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

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

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…

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US Congress Introduces Bill Classifying Facebook’s Libra a Security

US Congress Introduces Bill Classifying Facebook’s Libra a Security

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…

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

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

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…

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Canada’s Blockchain Venture Capital Introduces the CUSD Stablecoin

Canada’s Blockchain Venture Capital Introduces the CUSD Stablecoin

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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Report: Stablecoin Loans Hit New High in Q3 with $870 Million

Report: Stablecoin Loans Hit New High in Q3 with $870 Million

A 38% increase in stablecoin loans has been reported by Genesis Capital, one of the largest institutional lenders of cryptocurrencies, in the third quarter of 2019. Genesis Capital’s team reported that the growth in their lending business continues to grow as the record of $746M that had been set in the second quarter of this year was broken in the third quarter with a staggering $870M in new originations. Loans are usually acquired through stablecoins…

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What Troubles? Tether Keeps Growing; Especially in Adult, Gambling, Cannabis Sites

What Troubles? Tether Keeps Growing; Especially in Adult, Gambling, Cannabis Sites

The USD-backed stablecoin firm Tether (USDT) has been involved in controversies since last July when it was first alleged for manipulating the price of Bitcoin(BTC)trade, which later culminated into investigations and lawsuits against the company. Despite all of these severe legal issues, Tether has reported a significant growth in its utilization as a digital payment mode for goods and services. In fact, Tether is now becoming more and more popular on gambling sites and pot…

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Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Sylvia Garcia, a Democrat lawmaker from Texas, has recently introduced to Congress a draft bill that seeks to create more regulatory clarity on stablecoins. The draft bill was introduced to the House of Financial Services. Under the purview of the Securities Act of 1933, the House will be empowered to regulate cryptocurrencies in the form of stablecoins. Stablecoins are digital currencies that are backed by real-world financial assets. These could be national currencies or valuable…

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G20 Discussion Turns Against Facebook Libra and Stablecoins

G20 Discussion Turns Against Facebook Libra and Stablecoins

Finance ministers of the G20 nations met on Friday to discuss cryptocurrencies and agreed on a strict framework that curbs the powers of cryptocurrencies such as Facebook Libra. In unity, all members agreed that no stablecoin will be allowed to operate unless the financial risks that these entities pose have been fully addressed. In a charged assault intended to hurt Facebook’s forthcoming cryptocurrency Libra, the finance ministers of France, Germany and Italy adopted a resolution…

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Tokens Pegged to Nike’s Sneakers Fall Sharply after Daryl Morey’s Hong Kong Tweet

Tokens Pegged to Nike’s Sneakers Fall Sharply after Daryl Morey’s Hong Kong Tweet

No one has ever thought that the protests in Hong Kong would ever affect the price of cryptocurrencies trading in U.S. crypto exchanges. But apparently, there is still some impact; at least on Nike’s Air Jordan tokens (such as AJBT, AJCP, AJIB and more) listed on the crypto exchange 55.com. Daryl Morey, the general manager of the Houston Rockets of the National Basketball Association (NBA), conveyed his support to the pro-democracy Hong Kong protesters through…

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New Partnership Launches Gold-Pegged Stablecoin DGLD on Bitcoin’s Blockchain

New Partnership Launches Gold-Pegged Stablecoin DGLD on Bitcoin’s Blockchain

A group of crypto and precious metal companies formed a consortium and launched a first-ever Gold-backed digital currency with the ticker DGLD on the Bitcoin blockchain. Europe’s largest crypto assets manager CoinShares, with the leading provider of cryptocurrency products including the world’s most popular crypto wallet, Blockchain Luxembourg S.A., and the Swiss gold trading firm MKS have joined hands to launch a gold-backed digital currency (stablecoin). The consortium has been developing the DGLD network for…

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