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SOV: 2018 Summary and 2019 Plans – SOV Global – Medium
"Since leaving the Marshall Islands, the team has been working on the strategy to launch SOV in 2019. This has involved challenging but exciting work in many different fields. SOV combines technological innovation and national and international law, economics, and politics."
UAE, Saudi Arabia start work on fintech for cross-border settlements
The United Arab Emirates and Saudi Arabia have started using fintech for cross-border settlements, including a digital currency which they jointly developed for that purpose, the UAE’s central bank governor said on Wednesday.
Russia: Cryptoruble Coming 'Within 2-3 Years,' Gov't Official Says - Bitcoinist.com
Long under discussion, Russia wants to leverage the benefits of blockchain to provide a digital version of the ruble, Aksakov confirming its characteristics would “not differ” in practice from the fiat ruble. “The opinion is that this ruble will not differ in any way from the fiat ruble, except that it will exist on the Blockchain,” he told the publication.
Devs Behind Marshall Islands’ National Crypto Confirm Plans to Launch This Year
A national cryptocurrency for the Marshall Islands is still being actively developed, despite previous disagreements among government officials on the subject, a blog post from the team behind the coin revealed Jan. 10.
BoE keeping ‘open mind’ on central bank digital currency – Carney - Central Banking
"The governor stressed the central bank was taking the issue seriously, and has an “active research programme” looking into the feasibility of CBDC. Carney said there were “potential ways around” the drawbacks. All the same, the central bank is concentrating on its overhaul of the real-time gross settlement system as a means of improving the payment system in the short term, as well as offering reserve accounts to non-banks."
Why Facebook’s Stablecoin is Good News for Crypto | AIER
"The minor inconveniences faced by WeChat’s payment system, multiplied by a billion, make clear why Facebook is interested in entering not just the payment system business but the crypto business as well. Imagine the daily flow of payments that users could make in the full Facebook/WhatsApp ecosystem. Initially focusing on a single use case like remittances is likely good business strategy, but shopping, transfers between friends, games, and native apps may be next."
Sweden’s Central Bank Warns of Scammers Selling National Cryptocurrency 'e-krona'
"Sweden’s reserve bank has warned that the individuals and firms purporting to sell the electronic version of the national currency, the e-krona, are fraudsters as the digital currency project ‘has not been concluded’. According to Riksbank, ‘no decision has been taken on issuing e-kronas’ and therefore claims to the contrary were false."
Brazil's New President Jair Bolsonaro Shuts Down 'Indigenous Cryptocurrency' Project
"Brazilian President Jair M. Bolsonaro has recently revealed through social media his administration has shut down a project that would see Brazil launch an “indigenous cryptocurrency.” The revelation came as he was criticizing the “BNDES black box” referring to contracts associated with the National Bank for Economic and Social Development, a federal public company associated with the Ministry of Development, Industry, and Trade with the goal of contributing to Brazil’s development by financing projects."
Divergent motives fuelling CBDC discussion, BIS survey reveals - Central Banking
"Emerging markets and advanced economies are motivated by different factors when considering whether to launch central bank digital currency, a survey conducted by the Bank for International Settlements concludes."
Proceeding with caution - a survey on central bank digital currency
"The hypothetical benefits and risks of central bank digital currencies are being widely discussed. This BIS paper adds to these discussions by taking stock of how progress and plans in this area are developing, based on a global survey of central banks. Responses show that central banks are proceeding with caution and most are only at a conceptual stage with their work. However, a handful have moved to considering practical issues and a couple of central banks with idiosyncratic circumstances might issue a digital currency in the short or medium term."
Central Banks Are Not Issuing Digital Currency Soon
Stablecoin Issuers May Need Licenses in Texas, Unlike Most Crypto Startups - CoinDesk
"Stablecoins may qualify as “money” under Texas law, according to updated guidance from the state Department of Banking. A memo published Wednesday by Texas Banking Commissioner Charles Cooper outlines how cryptocurrencies are to be treated under local and federal regulations, in particular adding details of how stablecoins backed by sovereign, or fiat, currencies may be assessed. The guidance builds upon a previous memo released by the state in 2014, which described how cryptocurrency companies with operations in Texas should treat the nascent asset class."
National Cryptocurrencies: An Innovation No One Really Wants
A stablecoin for the Singapore dollar just launched. Here’s what it’s about
"Against this backdrop comes the launch of the first Singapore dollar-backed stablecoin called SGDR (short for “Singapore dollar rate”). Created by the team behind blockchain startup Rate3, which raised US$15 million in an initial coin offering, SGDR is “a 1:1 Singapore dollar-backed stablecoin, guaranteeing users full redeemability for Singapore dollars on demand,” according to the FAQ."
