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“Deep, fundamental digitalization of the economic system is now well underway as blockchain infrastructure moves from the fringe and early adopters and into the spotlight of major nation-state actors.
These rapid changes are leading regulators everywhere to grapple with an economic system that is beginning to mirror the open, global and connected internet of information and communications.
There are now several competing approaches to building a new financial system on this infrastructure:
- Open finance
- Private consortia
While governments study and debate these topics, bit by bit and block by block, technical innovators all around the world are using crypto to rebuild the global economic system in front of our eyes in a marvel of human ingenuity.“
“The social media giant announced that it is introducing Facebook Pay, a payment system that is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp.
People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.
In an apparent bid to avoid further regulatory scrutiny, the company clearly states that Facebook Pay is ‘built on existing financial infrastructure and partnerships.’ The firm is similarly clear that the payment service will be kept separate from Facebook’s new Calibra wallet and the Libra network.
Facebook Pay will start rolling out this week.”
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“The past month has seen activity explode for the game, with interest dwarfing that of CryptoKitties at its 2017 peak.
In terms of daily transfers of its non-fungible tokens (NFTs), Gods Unchained was recording almost 500,000 such transfers per day at the end of last week. By contrast, even at the height of the CryptoKitties craze in late 2017, transfers there totaled less than 100,000.”
“Bitfinex is considering launching options trading, while also taking a closer look at prospects for a gold-backed stablecoin, dubbed Tether Gold.
Although Ardoino didn’t reveal any additional details about Tether Gold, he did reveal that the company is currently eyeing a Q1 2020 launch of options trading. Ardoino further mentioned that Bitfinex will enable its clients to buy a variety of items with cryptocurrency using a gift card.”
“Block.One, the firm that developed the EOSIO software, announced on Nov. 13 that it will begin participating in the election procedures for block producers (BPs) on the EOS blockchain.
Block.One holds 9.5% of the circulating supply. As such, Block.One holds nearly one-tenth of the voting decision power when it comes to electing BPs. EOS is a network based on delegated proof-of-stake (DPoS), where 21 BPs are elected by coin holders and run the network’s only validating nodes.”
“Augmented with cryptocurrency payment capabilities, the traditional network will thus be evolved to promote the use of the new asset class at a mass scale across physical points of sale and in e-commerce. Payouts to merchants will be made in Swiss francs or euros.
In the future, Worldline intends to roll out the cryptocurrency payments provision Europe-wide.”
“China’s spending on blockchain technology will exceed $2 billion in 2023, official state-run publication Xinhua reported on Nov. 10. The report claims that blockchain development in China will see a compound annual growth rate of 65.7% from 2018 to 2023.”
“[The SEC’s] claims are without merit as Telegram’s private placement to highly sophisticated, accredited investors.
The SEC has engaged in improper ‘regulation by enforcement’ in this nascent area of the law, failed to provide clear guidance and fair notice of its views as to what conduct constitutes a violation of the federal securities laws.
The matter will not be decided until at least Feb. 18–19, when the next hearing is to be held.”