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Stablecoin Crisis Could Wreck Global Finance, Fed Warns in New Report

The U.S. Federal Reserve Board on Friday warned that a stablecoin crisis could wreak havoc on the global economy and outlined the steps issuers must take to protect the status quo.  The central bank’s prognosis – buried deep in the November edition of its semiannual “Financial Stability Report” – rests on a stablecoin worst case outcome: a run on the issuers, in which coin holders panic en-masse and demand the return of the fiat they …

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French Central Bank Job Posting Reveals Digital Currency Program

The central bank of France, Banque de France, is seeking a blockchain analyst who will help the bank define a program for implementing digital currency. In a job opening posted on October 16th and listed under the Financial Stability and Operations branch of the bank, the bank called for an analyst with experience in crypto-economics, game theory and public or private blockchain. The bank is also hiring a development engineer to study the application of …

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David Marcus Says Calibra Is Considering Audits to Prove Data Protections

Calibra cryptocurrency wallet CEO David Marcus spoke at the New York Times Dealbook Conference in New York City where he discussed the worldwide regulatory scrutiny the stablecoin project continues to face, among other topics. Calibra is considering an auditor for personal data practices  On Nov. 6, the co-creator of Facebook’s Libra coin had a sit-down interview with Andrew Ross Sorkin of the New York Times and CNBC.  In response to an audience member’s question about …

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Crypto News From the German-Speaking World: Nov. 3-10

The past week has marked a number of crypto- and blockchain-related developments in the German-speaking world. Malta Enterprise partnered with Deutsche Telekom’s IT service subsidiary to offer its blockchain-as-a-service (BaaS) marketplace, French IT company Atos and Austrian startup Smart Digital proposed industrial plant inspections using blockchain, and the German Federal Financial Supervisory Authority (BaFin) launched a market survey on crypto assets derivatives. Below is the past week of crypto and blockchain news in review, as …

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MakerDAO Proposes New DAI Ceiling After Hitting $100 Million Cap

The MakerDAO loan system, administered by the Maker Foundation, hit its debt ceiling Wednesday with roughly $100 million worth of the stablecoin DAI issued and more than $339 million worth of ethereum locked up as collateral. On Thursday, the Maker Foundation proposed a new debt ceiling of 120 million DAI, which will now be voted on by holders of MKR governance tokens. “MakerDAO has hit that limit and no more [DAI] can be generated until that …

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Bitfinex Crypto Exchange Moves $1.5M of Stablecoin to Bitcoin Sidechain

Cryptocurrency exchange Bitfinex moved 1 .561 million Tether (USDT) from the Omni Protocol to the Liquid Bitcoin (BTC) sidechain. Bitfinex CTO Paolo Ardoino announced the U.S. dollar-pegged stablecoin’s protocol swap on Twitter on Nov. 2. The conversion increases the quantity of USDT available on the network after the stablecoin was first launched on the Liquid sidechain at the end of July. Ardoino said that the development will have a beneficial effect on the protocol: “Liquid sidechain …

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Canada Pushes to Regulate Crypto Adoption, Forgoing Volatile BTC Past

Recently, Canada’s central bank has been leading working groups with global partners exploring a blockchain future. Their crypto presence has soared with Ernst & Young’s announcement that it is using Toronto to test its public government expenditure blockchain. But what is the cryptocurrency landscape currently like in Canada?  The history of crypto in Canada may seem as volatile as a token with a small market cap, yet mainstream use and adoption have been on a …

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Association of Prive German Banks Argues for Digital Euro

German banks have presented a position paper in which they make several arguments for the digital euro. On Oct. 30, in a paper released by the Association of German Banks (Bankenverband), which represents more than 200 private commercial banks and eleven member associations, banks stated that the “economy needs a programmable digital euro.” Monetary policy is the state’s responsibility, says Bankenverband The paper states that the responsibility for the monetary system lies with sovereign nation-states …

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Paxos Launches Settlement Platform for Equity Securities After SEC Relief

Paxos Trust Company announced today that it is set to introduce its Paxos Settlement Service for a number of United States-listed equity securities. In an Oct. 28 press release, digital asset trust company Paxos stated that it is moving forward with the launch of its blockchain-based settlement platform, having received no-action relief from the U.S. Securities and Exchange Commission (SEC). The SEC letter indicated that the agency will not take any action against Paxos, which …

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Blockchain Registers for Recording Ownership Rights Around the World

The use of blockchain to cement ownership rights for real estate and business has been ongoing since 2016, when the technology was first used to organize new forms of registries and registration of transactions. The blocks are used to record information onto the blockchain system, which can then certify the process of transfer of ownership of the property or entity.  This process excludes intermediaries that collect commissions in the process of, for example, conducting real …

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