German cash-handlers to strike — Quartz
"Germans are famously stodgy about using cash, even as digital payments catch on in other parts of the world. But a strike by cash-transport handlers could accomplish what the likes of Visa and Apple Pay haven’t been able to—disrupt German spenders’ and their old-fashioned paper money."
Chinese merchants refuse cash as mobile payments take off
The ascent of mobile payments in China is quickly rendering cash obsolete, even as China’s central bank cracks down on merchants who refuse to accept bank notes and coins and tries to stop Ant Financial and Tencent dominating retail payments.
RBI shelves plan to launch digital currency - The Hindu BusinessLine
The central bank, in April last year, had announced it was looking at issuing its own Central Bank Digital Currency (CBDC) after it tightened the noose on cryptocurrency exchanges operating in the country, forcing several of them to shut shop. It had also set up an inter-departmental group to study the potential advantages and feasibility of the digital currency and submit its findings in June 2018. However, it has not made public any of the findings of the feasibility report. “The government doesn’t want the digital currency any more. It thinks it is too early to even think about a digital currency,” a source said.
Your Cash Is No Good Here. Literally.
More and more businesses like Drybar don’t want your money—the paper kind at least. It’s making things awkward for those who come ill prepared. After all, you can’t give back a hairdo, an already dressed salad or the two beers you already drank.
Cameroon Separatists Launch 'AmbaCoin' to Fund Independence Movement
"AmbaCoin is a decentralised public blockchain and cryptocurrency for the New Nation Ambazonia. The AMBA ICO is a Government Bond Smart Contract backed by the Rich Natural Resources in the territory, and a Buy-Back policy by the Post Independent Ambazonian Treasury that is supported by all political parties of Ambazonia."
Moneyness: Swedish betrayal
"While digital payments share some of the blame for the obsolescence of paper kronor, the Riksbank is also responsible. The Riksbank betrayed the Swedish cash-using public this decade by embarking on an aggressive note switch. Had it chosen a more customer friendly approach, Swedes would be holding a much larger stock of banknotes than they are now. As long as other countries don't enact the same policies as Sweden, they needn't worry about precipitous declines in cash demand."
Central Bank Digital Currency for Cross Border Payments – Blog | Bitt
"Eventually, the vision is that digital bilateral currency swap agreements will be established between each country within CARICOM, such that little or no intra-regional trade or remittance flows will require hard currency for settlement. Instead, each payee will receive funds in their own domestic digital currency, via a digital wallet on their mobile device."
The Federal Reserve says a national cryptocurrency is a bad idea — Quartz
"So, while the Fed could make the US dollar into a cryptocurrency, there just isn’t a good reason to do it. And, it’s not clear whether the Fed should even digitize the dollar. While increasingly electronic money may yet offer advantages for financial management and inclusion, for now, it’s clear that to the Fed, a national “cryptocurrency” doesn’t make much sense."
Stablecoins | Allen & Overy LLP - JDSupra
"In this publication we not only provide an overview of the main stablecoin models, but we also explore the potential advantages of stablecoins and discuss how these need to be balanced against regulatory and policy goals covering matters such as consumer protection, financial services regulation, market integrity and financial crime."
RCBC sees rollout of digital currency ePiso by next year | BusinessWorld
"RIZAL COMMERCIAL Banking Corp. (RCBC) expects its digital currency to be fully rolled out next year, with the lender still testing the network across various communities."
eCurrency Announces Commercial Launch of ePiso, a digital Philippine Peso
"eCurrency Mint Limited (eCurrency) announced today that its partner, Rizal Commercial Banking Corporation (RCBC) has launched its secure digital money product – the ePiso in the Philippines under the regulatory sandbox initiative recently introduced by the Bangko Sentral ng Pilipinas (BSP)."
Mongolia Issues First Digital Currency License to Local Telecom Operator
"Now licensed as a state-approved financial instrument, Mobicom’s virtual currency — dubbed “Candy” — is considered a “non-cash payment instrument” whose value is pegged to Mongolia’s fiat currency, the tugrik."
Bitfinex Crypto Exchange Launches Margin Trading for Stablecoin Tether
"Bitfinex has launched margin trading for the USDT/USD pair, which would purportedly lead to more efficient price discovery and enable users to hedge the exposure taken on stablecoins. Along with a dedicated lending market, USDT will be available as collateral for margin positions, the post further reads."
Facebook could be building a cryptocurrency for WhatsApp
Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter
Lebanon’s Central Bank to Implement Blockchain technology
"the Lebanese central Bank will be issuing a digital currency in the near future. He explained, “Our working group at the Central bank has carried out an extensive research into the implementation of a digital currency. The Central bank will be launching this digital currency pegged to the Lebanese Lira to be used internally in the country only."