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Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
"Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·ccn.com·
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
The Central Bank of Iran has approved the issuance of gold-backed crypto-asset designed to maximize the use of Iranian frozen bank assets, according to the CEO of Iranian Information and Communication Technology. In fact, a number of Iranian banks have been working with blockchain startup Kuknos Company on this "Paymon" project since January.
#Fintech#CryptoAssets#Sovereign#Stablecoins#Tokenization#DFC
·en.mehrnews.com·
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
Libra's Biggest Problem
Libra's Biggest Problem
Hope lies in tools such as zero-knowledge proofs and in emerging “self-sovereign” identity concepts, as well as in a more open-minded regulatory model for curtailing crime – one that doesn’t depend on revealing people’s personal identifying information. But these are a ways off; they will require user adoption and; to a still large extent, belief in them by policymakers.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Identity#AMLCFT#Libra#DFC
·coindesk.com·
Libra's Biggest Problem
Facebook user engagement grew through first half of 2019, tools say
Facebook user engagement grew through first half of 2019, tools say
Facebook has seen an increase in the median number of comments, likes and ads clicked by users on the service from January to July. In the U.S., Facebook users increased their engagement from six comments, nine post likes and 13 ads clicked on Jan. 3 to eight comments, 13 post likes and 17 ads clicked on July 18.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·cnbc.com·
Facebook user engagement grew through first half of 2019, tools say
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
In testimony before the Senate Banking, Housing and Urban Affairs Committee, Facebook subsidiary Calibra CEO David Marcus stated that consumers would be provided with the necessary tools to report their taxes, but added that Calibra does not currently have processes in place to directly provide that information to the IRS. However, Mr. Marcus noted, Facebook "would be happy" to work with the IRS to ease the consumer burden.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Taxation#Libra#DFC
·mondaq.com·
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit
The Swiss Confederation has much clearer crypto regulations than the United States, which has done little since the birth of Bitcoin to simplify the regulatory complexities lying in wait to bite any company looking to establish a crypto or crypto-related business within its confines.
#Fintech#CryptoAssets#Regulation#AltCoins#Stablecoins#Facebook#Libra#DFC
·cointelegraph.com·
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit
What are the odds Facebook's Libra launches on time?
What are the odds Facebook's Libra launches on time?
“Ten years after Bitcoin began operating, we are still trying to understand it and regulators have not figured out what to do about it,” said Angela Walch. “In the end, Facebook and Libra are entering the high-stakes domain of money and finance—they should expect to carry a heavy regulatory burden just as others operating in this space do.”
#Regulation#AltCoins#Facebook#Stablecoins#CryptoAssets#Fintech#Libra#DFC
·qz.com·
What are the odds Facebook's Libra launches on time?
MIT Fellow Says Facebook 'Lifted' His Ideas for Libra Cryptocurrency
MIT Fellow Says Facebook 'Lifted' His Ideas for Libra Cryptocurrency
MIT's Alex Lipton says there is a key design problem with Libra in that it would be issued in a non-immunized fashion against financial paper. Libra will need to buy high-grade paper to back the coin, so the owner of the paper will receive money from Libra (which it collected from consumers in return for Libra) and this money will start to circulate in the system. As such, there would be twice as much money in the system, with all the negative consequences.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·coindesk.com·
MIT Fellow Says Facebook 'Lifted' His Ideas for Libra Cryptocurrency
Digital trade coin: towards a more stable digital currency
Digital trade coin: towards a more stable digital currency
We propose a practical mechanism combining novel technological breakthroughs with well-established hedging techniques for building an asset-backed transactional oriented cryptocurrency, which we call the digital trade coin (DTC). We show that in its mature state, the DTC can serve as a much-needed counterpoint to fiat reserve currencies of today.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Tokenization#Libra#DFC
·royalsocietypublishing.org·
Digital trade coin: towards a more stable digital currency
HANNIBAL AD PORTAS!
HANNIBAL AD PORTAS!
"Our solution boils down to assembling a pool of assets (contributed by sponsors), appointing an administrator (who provides enforcement of policies in extreme situations), digitizing the ownership rights on this pool, and building a special purpose narrow bank to facilitate activities of the administrator. This solution was published a year ago in both Scientific American and the Royal Society under the name Tradecoin."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Tokenization#Libra#DFC
·media.mit.edu·
HANNIBAL AD PORTAS!
We’ve had private currencies like Libra before. It was chaos
We’ve had private currencies like Libra before. It was chaos
The result might be a modern version of the type of price volatility that private currencies caused in the US back in the 1830s. Bullard predicts that today’s consumers and businesses won’t like exchange-rate chaos any more today than people did then. He says that system’s unpopularity factored into the government’s decision a few decades later to replace it with a national banking system. Out of that chaos, the dollar was able to rule.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·technologyreview.com·
We’ve had private currencies like Libra before. It was chaos
Facebook’s Libra: Does the World Need Frictionless Money?
Facebook’s Libra: Does the World Need Frictionless Money?
Facebook seems to think its new digital currency Libra will be used mainly for purchasing goods and services and for current account transactions. But it will probably be used mainly for capital account transactions. Do we really want to eliminate frictional costs on the capital account?
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·carnegieendowment.org·
Facebook’s Libra: Does the World Need Frictionless Money?
Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King
Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King
Chinese importers in Russia are buying up to $30 million a day of tether from Moscow’s OTC trading desks. They use the cryptocurrency to send large sums back to their home country, which has strict capital controls. Previously the merchants used bitcoin for this, but when the market crashed in 2018 they switched to tether. Despite longstanding questions about USDT’s collateral, in this market “nobody actually cares if tether is backed or not,” says one Moscow trader.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Tether#DFC
·coindesk.com·
Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King
WhatsApp under pressure from Five Eyes nations to allow access to encrypted chat
WhatsApp under pressure from Five Eyes nations to allow access to encrypted chat
WhatsApp and other encrypted messaging services face pressure to hand over access to encrypted chats after a meeting between the "Five Eyes" nations which share intelligence this week. "The Five Eyes are united that tech firms should not develop their systems and services, including end-to-end encryption, in ways that empower criminals or put vulnerable people at risk."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Privacy#Libra#DFC
·businessinsider.com·
WhatsApp under pressure from Five Eyes nations to allow access to encrypted chat
Global Regulators Warn on Privacy Risks of Facebook's Libra
Global Regulators Warn on Privacy Risks of Facebook's Libra
Data privacy commissioners from Australia, Albania, Burkina Faso, Canada, the EU, the U.K., the U.S., shared concerns that “while Facebook and Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal information.
#AltCoins#CryptoAssets#Stablecoins#Regulation#Fintech#Facebook#Libra#DFC
·coindesk.com·
Global Regulators Warn on Privacy Risks of Facebook's Libra