Stablecoins, or crypto assets which peg their value to less volatile fiat money, are useful tools for a variety of reasons. They can be used to cash out crypto investments, send or receive stable money abroad, and to pay for everyday consumer transactions without fear of fluctuation. A recent estimate from the Bank for International…
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On Wednesday, Nikhil Rathi, CEO of the United Kingdom’s Financial Conduct Authority, or FCA, issued the following statement to the Treasury Committee when asked about the risks of the much-unregulated cryptocurrency sector in the country: When we talk about the compensation scheme, we have to draw some pretty clear lines. I would suggest anything is…
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On Wednesday, the Banque de France (BdF), the BIS Innovation Hub (BISIH), and the Swiss National Bank (SNB) announced the success of a pilot run of a wholesale central bank digital currency (wCBDC), titled Project Jura. The project aimed to investigate cross‑border settlement with euro and Swiss franc wCBDCs, and launched on a third‑party distributed…
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On Tuesday, BloombergQuint (Bloomberg India) reported that the penalty for non-compliance with the Indian government’s crypto policies could range from a maximum fine of 20 crore rupees ($2.7 million dollars) or 1.5 years in jail. Prime Minister Narendra Modi will likely give cryptocurrency investors a deadline to comply with new rules and declare their assets.…
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According to The Nihon Keizai Shimbun (Nikkei), one of the world’s largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan’s Financial Services Agency, or FSA, will propose legislation next year restricting stablecoin issuance to only bank and wire transfer companies. Theoretically, this would prevent entities such as Tether (USDT), which does…
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According to a report published by Grayscale Investments on Monday, more than one-quarter of U.S. investors surveyed (26%) said they already own Bitcoin (BTC). Out of this group of owners, 46% and 44% also jointly held Ethereum (ETH) and Dogecoin (DOGE) in their accounts, respectively. An additional three-quarters of the participants (77%) said they would…
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On Monday, the Bank of International Settlement, or BIS, a financial institution owned by central banks worldwide, published a report scrutinizing the development of the decentralized finance, or DeFi, industry. The article opened by saying, “There is a “decentralization illusion” in DeFi since the need for governance makes some level of centralization inevitable, and structural…
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On Thursday, Fidelity Canada officially launched the Fidelity Advantage Bitcoin exchange-traded fund (ETF) and the Fidelity Advantage Bitcoin ETF Fund (mutual fund), marking the first such assets to be made available in the country and confirming earlier reports on the matter. The funds have the tickers FBTC and FBTC.U, denominated in Canadian and United States dollars,…
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