Stablecoins could pose “regulatory challenges,” says Randall Quarles, chair of the Financial Stability Board. Randall Quarles, chair of the Financial Stability Board (FSB), has claimed that the potential scale of stablecoins such as Facebook’s Libra could present future “regulatory challenges.” Quarles voiced his opinion during a presentation at the European Banking Summit in Belgium on…
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Cryptocurrencies have entered the green zone after seeing some losses over the past day, with the Bitcoin price hovering around $8,100. Friday, Oct. 4 — The top-20 crypto markets are solidly in the green, with just a few reporting mild losses, according to data from Coin360. Bitcoin (BTC) has been trading sideways after its slump…
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The U.S. House Financial Services Committee invites Facebook COO Sheryl Sandberg to testify on the condition that CEO Mark Zuckerberg follows suit by January. The United States House Financial Services Committee has reportedly invited Facebook COO Sheryl Sandberg to testify on Oct. 29 about the company’s plans for its Libra stablecoin. According to a report…
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Central bank digital currencies are “inevitable,” says Patrick Harker, President of the Federal Reserve Bank of Philadelphia.
Patrick Harker, President of the Federal Reserve Bank of Philadelphia, has claimed central bank digital currencies are inevitable.
However, the financier believes the United States should not lead the way, given the dollar’s role as the world’s reserve currency.
According to a Reuters report on Oct. 2, he told a community banking conference:
“It is inevitable… I think it is better for us to start getting our hands around it.”
Harker made his remarks in response to a question about the Federal Reserve’s decision to develop its own instant payments system — known as FedNow — that was announced at the beginning of August. He said:
“I am looking at the next five years after that. What comes next? I do think it is something around digital currency.”
As Cointelegraph recently reported, banks at the Federal Advisory Council have told the Federal Reserve that Facebook’s crypto project Libra will potentially create a “shadow banking” system — risking a potential decline in demand-deposit accounts and bank payment volumes.
Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering compliance. Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance. New platform for FATF compliance The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML…
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Crypto markets failed to continue new recovery trend as 19 out of the top 20 cryptos by market cap are seeing losses. Thursday, Oct. 3 — Crypto markets have again failed to continue their recovery as almost all the top 20 coins by market cap are seeing significant losses. Market visualization. Source: Coin360 After climbing to highs…
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Telegram has confirmed an October launch date for its long-awaited TON network with corresponding Gram tokens. Encrypted messaging service Telegram will launch its long-awaited Telegram Open Network (TON) in late October. In an Oct. 2 message in the official TON Board on Telegram, the firm states that original investors were informed that the blockchain network…
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Cryptocurrency payment processor BitPay has entered a partnership with Ripple’s investment arm Xpring to support payments with XRP. Major cryptocurrency payment processor BitPay has entered a partnership with Ripple’s investment arm Xpring to support payments with XRP. The development was announced in an Oct. 2 press release, revealing that now businesses can accept the third-largest…
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Though crypto transfers are immutable, offline cryptocurrency transactions may be the key to total censorship resistance for blockchain. Earlier in September, Cointelegraph reported that Israeli cybersecurity startup GK8 had raised $4 million to finance its offline cryptocurrency transaction solution. The company developed a cold wallet with “hot wallet functionalities” that is completely shielded from online hackers because…
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Stablecoins backed by precious metals — here’s how to choose which one to invest in and why they are stable. Cryptocurrencies are constantly subject to exchange rate fluctuations and are characterized by high price volatility. For making crypto money more useful and more stable, a special type was created: stablecoins. Related: Stablecoins, Explained Stablecoin is…
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