A new survey from Big Four accounting firm and professional services provider KPMG suggests that American consumers appear to be increasingly open to using blockchain-based tokens, VentureBeat reports. According to the company, their survey findings confirm the important role tokenization can play in the future of commerce.
After much speculation from observers, Facebook has reportedly revealed the composition of the basket of currencies it plans to use to back its Libra cryptocurrency, according to Der Spiegel. The token will apparently be backed by U.S. dollars, euros, Japanese yen, the British pound, and Singapore dollars.
The Intercontinental Exchange’s Bakkt bitcoin futures trading officially launched on Sunday, with the first physically-deliverable bitcoin futures trade executed at a price of $10,115, according to a tweet from Bakkt. According to reports, trading was relatively slow, with only five contracts traded in the first hour and a little more than two-dozen completed within the next ten hours.
The U.S. House of Representatives Committee on Financial Services will be conducting an oversight hearing with the Securities and Exchange Commission on September 24, 2019. The “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat” hearing will include a focus on cryptocurrency-related issues, according to a September 19 memorandum published by the committee.
San Francisco-based digital currency exchange Coinbase announced Friday that it is considering 17 new digital assets for listings on its platform. The announcement comes just days after Coinbase launched support for the DASH token on the company’s professional platform, Coinbase Pro.
Securities and Exchange Commission Chairman Jay Clayton said Thursday that bitcoin will need to be more regulated before it can be traded on any major exchange, CNBC reports. Clayton made the remarks at the Delivering Alpha conference, where he was the featured opening speaker.
Traditionally, governments have held a monopoly over the economic systems and financial barter used in their nation. Today, however, with all the possibilities inherent in robust cryptocurrencies, large multinationals like Facebook, Twitter, and Google/YouTube see new opportunities to embed financial operations in their core business model.
Japanese messaging app giant LINE announced Tuesday that its new cryptocurrency exchange Bitmax is now open for live trading. In a company statement announcing the news, LINE confirmed that the service will initially be available on Android mobile devices and available to all Japanese residents with LINE accounts.
Wells Fargo, the fourth largest bank in the United States, announced on Tuesday that it will be piloting a new digital currency for cross-border and interbranch cash transfers, Reuters reports. The blockchain-powered cryptocurrency, Wells Fargo Digital Cash, will reportedly be pegged to the dollar, and allow the bank to save money and time during asset transfers by eliminating the need to go through third parties.
On Monday, The Bank for International Settlements hosted a meeting in Basel, Switzerland to discuss the issue of stablecoins like those proposed by Facebook and J.P. Morgan. After the meeting, Calibra CEO David Marcus took to Twitter to try to allay any concerns policymakers might have about Libra’s potential for threatening the monetary sovereignty of the modern nation-state.
On Friday, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against three North Korean cyber groups believed to be responsible for cyber-attacks on financial institutions, cryptocurrency exchanges, and other critical infrastructure.
French Finance Minister Bruno Le Maire warned that his country wants to prevent Facebook Libra development in the European Union due to concerns about its risk to national governments’ ‘monetary sovereignty’ and potential abuse, the BBC reports. Le Maire made the comments during a Paris meeting of the Organization for Economic Co-operation and Development.
The People’s Bank of China (PBOC) has suggested that its plans to launch its own digital currency are primarily motivated by a desire to protect its foreign exchange sovereignty. However, Circle CEO Jeremy Allaire believes that the move could also help promote broader use of China’s currency around the world.
The Marshall Islands is moving forward with its plans to develop a blockchain-based national digital currency that the government hopes will reduce reliance on the U.S. dollar, Bloomberg reported on Wednesday. When launched, the Marshallese sovereign (SOV) is expected to be recognized as the island nation’s legal tender.
Blockstack has announced that its SEC-approved token offering closed on September 9, after raising a total of $23 million. Blockstack co-founder and CEO Muneeb Ali announced the news in a recent blog post that thanked the thousands of investors who participated in the sale:
If Facebook’s Libra project expects to operate within the United States, it will need to do so in full compliance with U.S. anti-money laundering and counter-terror financing regulations, according to U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker.
Tether today announced the launch of its CNHT cryptocurrency, a stablecoin that will be pegged to the offshore Chinese yuan (CNH). The launch was confirmed in an announcement posted on the company’s website on Monday.
Binance has outlined its plan for the launch of Binance.US, including the steps customers will need to take to register. In a recent post on Medium, Binance detailed the know-your-customer requirements customers must meet and confirmed that the service will be available in the United States in the “coming weeks.”
Twitter founder and longtime Bitcoin backer Jack Dorsey recently confirmed that he is still a Bitcoin believer, while noting that his company has no plans to create its own cryptocurrency. That’s according to comments he made to the Sydney Morning Herald during a recent Square promotion trip to Australia.
The Bank of the Republic of Burundi has banned cryptocurrency trading in the country, according to a recent Bloomberg report. The central bank’s decision was in response to public requests to intervene from citizens who suffered losses from digital currency trading.