STABLECOIN DIGEST 18.09.2020
Regulation and monetary policy
European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law
The European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor cryptocurrencies it considers “significant”, including asset-backed stablecoins like Facebook’s libra.
Why technology assurances are a must for crafting EU crypto regulation
Why we need regulatory frameworks in the crypto space, with a focus on regulating the financial aspects of cryptocurrency-based operations.
From open arms to full bans: The latest on crypto regulation in Asia
A look at the legal status of crypto in Asia, where new crypto hubs are emerging and thriving despite uneven regulation.
The Blockchain Service Network will stimulate China’s CBDC plans
The wait for CBDCs continue.
No one can refuse China’s digital currency, says central bank exec
The digital renminbi is legally compensatory to China’s fiat currency
Nigeria regulators recognize digital assets in stunning new statement
‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said.
UPDATED: State-by-state licensing for crypto and payments firms in the US just got much easier
New money transmitter licensing promises to roll 40 states into a single exam and license.
No need for central bank digital currency in Australia says Reserve Bank
Unlike China, Sweden, and Canada, Australia is reluctant to issue a CBDC.
Competitors
Tether market cap increases almost 4X in 2020 to $15 billion
Tether supply surges to $15 billion but it could still be a house of cards
Analytics and opinions
Why we need evolutionary, not revolutionary, regulatory initiatives
Clearing regulatory hurdles is important for forward-leaning jurisdictions that aim to attract the most innovative firms.
Will the Stablecoin USDT Be Replaced in 2020
http://www.digitaljournal.com/pr/4805994
Tether never provided credible third-party account proof, and Tether’s history of additionally issuing USDT many times led to a sharp drop in Bitcoin, which many users believed was just a matter of time before USDT exploded.
DeFi: A shrinking window of opportunity
With regulators unlikely to change old-fashioned rules in favor of the emerging market, DeFi might be burdened under fraud and new portions of restrictions.
Bans and brands: What centralization does to businesses
As it stands, the current commercial and political landscape presents a perfect storm to herald the rise of decentralized alternatives.
Regulatory risks grow for DeFi as a ‘money laundering haven’
DeFi could fall under regulatory pressure if it is seen as a haven for money laundering.
Geopolitical fallout of central bank digital currencies
China might lead the charge into the digital economy, but will being the first major economy to launch a CBDC be enough to win global reserve currency status?
New projects, partnerships, and investments
Gemini to accept deposits in PAX Gold, Amp and Compound
Crypto exchange Gemini will begin accepting deposits in PAX Gold (PAXG), Amp (AMP) and Compound (COMP) with trading to start Sept. 15.
Major Asian bank issues credit on SCB-backed blockchain
Blockchain is helping companies from Vietnam and Thailand settle trades more smoothly.
Wirex announces multi-currency crypto card with support from Mastercard
Wirex’s new Mastercard-supported card will be linked to 19 crypto and fiat currency accounts in the Wirex app.
Binance Supporting Flow Blockchain with BUSD Stablecoin
https://news.bitcoin.com/binance-supporting-flow-blockchain-with-busd-stablecoin/
Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, announced today the agreement to support BUSD stablecoin on Flow, the blockchain developed by Dapper Labs
Circle’s stablecoin to be used for blockchain gaming platform to target mainstream users
https://ledgerinsights.com/circles-stablecoin-blockchain-gaming-mainstream-users/
The USDC will be used for in-game blockchain payments on Dapper Labs Flow network.
