October 16

“A top Federal Reserve official said Wednesday that the U.S. central bank is ‘actively looking at and debating‘ issuance of a digital currency, amid growing worries among current and former regulators that the dollar might be at risk of losing its status as the world’s reserve currency.

We have not at the Fed decided to pursue or drive to develop a digital currency, but it’s something we’re actively looking at and debating.

His comments came after former Commodity Futures Trading Commission Chair J. Christopher Giancarlo wrote in an op-ed piece that called for the U.S. to create a digital currency.”

See Also: Fearing USD Decline, Ex-CFTC Heads Propose a Blockchain-Based Digital Dollar

The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money.

An internal Bank of Canada presentation says benefits of a digital currency include the sharing of personal information with police or tax authorities.

The currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.

The incentive to produce a ubiquitous international currency is huge.”

“Telegram has notified investors that the TON blockchain project will be launched later than planned, pushing the deadline from Oct. 30 to April 30, 2020.

We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.

The email says the deadline can be extended with the consent of investors holding a majority of the tokens bought in each of the two fundraising rounds.”

“Terry Gou, Taiwan’s richest man and the founder of manufacturing giant Foxconn, wants the island to roll out the red carpet for Facebook’s Libra cryptocurrency project.

I know [Facebook CEO Mark] Zuckerberg pretty well, and I hope we can bring Libra to Taiwan in the future. Mainland China has decided not to accept Libra and build its own digital currency. That creates a great opportunity for Taiwan as we can become a place where the two separate systems converge.”

See Also: RBC Analysts: Squashing Libra Could Boost China’s Digital Currency
See Also: Libra Plays Down Troubles, Anticipates 100 Members by Launch

The cooperation between the two firms will see Ripple’s over 200 existing clients reciprocally access Finastra’s extensive banking network, which includes 48 of the top 50 banks globally.

Finastra customers and existing RippleNet partners will be able to transact cross-border with end-to-end tracking and transparent oversight of fees, delivery time and status.” 

“The OpsChain Public Finance Manager (PFM) system enables transparent tracking of public budgets and expenditures viewable by all citizens. 

PFM will also reportedly enable public funds to be matched with outcomes, which in turn would provide insight into how effective different policies are. The platform can potentially be used to better inform future policy decisions. 

EY also reportedly already tested tracking public funds on a blockchain in multiple places, including the Canadian city of Toronto.”

“In what looks to be the first for a sovereign nation, Bermuda will be supporting USDC as an acceptable tax payment for some 60,000 residents.

Support for other ‘decentralized finance protocols and services‘ outside of USDC are also in the works as part of a broader initiative to integrate cryptocurrencies into official government operations, the press release stated.

Bermuda also announced Wednesday it would be collaborating with blockchain startup Shyft Network to launch a digital identity program benefiting individuals doing business in the country.”

“The algorithm, “Scalable Byzantine Reliable Broadcast,” was outlined in a paper first published this August and being presented today.

They have designed the algorithm in such a way as to replace quorums with stochastic samples. The paper goes on to outline a “Gossip-based algorithm” — a probabilistic broadcast to ensure the validity and totality of all messages broadcast.”