Tagged: stablecoins

January 31, 2020 @ 7:56 am By Omar Faridi  |  

Hong Kong-based digital asset exchange Bitfinex has introduced margin trading for Tether gold (XAU₮). Beginning on January 30, 2020, the exchange has confirmed it will support margin trading for XAU₮ with trading pairs for major fiat currencies including the US dollar and Bitcoin (BTC). Bitfinex’s… Read More

January 31, 2020 @ 6:02 am By Omar Faridi  |  

Dr. Heath P. Tarbert, chairman and chief executive at the US Commodity Futures Trading Commission (CFTC), recently stated that he would like to see the United States lead the charge when it comes to adopting digital currencies and blockchain or distributed ledger technology (DLT). During… Read More

January 25, 2020 @ 12:04 pm By Omar Faridi  |  

The World Economic Forum (WEF) has established what it says is the world’s first ever global consortium focused on creating a framework for the transnational governance of virtual currencies, which include stablecoins (digital currencies that are usually pegged to national fiat currencies). According to a… Read More

January 20, 2020 @ 11:37 pm By Omar Faridi  |  

The Libra Association has reportedly established a five-member “Technical Steering Committee” in order to manage the ongoing development of the controversial Facebook-led stablecoin and digital payments project. The five members include Diogo Monica, co-founder at Anchorage, George Cabrera III, core product lead at Calibra (the… Read More

January 14, 2020 @ 12:30 am By Omar Faridi  |  

Ember Fund is a company that aims to fundamentally change the way people make investments in digital assets. The firm has created a technology solution that allows people to easily buy into a managed portfolio of digital currencies. The Ember Fund team intends to bring… Read More

January 6, 2020 @ 2:25 pm By JD Alois  |  

CBDCs Could Disintermediate in a Structural Way the Banking System. The European Central Bank (ECB) has published a paper on Central Bank Digital Currencies (CBDCs).  CBDCs are the state form of stablecoins – cryptocurrency based off a single asset like the Dollar, Euro or Pound… Read More

January 2, 2020 @ 8:05 am By Omar Faridi  |  

The Maker Foundation, a non-profit entity that supports the MakerDAO project, an initiative involving the decentralized stablecoin Dai, revealed that it will be transferring the Maker and Dai trademarks to an autonomous Denmark-headquartered foundation, the Dai Foundation. The Maker Foundation confirms it will also be… Read More

December 27, 2019 @ 6:53 am By Omar Faridi  |  

The Bank of Russia, the nation’s central bank, is reportedly testing various stablecoins, which are pegged to major fiat currencies or other types of real-world assets in a regulatory sandbox environment. Head of the Russian reserve bank, Elvira Nabiullina, says that the institution does not… Read More

December 19, 2019 @ 7:58 pm By Cali Haan  |  

As she welcomed Benoît Coeuré to his new position as Head of the Bank for International Settlements’ (BIS’) Innovation Hub, U.S. Federal Reserve governor Lael Brainard told regulators in Frankfurt Wednesday that private (crypto) currency networks pose risks that must be addressed. She also said… Read More

December 7, 2019 @ 12:57 pm By Cali Haan  |  

The Council of the European Union, which implements laws for the EU region, has issued a statement on “stablecoin” cryptocurrencies indicating that, “no global ‘stablecoin’…should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and… Read More

November 27, 2019 @ 12:57 am By JD Alois  |  

US Deputy Secretary of the Treasury Justin Muzinich delivered a speech this week where he addressed the emerging landscape of digital currencies. Muzinich commented on the “broader innovation trends that are shaping our banking and financial system.” Muzinich said: “While banks today provide a range… Read More

November 21, 2019 @ 8:08 am By Omar Faridi  |  

The Financial Stability Board (FSB), an international organization that monitors and makes recommendations regarding the world’s financial system, recently met in Paris in order to discuss key issues facing the global financial industry, including potential vulnerabilities, various Fintech developments, and the agency’s 2020 work program…. Read More

November 13, 2019 @ 10:30 am By Omar Faridi  |  

Christian Catalini, co-creator of the Facebook-led Libra payment system and head economist at Calibra, a subsidiary of the social media giant that’s focused on developing a digital wallet for Libra, says he’d been doing research in the cryptocurrency and blockchain space for many years before… Read More

November 11, 2019 @ 8:21 am By JD Alois  |  

Benoît Cœuré, the outgoing European Central Bank Executive Board Member and an individual some thought best equipped to become the President of the ECB, has been appointed to lead the newly created Bank for International Settlements (BIS) Innovation Hub. According to BIS, Cœuré will commence… Read More

November 8, 2019 @ 9:58 am By JD Alois  |  

The Council of the European Union has posted a memo, or “draft joint statement,” regarding stablecoins – a hot policy topic these days due to Facebook’s attempt to launch a global, non-sovereign, cryptocurrency. When Facebook revealed the creation of Libra, and the executive body the… Read More

November 8, 2019 @ 1:02 am By Cali Haan  |  

Ashley Alder, CEO of the Hong Kong Securities and Futures Commission told attendees at Hong Kong Fintech Week on Wednesday that Facebook’s Libra has forced, “the international regulatory community…to get its act together very rapidly,” regarding the financial stability risks of stablecoin cryptocurrencies. He also said… Read More

November 7, 2019 @ 9:01 pm By Cali Haan  |  

In comments likely designed to assuage regulator concerns, Kevin Weil, VP Product for Facebook’s Calibra cryptocurrency wallet program, told people attending the Web Summit technology conference in Lisbon November 5th that Facebok’s proposed cryptocurrency network will take decades to implement: “This is not going to… Read More

November 7, 2019 @ 1:07 am By Cali Haan  |  

Daniel Daianu, president of Romania’s Fiscal Council, told members of the Romanian Academy Tuesday that Facebook’s Libra cryptocurrency could destroy the current global monetary balance and so disrupt the work of central banks that they become ineffective at managing money supplies, Agerpres reports. Facebook hopes… Read More

November 4, 2019 @ 11:15 am By JD Alois  |  

The International Organization of Securities Commissions (IOSCO) has issued a statement on stablecoins. The concept of stablecoins has endured increasing regulatory scrutiny following the announcement by Facebook that it intends to issue Libra – a stablecoin expected to be backed by fiat currency and other… Read More

October 23, 2019 @ 8:31 pm By JD Alois  |  

Mark Zuckerberg, CEO of Facebook, spent over 6 hours today testifying in front of the powerful House Financial Services Committee. While his prepared remarks foreshadowed his defense of Facebook’s Libra stablecoin, little can prepare you for the onslaught of questions delivered by every single Committee… Read More