction in which all bids were a fixed 50,000 DAI, participants “bid” by lowering the number of MKR tokens they would accept.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·modernconsensus.com·
MakerDAO debt auction achieves its goal, late bidders reap reward
The BitMEX Liquidation Spiral
The BitMEX Liquidation Spiral
According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.
#Fintech#CryptoAssets#Stablecoins#BitMex#Pandemic#DFC
·coinmetrics.substack.com·
The BitMEX Liquidation Spiral
Court to Telegram: $1.7 billion gram token sale is likely illegal
Court to Telegram: $1.7 billion gram token sale is likely illegal
Judge Castel found that the 175 initial investors, “expected to profit from Telegram’s continued support for Grams and the underlying TON Blockchain through the distribution of Grams by the Initial Purchasers to the public.” That fits the four-part Howey test that defines what is and is not a security, he said.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·modernconsensus.com·
Court to Telegram: $1.7 billion gram token sale is likely illegal
Shadow Digital Money
Shadow Digital Money
A payments revolution has prompted a proliferation of shadow digital money. This money is unsound. It is not insured by the government, nor is it backed by safe assets. Federal regulation is needed to guarantee safety and soundness, to restore full monetary control to the Federal Reserve, and to prevent a race to the bottom between competing state and federal regulatory regimes. Congress should pass new legislation preempting state money service businesses (MSBs), offering federal MSB charters, and authorizing the OCC to establish a special regulatory regime for MSBs that restrict issuers to investing in cash and cash equivalents at banks or the Federal Reserve. With these changes, innovation in payments is just that — innovation in payments—and not also unauthorized and unsound money issuance.
#Fintech#CryptoAssets#Stablecoins#Regulation#Facebook#Libra#DFC
·ideas.repec.org·
Shadow Digital Money
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
A U.S. judge ordered messaging platform Telegram to refrain from issuing its gram cryptocurrency next month as planned, granting a request by the Securities and Exchange Commission (SEC). In a preliminary injunction dated March 24, U.S. District Judge P. Kevin Castel, of the Southern District of New York, said the SEC had demonstrated a plausible case that Telegram had sold unregistered securities. The regulator sued Telegram in October 2019, alleging the company violated federal law when it raised nearly $2 billion in a 2018 token sale.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·coindesk.com·
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
IOSCO on Global Stablecoin Initiatives
IOSCO on Global Stablecoin Initiatives
Global stablecoin initiatives may, depending on their structure, present features that are typical of regulated securities or other regulated financial instruments or services. This paper identifies possible implications that global stablecoin proposals could have for securities market regulators.
#Stablecoins#Facebook#CryptoAssets#Fintech#Libra#DFC
·diigo.com·
IOSCO on Global Stablecoin Initiatives
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
While the draft bill introduced by Speaker of the House Nancy Pelosi (D-Calif.) on Monday no longer includes any language around a digital dollar, a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the "Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act," still mentions the digital dollar.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
Under the draft bills shared last week, dubbed the “Take Responsibility for Workers and Families Act” and the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,” the Federal Reserve – the nation's central bank – could use a “digital dollar” and digital wallets to send payments to “qualified individuals,” consisting of $1,000 for minors and $2,000 to legal adults.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
The U.S. Democratic party is working on massive stimulus bill in response to the coronavirus epidemic and its economic impact. A version of the bill dated March 22 that has been circulating includes a passage that, if passed, would lead to the creation of a “digital dollar” to be used for providing stimulus payments.
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
I-Pago Now Available in Aruba
I-Pago Now Available in Aruba
The country’s entire banking community has switched to offering instant payments using the Clearing and Settlement Mechanism of the central bank. “After this successful switch, all interbank payments in Aruban florin initiated in Aruba can be instantly processed 24/7/365. The IP CSM is fully compliant with international standards and ISO20022.”
#Fintech#CBDC#FastPayments#DFC
·cbaruba.org·
I-Pago Now Available in Aruba
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
Several members of the Facebook-backed Libra Project have announced their alliance with a rival stablecoin project known as Celo. Since the middle of March, members that have joined the Celo Alliance for Prosperity include, among many others, Coinbase Ventures, Anchorage Mercy Corps, Andreessen Horowitz and Bison Trails Co.
#Fintech#CryptoAssets#Stablecoins#Celo#Facebook#PaymentSystems#Libra#DFC
·cointelegraph.com·
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall
MakerDAO is currently conducting an auction of MKR tokens in exchange for DAI to cover roughly $4.5 million undercollateralized debt. The Maker Foundation, the non-profit that supports the lending protocol, appears to have won 33 out of 33 auctions thus far. The Foundation said it has been providing some bidders with “technical assistance” to help facilitate their participation in the auctions, stressing that it is not “purchasing MKR in the auctions”"
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·theblockcrypto.com·
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall