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CFTC Chair Tarbert Lists Two Crypto Problems: Money Laundering & Terrorist Funding

Posted on December 17, 2019December 17, 2019 by Rehan Yousaf

Chairman of the United States Commodity Futures Trading Commission (CFTC), Heath Tarbert, recently discussed crypto at Harvard Kennedy School as part of a series of lectures that revolved around financial regulations. Tarbert talked about the agency and its stance on cryptocurrency, and how the CFTC team is still processing the information about this emerging space and figuring out two major issues of the industry. He said that the two main setbacks with the majority of…

ECB President Calls for Clear Objectives of its Digital Currency by Next Year

Posted on December 15, 2019December 15, 2019 by Rehan Yousaf

The European Central Bank President, Christine Lagarde, addressed the ECB’s top brass, saying that the bank needs to outline the objectives of its upcoming cryptocurrency project before the development and the technical process begins, at a conference on Thursday. The European Central Bank is expected to have a thoroughly detailed set of objectives for its digital currency, by the middle of next year. Lagarde raised some questions for the ECB at the conference about the…

Crypto Payment Provider BitPay Adds USDC, GUSD, Paxos; Tether Is Still Out

Posted on December 12, 2019December 12, 2019 by Rehan Yousaf

The crypto payment provider BitPay has enhanced its payment processing systems to include 3 more stablecoins which are Circle’s USD Coin (USDC)trade, Gemini Dollar (GUSD), and Paxos Standard Token (PAX). Tether (USDT), the most popular stablecoin by huge margins (and occasionally even the most traded cryptocurrency by volume), is still out. The total count of the digital currencies that are now supported by the company is six. The number comprises of the popular cryptocurrencies Bitcoin(BTC)trade,…

British Crypto Firm Saga Develops Libra-Esque Stablecoin SGA

Posted on December 11, 2019December 11, 2019 by Rehan Yousaf

Saga Monetary Solutions, a UK-based blockchain company, has come up with a daring plan to launch a stable digital currency (stablecoin) called Saga token (SGA) which will allow users to store and transfer their digital coins across borders with minimal restrictions. By design, the Saga tokens will be pegged to traditional currencies. These include the U.S. dollar, Chinese yuan, Japanese yen, the euro and the British pound. However, unlike Facebook’s Libra, the SGA tokens will…

US Financial Stability Oversight Council: Stablecoins Are a Risk to the Economy

Posted on December 8, 2019December 8, 2019 by Rehan Yousaf

On December 4th, the financial regulator the Financial Stability Oversight Council (FSOC) published an annual report for the year 2019. The report mainly focuses on the popularity of stablecoins and problems rising as these crypto assets expand over a wider range of potential consumers. In the report, a panel of top financial regulators in the United States, which was set up and also included Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell, cautions…

EU Council and Commission Say No to Stablecoins Until Regulation Is Clear

Posted on December 8, 2019December 8, 2019 by Julie Williams

A truckload of risks and concerns still lurk around stablecoins, this supposed stable form of cryptocurrencies, leading to concerns in the EU and other countries. The EU council and Commission took their press section to release a joint statement, clearly proclaiming their take on stablecoins and what must be done before any of such digital coins are traded in any EU country. In the joint statement, the Council and Commission acknowledge the benefits virtual assets…

Social Trading Platform eToro: Facebook Needs to Leave Stablecoins to Third Parties

Posted on November 28, 2019November 28, 2019 by Rehan Yousaf

eToro, the crypto-oriented social trading and brokerage provider, recently published a position paper that stated that in order to get a cryptocurrency project launched, Facebook should focus on stablecoins that are distributed by regulated third parties instead of the company’s own digital currency. Facebook’s cryptocurrency project, Libra, has faced many obstacles since the announcement of its launch in June this year. Politicians and regulators across the United States, the United Kingdom and Europe have expressed…

US Congress Introduces Bill Classifying Facebook’s Libra a Security

Posted on November 24, 2019November 24, 2019 by Rehan Yousaf

On Thursday, US congress has introduced a bill that would classify Facebook’s cryptocurrency Libra as a security. The new proposed law is likely to bring up larger issues of regulation and inspection to Facebook’s crypto project that the company introduced as an electronic payment system. Representatives Sylvia Garcia and Lance Gooden (Democrat and Republican from Texas) proposed the bipartisan bill titled ‘Managed Stablecoins and Securities Act of 2019’ during the same day of a committee…

The Dai Stablecoin: The First Cryptocurrency Backed by Another Cryptocurrency (Ethereum)

Posted on November 19, 2019November 19, 2019 by Rehan Yousaf

Stablecoins, like Tether (USDT) or Facebook’s Libra, are a new sort of cryptocurrencies that differ from the rest by avoiding fluctuating prices which make even the popular cryptocurrencies, such as Bitcoin(BTC)trade, difficult for trade. Their value is based on stable underlying resources. Some are backed by dollars, and some by gold. But a new stablecoin, Dai, in the market is making headlines for not being tied to any traditional financial asset, but instead it is…

Canada’s Blockchain Venture Capital Introduces the CUSD Stablecoin

Posted on November 14, 2019November 14, 2019 by Julie Williams

Blockchain Venture Capital Inc. (BVCI), one of Canada’s biggest blockchain enterprises, expressed profound joy as it announced the addition of a new virtual currency to its increasing list: the stablecoin CUSD. The blockchain-oriented firm is known for driving industry changes in the sector. And barely four months after the launch of the company’s other stablecoin, CADT, it has now made top headlines again. This time, it found a way to bridge the gap for both…

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