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Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time | CCN
Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time | CCN
"Writing on tech publication Good Audience, blockchain researcher Alex Lebed performs a code review of the Gemini dollar smart contract, finding that, contrary to the ethos and technical specifications of decentralized cryptocurrencies like bitcoin, GUSD includes a provision that allows its “custodian” — namely Gemini — to freeze any account. Lebed — who, in full disclosure, is also attached to a separate stablecoin project — further notes that GUSD uses an ERC20Proxy contract that gives Gemini, as the custodian, the ability to upgrade the contract once every 48 hours, giving it among a myriad of other things the power to simultaneously render all tokens non-transferable."
#Bitcoin#CBDC#Tokenization#DFC
·ccn.com·
Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time | CCN
A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin - CoinDesk
A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin - CoinDesk
"Digifinex has decided to replace tether (USDT), perhaps the best-known "stablecoin" designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken's TrueUSD. Based in Singapore, Digifinex handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap, making it the 16th-largest exchange by that measure."
#Bitcoin#CBDC#DFC
·coindesk.com·
A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin - CoinDesk
European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing | Coin Telegraph
European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing | Coin Telegraph
"The European Central Bank (ECB) has “no plans” to issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, September 12. Addressing a query by MEP Jonás Fernández, Draghi said “substantial development” was still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them. “The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he summarized: “Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash.”"
#Bitcoin#CBDC#DFC
·cointelegraph.com·
European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing | Coin Telegraph
Gemini can make GUSD non-transferrable at any moment (code review)
Gemini can make GUSD non-transferrable at any moment (code review)
Gemini USDG is a new centralized stablecoin (similar to Tether) implemented as an ERC20 token on the Ethereum blockchain. The current implementation gives Gemini the ability to freeze any account or make all tokens non-transferrable. The custodian is able to completely change the implementation of the token every 48 hours. In this article, we review the code of the smart contract and show how to reproduce the results.
#CBDC#Bitcoin#Tokenization#DFC
·medium.com·
Gemini can make GUSD non-transferrable at any moment (code review)
openbankIT — Open-Source Banking Software Initiative
openbankIT — Open-Source Banking Software Initiative
The openbankIT initiative was created by a team of professional bankers, banking software developers, blockchain and security experts. Our primary goal is to significantly (by 90%) reduce the total cost of ownership (TCO) for the banking system that processes e-money and extend its functionality. Principles of openbankIT are the same as in traditional systems, but also utilize benefits of distributed ledger technology:
#Bitcoin#Fintech#CBDC#DFC
·openbankit.com·
openbankIT — Open-Source Banking Software Initiative
Gemini's New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive | CCN
Gemini's New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive | CCN
"Named “Gemini Dollar” (GUSD) the coin’s value will be “strictly pegged 1:1 to the U.S. dollar,” according to the whitepaper. Of course, many stablecoins exist that are pegged to USD, such as Tether (USDT) and Dai (DAI), though some pegs are reserve-based and other are algorithmic. The technical specifications for Gemini coin are a large factor for improving trust, and below we will take a deep dive into the token’s whitepaper."
#Bitcoin#CBDC#DFC
·ccn.com·
Gemini's New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive | CCN
The future of bitcoin - Chris Skinner's blog
The future of bitcoin - Chris Skinner's blog
"Cryptocurrency market will stay hot, hot, hot, for a few more years. Eventually, governments will start to regulate this market and, as they do, it starts to go cool, cool, cool. Eventually, the G20 work out how to generate and deal with digital currencies overall, and they issue a global G20 coin."
#Bitcoin#CBDC#DFC
·thefinanser.com·
The future of bitcoin - Chris Skinner's blog
Paxos Unveils Dollar-Backed Stablecoin Approved by New York Regulator - CoinDesk
Paxos Unveils Dollar-Backed Stablecoin Approved by New York Regulator - CoinDesk
"Blockchain startup Paxos announced Monday that it is launching a stablecoin with regulatory backing from the state of New York. The newly minted Paxos Standard, which has been approved and will be regulated by the New York Department of Financial Services (NYDFS) is fully backed by the U.S. dollar, the company said. Notably, Paxos is already a qualified custodian, meaning it is legally regulated and approved by the U.S. Securities and Exchange Commission to hold client funds. The Paxos Standard token is designed to provide liquidity for investors trading in crypto assets by providing a "digital alternative to cash" that can still see instant transaction settlements, according to the company."
