German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

European officials are beating their heads, trying to figure out the challenges and risks of letting cryptocurrencies be operational in the region. It is part of a wider debate that seeks to establish the pros and cons of digital transformation of European economies as major nations across the globe embrace digital currencies. However, the crypto world has now been hit by another storm when the Finance Minister of Germany, Olaf Scholz, categorically rejected the idea…

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Two California Council Members Purchase Cannabis with Cryptocurrency

Two California Council Members Purchase Cannabis with Cryptocurrency

In what was dubbed the first of its kind purchase, two California council members were seen buying marijuana from a local store with cryptocurrency. The council members, Berkeley City’s Ben Bartlett and Emeryville City’s Dianne Martinez, were spotted in a local cannabis shop in Ohana on September 11th, where they reportedly used a stablecoin (still unknown which one) to purchase a cannabis product. Although the exact product they bought is yet to be identified, one…

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Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook is in new rounds of talks focused on discussing potential backings for its digital currency Libra. It was recently reported that Facebook has informed U.S. senators that it might not consider the Chinese Yuan as a potential contender for a backing of the cryptocurrency Libra. Facebook has submitted details of its discussions to a list of U.S. senators who were concerned about the possibility of Facebook adding the Chinese Yuan to its traditional currency…

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Tether Announces its New Stablecoin to Support Chinese Yuan

Tether Announces its New Stablecoin to Support Chinese Yuan

The popular stablecoin issuer, Tether (USDT), has announced that it plans on launching a new stablecoin, CNH₮, backed by the offshore Chinese yuan. CNH₮ will run on top of the Ethereum blockchain as an ERC-20 token. In a blog post, Tether stated that CNH₮ represents a further expansion of the organization’s ability to embrace and facilitate the use of traditional currencies such as the USD and the Euro. The ERC-20 token will initially be available…

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New York Regulator Greenlights Paxos to Launch Gold-Backed Cryptocurrency

New York Regulator Greenlights Paxos to Launch Gold-Backed Cryptocurrency

Linda A. Lacewell, Superintendent of Financial Services, confirmed that New York State Department of Financial Services (NYDFS) has allowed Paxos Trust Company LLC to offer a gold-backed virtual currency. This will be the first such virtual currency due to be authorized by NYDFS that will be backed by the gold and the dollar. Lacewell acknowledged her organization’s commitment to further innovation to ensure safety and soundness to New Yorkers and the rapidly developing financial services…

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Crypto Exchange Binance Hopes to Address Regulatory Concerns about Venus

Crypto Exchange Binance Hopes to Address Regulatory Concerns about Venus

The Malta-based crypto exchange Binance has expressed that enough lessons were learned from Facebook’s Libra and now it is looking forward to forge partnerships with regulators to ensure its new digital currency, Venus, does not suffer the same regulatory backlash as Libra did. Binance plans on working with regulators to ensure that its upcoming digital currency complies with the appropriate cryptocurrency regulations of a country before it is launched there. Last week, in a press…

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Samsung Blockchain Wallet Now Supports Binance Coin (BNB) and Other Stablecoins

Samsung Blockchain Wallet Now Supports Binance Coin (BNB) and Other Stablecoins

After adding support for Bitcoin(BTC)trade and Kakao’s Klaytn on August 14th, Samsung Blockchain Wallet in Galaxy S10 and its variants will support Binance Coin (BNB) and some other popular cryptocurrencies along with support for additional few stablecoins. To date, Samsung Blockchain Wallet supports several popular cryptocurrencies and stablecoins. The South Korean tech giant has launched its flagship smart devices Samsung Galaxy S10 and Note 10 (along other different variants of these models) with a built-in…

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Crypto Giant Binance Introduces New Stablecoin Development Project: Venus

Crypto Giant Binance Introduces New Stablecoin Development Project: Venus

The crypto exchange giant Binance is here to make good of its goal to push forward the crypto world yet again through the launch of a new blockchain project dubbed Venus, which is touted the “independent regional version of Libra.” Yi He, Binance co-founder, stated: “We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the…

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Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation

Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation

According to a report by the cryptocurrency research firm Coin Metrics and reported by Bloomberg, the large Bitcoin whales including crypto exchanges such as the Malta-based Binance and Hong Kong-based Bitfinex, own almost a fifth of the largest cryptocurrency, Tether (USDT). The report also showed only 318 addresses own almost $1 million worth (almost 80%) of all Tether digital coins, the token that serves as a channel for trading in many of the world’s largest…

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Huawei’s CEO Wants China Answering to Facebook Libra with its Own Stablecoin

Huawei’s CEO Wants China Answering to Facebook Libra with its Own Stablecoin

Ren Zhengfei, CEO of Huawei, made some fascinating remarks about Facebook Libra and China during an interview with the Italian website L’Economia, which was published on July 22. According to him, China doesn’t have to wait to be invited to the ‘Libra club’ as the country is capable of issuing such a digital currency by itself. He further added that Libra faces several serious obstacles in the U.S. alone, and of course in other parts…

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