Binance Cloud Service to Simplify Digital Asset Exchange Launches
Cryptocurrency exchange giant Binance today unveiled Binance Cloud. In a blog post announcement, the company described the new service as “an infrastructure solution for customers and partners to launch digital asset exchanges launching Binance’s industry-leading technology, security, and liquidity.
Indian Election Officials Look to Blockchain To Improve Ballot Access
India’s Election Commission has partnered with the Indian Institute of Technology to create a blockchain system that would enable migrant voters to exercise their voting franchise even when they cannot reach their local polling stations.
Bahamas Central Bank Expects to Complete Digital Dollar Rollout This Year
The governor of the Central Bank of the Bahamas confirmed this week that the government expects to complete its digital dollar rollout by the end of 2020, the Tribune reports. Project Sand Dollar was launched in Exuma last December, and the next phase of the launch is scheduled to roll out in Abaco before the end of February.
Mnuchin: FinCEN to Roll Out ‘Significant’ New Cryptocurrency Rules
U.S. Treasury Secretary Steven Mnuchin has revealed that his department’s Financial Crimes Enforcement Network (FinCEN) is currently working on new cryptocurrency rules designed to enhance transparency and reduce the risk of money laundering, Bloomberg reports.
National Bank of Egypt Joins RippleNet for Blockchain Remittances
The National Bank of Egypt, the country’s oldest and largest commercial bank, has signed a cooperation agreement with Ripple to join its RippleNet network, local media site Youm7 reports. The partnership will reportedly make NBE the first Egyptian bank to use blockchain technology.
During House Hearing, Fed Chief Skeptical of Potential CBDC
Federal Reserve Chairman Jerome Powell expressed skepticism toward a possible Fed central bank digital currency (CBDC) during today’s Financial Services Committee hearing in the U.S. House of Representatives. Powell was there to deliver his latest report on monetary policy, Yahoo Finance reports.
Switzerland’s FINMA Updates Money Laundering Rules, Tightens Crypto Transaction ID Requirements
Switzerland’s Financial Market Supervisory Authority (FINMA) has proposed new rules for cryptocurrency transactions, in response to what it called “heightened money-laundering risks.” The proposed change would lower the client identification threshold for cryptocurrency transactions on digital currency exchanges from 5,000 to 1,000 Swiss francs.
Insurers Relying on Blockchain to Speed Up Claims During China Coronavirus Outbreak
As China’s coronavirus outbreak continues, some insurance providers are using blockchain technology to expedite claim settlements and reduce fraud, the South China Morning Post reports. According to the report, Ant Financial’s Xiang Hu Bao online mutual aid platform has added the virus to its list of critical illnesses that are eligible for a one-time payment of a maximum 100,000 yuan.
Japan: Need U.S. Help to Counter China’s Digital Yuan
Japanese lawmakers have drafted digital currency proposals as part of an effort to begin preparation for a possible Chinese digital yuan, Bloomberg reported this week. The proposal could lay the groundwork for the creation of Japan’s own central bank digital currency if and when the digital yuan is launched.
SEC’s Hester Proposes Safe Harbor for Decentralized Networks
On Thursday, Securities and Exchange commissioner Hester Peirce revealed a proposal to provide qualifying decentralized network developers a three-year safe harbor from some SEC regulations, CoinCenter reports. The proposal is designed to allow digital token projects time to evolve without running afoul of regulators’ concerns about the registration and trading aspects of existing securities laws.
Blockchain Voting Firm Voatz Weighs in on Dem IA Caucus Debacle
In the aftermath of Iowa Democrats’ Monday night caucus debacle, the state’s party officials quickly blamed glitches in a result-tabulating app for the party’s inability to provide quick voting results to the public. On Tuesday, blockchain voting firm Voatz released a statement noting that the Shadow-developed app used by the Iowa Democrats was not in any way representative of the mobile voting blockchain-based apps can facilitate.
Gemini Announces Integration with TradingView Platform
Gemini today announced that it has integrated its services with the popular TradingView platform. According to the company, its institutional customers will now be able to directly trade or invest using the TradingView trading interface.
In Interview, Mastercard CEO Explains Reasons for Leaving Libra Project
In an interview with the Financial Times published today, Mastercard CEO Ajay Banga cited concerns about compliance as one of the main reasons his company left Facebook’s Libra Project last October. At the same time, Banga criticized the development of national payment systems, expressing support for a common global system instead.
UAE Launches Blockchain-Based Health Data Storage Platform
The UAE’s Ministry of Health and Prevention (MoHAP) has launched a blockchain-based platform for storing data related to health and pharmaceutical facilities, healthcare providers, and medication. The project was launched as part of a collaborative effort between MoHAP, Dubai Healthcare City, the Ministry of Presidential Affairs, and other healthcare authorities.
Cambodia’s Project Bakong to Go Live Within Next Few Months
National Bank of Cambodia director-general Serey Chea has confirmed that the central bank’s blockchain-based peer-to-peer payment system will be launched in the next several months, the Phnom Penh Post reports. Serey described the CBDC effort, which has been called Project Bakong, as Cambodia’s “national payment gateway.”
Accused Ethereum Dev Griffith Pleads Not Guilty to Sanctions-Related Charges
On Thursday, Ethereum developer and accused sanctions violator Virgil Griffith pleaded not guilty to charges that he had violated the International Emergency Economic Powers Act (IEEPA), Coindesk reports. Griffith was indicted earlier this month for allegedly providing North Korea with information that could help them use digital currencies to evade sanctions.
BOJ Deputy Governor: Bank Must be Prepared to Issue CBDC if Public Demand Rises
Bank of Japan deputy governor Masayoshi Amamiya said today that it was important for the central bank to be prepared to issue its own digital currency to respond to a possible future increase in public demand, Reuters reported on Thursday.
Zermatt Becomes Second Swiss City to Accept Bitcoin Payments
The Swiss municipality of Zermatt will now officially accept Bitcoin payments for tax and other official transactions, according to a January 29 press release from Bitcoin Suisse, which is providing the POS solution Zermatt needs to manage digital asset payments at the city’s offices.
Singapore’s Payment Services Act Now in Effect
The Monetary Authority of Singapore issued a press release today announcing that the Payment Services Act (PS Act) is now in effect. The law, designed to provide a more effective regulatory framework for Singapore’s payment systems, extends the central bank’s regulatory authority to cover emerging payment systems like digital asset services.
WEF Announces Global Consortium for Digital Asset Governance
That World Economic Forum has announced the creation of a global consortium to develop a governance framework for digital assets. In a press release on Friday, the WEF said that the Global Consortium for Digital Currency Governance will work on creating interoperable, inclusive policy solutions to help make the financial system more inclusive.
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In Interview, Mastercard CEO Explains Reasons for Leaving Libra Project
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National Bank of Egypt Joins RippleNet for Blockchain Remittances
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