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CBDC for Stimulus Payments Advocates Honorary Christopher Giancarlo

During an open hearing by the House Committee On Financial services yesterday, the Honorable Christopher Giancarlo once again advocated for the use of a Central Bank Digital Currency (CBDC), effectively digital dollars, as a solution to directly distribute the COVID stimulus packages to citizens. Members of the House Committee On Financial Services met for the … Continue reading CBDC for Stimulus Payments Advocates Honorary Christopher Giancarlo

Former US Head of Treasury Lawrence Summers Backs Cryptocurrency

In an interview between CEO of the digital currency company Circle —Jeremy Allaire and Former US head of Treasury Lawrence Summers, the latter advocated for cryptocurrency’s benefits. He stated that what appeals to him about cryptocurrency is that it reduces payment friction. In other words, cryptocurrency increases the speed of transactions and eliminates a third-person mediator. … Continue reading Former US Head of Treasury Lawrence Summers Backs Cryptocurrency

Chinese Government Releases First-Ever Blockchain Application Blueprint, Continuing on its Major Tech Push

The Chinese government has released its first-ever blockchain application blueprint regarding government services in the country. According to Beijing’s blueprint, 140 government services applications are already on blockchain and are divided into three categories, including data sharing and exchange, business collaborative processing, and electronic certificate and certificate storage.  According to a local report, blockchain is … Continue reading Chinese Government Releases First-Ever Blockchain Application Blueprint, Continuing on its Major Tech Push

Chinese Central Bank Approves the City of Chengdu for its FinTech Innovation Pilot

The Chinese central bank, People’s Bank of China has recently approved the city of Chengdu to carry out FinTech innovation supervision pilots. Chengdu, the capital of China’s Sichuan province has been added to the list of regions that could carry out FinTech-related pilots. The People’s Bank of China launched the FinTech regulatory sandbox in December … Continue reading Chinese Central Bank Approves the City of Chengdu for its FinTech Innovation Pilot

China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat

China has not always been friendly towards cryptocurrencies, however, the country has not completely banned Bitcoin, according to the Beijing Arbitration Commission. In 2017, China completely banned Bitcoin exchanges in the country but this did not stop initial coin offerings and virtual currency trading. Without Bitcoin exchanges operating in China, traders turned to foreign exchanges … Continue reading China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat

Crypto Businesses Given the Green Light to Set Up in Dubai’s Free Zone

Following a memorandum of understanding (MoU) between the Dubai Multi-Commodities Centre (DMCC) Free Zone and the Securities and Commodities Authority (SCA), crypto businesses have been granted the liberty to operate in DMCC once registered licenses are granted. Fostering crypto and blockchain growth in Dubai According to the announcement: “Working closely with DMCC’s onboarding teams, the … Continue reading Crypto Businesses Given the Green Light to Set Up in Dubai’s Free Zone

UAE Rolls Out Blockchain-Powered Trade Finance Platform to Fight Fraud

The United Arab Emirates (UAE) has launched a blockchain-enabled trade finance platform dubbed UAE Trade Connect to curb economic crimes like money laundering, under-invoicing, and fraud. Revamping the trade finance space Telecom giant Etisalat has joined forces with a consortium of seven leading local banks like the First Abu Dhabi Bank (FAB) to roll out … Continue reading UAE Rolls Out Blockchain-Powered Trade Finance Platform to Fight Fraud

Texas Bitcoin Miners Agree to Reduce Power Usage

The Texas Blockchain Council, a trade association representing the Bitcoin mining industry in Texas, announced on Saturday that crypto miners have responded to the conservation notice issued by ERCOT on Friday. The Texas Blockchain Council said that Bitcoin miners within the state have agreed not only to shut down some crypto mining facilities but also … Continue reading Texas Bitcoin Miners Agree to Reduce Power Usage

Ripple's Colombia Real Estate Tokenization Project Halts as New Govt Takesover

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Moonstone Bank to Exit Crypto Space

Moonstone Bank, a rural bank in the state of Washington that was given an estimated $11.5 million investment by Alameda Research, the sister firm of FTX, has announced that it will withdraw from the cryptocurrency industry and return to its “original objective” as a community bank. The investment was made by FTX. Moonstone Bank is … Continue reading Moonstone Bank to Exit Crypto Space

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