#Bitcoin#CBDC#Tokenization#DFC
·coindesk.com·
Paxos Unveils Dollar-Backed Stablecoin Approved by New York Regulator - CoinDesk
Gemini Launches NYDFS-Regulated Crypto Pegged to the Dollar - CoinDesk
Gemini Launches NYDFS-Regulated Crypto Pegged to the Dollar - CoinDesk
"Crypto exchange Gemini announced Monday that it is launching a dollar-backed stablecoin built on ethereum. The Gemini dollar is designed to provide liquidity for users hoping to send or receive U.S. dollars through the ethereum network, a press release stated. It will be "strictly pegged" to the dollar, with the Gemini Trust Company holding USD deposits corresponding to the number of tokens in circulation. Notably, the release stated, the New York Department of Financial Services (NYDFS) has reviewed and approved the Gemini dollar."
#Bitcoin#CBDC#Tokenization#DFC
·coindesk.com·
Gemini Launches NYDFS-Regulated Crypto Pegged to the Dollar - CoinDesk
Moneyness: "The Narrow Bank"
Moneyness: "The Narrow Bank"
"A strange new bank called TNB, or The Narrow Bank, recently applied to get a clearing account at the Federal Reserve Bank of New York, only to be refused. Funny enough, TNB is run by the New York Fed's former director of research James McAndrews, who left in 2016 in order to get the bank up and running. McAndrews and TNB are now suing the New York Fed."
#CBDC#DFC
·jpkoning.blogspot.com·
Moneyness: "The Narrow Bank"
Fed Rejects Bank for Being Too Safe - Bloomberg
Fed Rejects Bank for Being Too Safe - Bloomberg
"It is called TNB USA Inc. (for “The Narrow Bank”), it is run by the former head of research at the New York Fed, and it is simultaneously a dumb simple one-sentence idea and the most interesting bit of financial engineering that I’ve seen this year. Of course it is a very 2018 form of financial engineering, which is to say almost the opposite of what financial engineering looked like in, say, 2006. The traditional form of financial engineering is complex and alchemical, taking lots of dodgy ingredients and stirring them up into something more attractive. This is financial engineering by dynamite blast: You just get rid of all the apparatus of banking and blow a tunnel directly from savers to the ultimate backstop of the banking system."
#CBDC#DFC
·bloomberg.com·
Fed Rejects Bank for Being Too Safe - Bloomberg
The Grumpy Economist: Fed Nixes Narrow Bank
The Grumpy Economist: Fed Nixes Narrow Bank
"Suppose someone started a narrow bank. How would the Fed react? You would think they would welcome it with open arms. Not so."
#CBDC#DFC
·johnhcochrane.blogspot.com·
The Grumpy Economist: Fed Nixes Narrow Bank
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk
et another stablecoin is attracting big investors. Announced Tuesday, the founder behind a $1.4 billion startup unicorn called TMON is revealing he has raised a $32 million seed round to build a stablecoin called Terra. But while a number of startups have deployed stablecoins – cryptocurrencies engineered to track the price of another asset, usually fiat currency – Terra comes with a notable addition: an existing user base.
#Bitcoin#CBDC#DFC
·coindesk.com·
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Notably, the paper further argues that central banks should not attempt to create anonymous digital cash, as it is unlikely that the public will ever believe that the government would willingly create a digital currency that did not have backdoors.
#CBDC#Bitcoin#DFC
·ccn.com·
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
"Union Bank AG, a bank in Liechtenstein that offers corporate banking services mainly to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will be launching its own security tokens in alignment with Liechtenstein’s regulatory authority, FMA, and subsequently its cryptocurrency, “Union Bank payment coin,” which is fully backed by a fiat currency – the Swiss franc."
#Bitcoin#CBDC#Tokenization#DFC
·news.bitcoin.com·
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran's Supreme Cyberspace Council, has reportedly revealed to local news agency IBENA that the idea of introducing a national cryptocurrency is being actively pursued by Iran's cyberspace authority. Mahdiyoun also stated that the state authorities will soon remove the existing uncertainty around cryptocurrencies, since the Central Bank of Iran is set to introduce its official stance on the issue at the end of September.
#CBDC#Bitcoin#DFC
·cointelegraph.com·
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
"It’s getting hard to pump amid the dump in the $209 billion cryptocurrency market. At least that appears to be the case when you look at Tether, one of the most-traded digital assets and also one that’s allegedly been used to manipulate the price of Bitcoin. Over half a billion dollars of Tether has been created in August alone, a move that in the past would have often coincided with a rally in Bitcoin, yet the larger cryptocurrency has fallen 15 percent."
#Bitcoin#CBDC#DFC
·bloomberg.com·
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Union Bank, which has concentrated increasingly on blockchain this year, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank.” UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss franc” as its backing.
#Bitcoin#CBDC#Stablecoins#DFC
·cointelegraph.com·
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’