The Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stablecoins, according to a senior official. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), expressed concerns over the reportedly serious threat stablecoins like Tether (USDT) pose to global financial and settlement systems, CNBC reported
Regulation
A member of the lower house of the Argentine National Congress has introduced legislation that would allow certain workers in the country to receive some or all of their salary in crypto. In a Tuesday tweet, Argentine Chamber of Deputies member José Luis Ramón said his proposed crypto bill would apply to anyone working as
Trading platform Robinhood could lose a significant revenue source should the United States Securities and Exchange Commission (SEC) move to ban the controversial payment for order flows (PFOF) — routing retail trading orders to market makers. Brokers like Robinhood often use the practice to offset trading fees thus providing zero commission trading to its retail
News of two contrasting approaches to crypto from U.S. members of congress surfaced this week. Alabama Congressman Barry Moore has been loading up on cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) over the past two months. Meanwhile anti-crypto California Congressman Brad Sherman — whose stated aim is to shut crypto down —
Regulatory constraints facing Binance have forced the popular cryptocurrency exchange to temporarily halt bank transfers denominated in euros, according to an email sent to its customers on Tuesday. Specifically, euro deposits via the Single Europe Payments Area, or SEPA, have been put on hold indefinitely due to circumstances beyond the exchange’s control, Binance said in
The Financial Crimes Enforcement Network, or FinCEN, has recruited Michele Korver, formerly of the United States Department of Justice, to serve as the agency’s first chief digital currency advisor. In her role, Korver will be tasked with advancing “FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic
Swiss multinational investment banking giant, UBS, has warned its clients that crypto assets cbe unsuitable for professional investors if regulatory pressure continues. In a note sent to clients last week, the global wealth management team at UBS said China’s latest crackdown had hurt crypto prices and operators, cautioning that further regulatory pushback worldwide could exacerbate
Customers have been reporting that Barclays, a British multinational universal bank, has been blocking payments to Binance cryptocurrency exchange over the last week. The financial services giant has confirmed to cardholders that Barclays debit/credit card payments to the cryptocurrency exchange will not be allowed until further notice. One of crypto investment dashboard Wealth Kode’s cofounders,
The State Bank of Vietnam is reportedly set to become the latest central bank to delve into explorations of the feasibility and operationally of central bank digital currencies (CBDCs). Its brief, distinct from some other countries, is to trial a digital currency that would expressly be built on blockchain technology, rather than a centralized protocol.
The Philippine Stock Exchange (PSE) is aiming to be first in line when financial regulators give the green light for crypto asset trading in the country. On Friday, July 2, CNN reported that PSE president and CEO Ramon Monzon said the local bourse should be the country’s first exchange platform for crypto assets. He stated:
The Bank for International Settlements (BIS), a global financial institution owned by some of the world’s biggest central banks, is trying to dispel the theory that cryptocurrency ownership is linked to distrust in traditional finance. On Thursday, the BIS published a paper on the socioeconomic drivers of cryptocurrency investments in the United States. Employing representative
Europe knows it will have to embrace a digital euro soon. To become a global digital leader and avoid dependence on American and Asian technological infrastructures, European policymakers and regulators have to make progressive decisions. A critical stumbling block for Europe’s digital economic thinking is so-called stablecoins. Stablecoins can be privately issued and have the
“El Salvador is predominantly a service economy, and its major export is human labor to the United States. Thus, international remittances form a major inflow of money into the country. When you pair this with the fact that roughly 70% of the nation is bankless and a significant amount of the incoming money is taken
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin mining difficulty just fell by a record 28% —
A new bill drafted by the Iranian Parliament Commission on Economy aims to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners. According to a Friday report from the Tasnim News Agency, lawmakers drafted a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,”
The stablecoin market has been growing exponentially, and last week, Eric Rosengren — president of the Federal Reserve Bank of Boston — appeared to raise a cautionary flag. “There are many reasons to think that stablecoins — at least, many of the stablecoins — are not actually particularly stable,” he said in remarks before the