Tagged: virtual currency

Cayman Islands Proposes New Legislation to Regulate Firms Dealing in Cryptocurrencies, Particularly Exchanges

The legislative assembly of the Cayman Islands has introduced five new pieces of legislation that may be used to regulate local firms dealing in cryptocurrencies. The proposed rules have mainly been created to monitor the operations of digital asset exchanges. The Virtual Asset Service Provider… Read More

China’s Virtual Yuan will Use Dual Offline Technology to Ensure that the National Digital Currency Works Even with Poor Signal Strength

The Bank of China’s somewhat secretive digital currency pilot program has made many people quite curious. The bank recently provided an official explanation of how the virtual yuan or renminbi was being tested and how it might work if and when it is launched. A… Read More

CBDCs: State-managed Bank in China Introduces Test App for National Digital Currency

A state-managed bank in China seems to have launched a mobile-based test app that supports the People’s Bank of China’s (PBOC) virtual currency initiative. A website link allows users to download a payments app that has been provided by the Agricultural Bank of China (according… Read More

CFTC Announces Final Guidance on Delivery of Digital Assets

The Commodity Futures Trading Commission (CFTC) has “unanimously” approved final interpretive guidance concerning retail commodity transactions involving certain digital assets. Specifically, the guidance clarifies the CFTC’s views regarding the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) in the context of… Read More

CBDC: Central Bank Digital Currencies Could Offer a Public Means of Payment Without Needing a Bank Account, IMF Official Says

Tao Zhang, deputy managing director at the International Monetary Fund (IMF), has argued that issuing central bank digital currencies (CBDCs) may lower costs and enhance the overall efficiency of the financial system. Zhang, whose comments came during a keynote presentation, held at the London School… Read More

DLT or Blockchain and Central Bank Digital Currencies Might Enhance Global Financial Systems, According to Monetary Policy Experts

Three industry professionals, who are considered experts on monetary policies and cryptocurrency, recently talked about the current challenges and potential benefits of introducing central bank-issued digital currencies, or CBDCs.  The discussions took place on March 7, 2020, at the Massachusetts Institute of Technology (MIT) Bitcoin… Read More

Facebook Appears to be Stepping Away from Libra as it Now Plans to Issue Several Separate Virtual Tokens

Menlo Park, California-based social media giant Facebook (NASDAQ:FB) appears to be stepping away from the controversial Libra cryptocurrency project that it introduced in June 2019. Facebook’s management says it will be creating several separate or independent virtual tokens, with each pegged or backed by different national… Read More

CBDC: Bank of Japan and Nation’s Financial Service Agency Held Talks to Determine Whether to Issue Central Bank Digital Currency

Central bank heads and finance ministers recently held discussions regarding crypto-asset regulations at the G-20 summit.  Japanese officials working at the Bank of Japan (BOJ), the nation’s Ministry of Finance (MOF), and Financial Services Agency (FSA) have held talks in order to determine whether the… Read More

CBDC: Former CFTC Chairman Christopher Giancarlo Says US Fed Must Issue a Digital Currency

Christopher Giancarlo, former chairman at the US Commodity Futures Trading Commission (CFTC), recently stated that it may be time for the US Federal Reserve to introduce a digital currency. Giancarlo, whose comments came during Yahoo Finance’s On the Move show on February 21, said that… Read More

Chief Fintech Advisor to Premier of Bermuda Says Island Nation is Planning to Launch Complete Crypto and DLT Ecosystem

Denis Pitcher, Chief Fintech advisor to the Premier of Bermuda, confirmed recently that the island country’s government has been focusing on encouraging blockchain and crypto adoption. Bermuda aims to enable greater financial inclusion with its national virtual currency in an area where residents are reportedly… Read More

Giant Japanese Social Media Network Line, with 700 Million Users, Approved to Begin Trading Its Virtual Currency in Japan

LVC Corporation, a subsidiary of LINE Corporation and manager of LINE’s digital currency and blockchain-focused ventures, recently confirmed its plans to begin trading its virtual currency in Japan by April 2020. LINE is the company behind Japanese social media network Line, which notably has more… Read More

Japanese Lawmakers from Ruling Liberal Democratic Party are Preparing a Proposal Recommending Issuing Digital Currency

A group of around 70 Japanese lawmakers from the nation’s ruling Liberal Democratic Party is reportedly preparing a proposal that recommends issuing a virtual currency. Norihiro Nakayama, a member of the party and parliamentary vice-minister for foreign affairs, stated (on January 24): “China is moving… Read More

China Regulators: “Institutions…Must Not Engage in Virtual Currency Transactions or Disguised Transactions”

Noting “signs of (a) resurgence of virtual currency trading activities in the country,” four finance regulators in China (the Beijing Local Financial Supervision Bureau, the People’s Bank of China Business Management Department, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau)… Read More

Report: Chinese Foreign Exchange Official Says Digital Currencies Must Be Regulated to Prevent Illegal Capital Flows

Reuters is reporting that Sun Tianqi, chief accountant at China’s State Administration of Foreign Exchange (SAFE), told financiers assembled at the Bund Summit in Shanghai this week that governments in emerging markets must regulate cryptocurrencies because they can be used to transmit capital illegally and could… Read More

BitPay Granted Virtual Currency License By New York State Department of Financial Services

Blockchain payments technology platform BitPay announced on Monday it received its Virtual Currency License from the New York Department of Financial Services. This news comes just a few months after BitPay secured $40 million through its extended Series B funding round. Founded in 2011, BitPay’s platform gives businesses and individuals… Read More

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