28 November

“The global stablecoin project was initially proposed to be pegged to a basket composed of multiple fiat currencies, but was walked back by project leaders in April as a result of regulatory pressure.

Now, Libra’s “global stablecoin” will simply launch as a single coin backed 1:1 by the U.S. dollar, pending approval from the Swiss financial regulator FINMA. The other currencies within the basket and the composite may still be rolled out at a later time.

While its limited form, as a 1:1 peg to the U.S. dollar might placate policymakers, the project still faces a significant uphill battle as regulators seek to clamp down on the digital payments industry and hold senders and receivers to account for their transactions.”

“The document lists 194,775 BTC, 833,083 ETH, 487 million XRP, 79,581 BCH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion DOGE, and 213,724 USDT.

The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.

It’s not clear how China would dispose of the cryptocurrencies, per the report. If they were sold en masse for fiat currency it could again affect the prices of the cryptocurrencies in the seized pool.

Some suggest that much or all of the coins have already been exchanged, however.”

“Pascal Saint-Amans, the director of the OECD’s Centre for Tax Policy and Administration, has asserted that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto assets in 2021.

Amans stated that the crypto tax standard “would be roughly equivalent to the CRS” developed by the Organisation for Economic Co-operation and Development to combat tax evasion.

The timeline to deliver is probably ’21, sometime in ’21, because there is an appetite by all countries now.”

“If the rumors Brian Armstrong has flagged are true, we would hope that the administration will engage with industry, as the FATF has done through the VACG to ensure the impact and shape of any proposals are right-fit rather than preventative for responsible innovators.

Our view is that forcing a ‘Swiss+’ model is a bad idea. This is where VASPs cannot send or receive funds from non-custodial wallets without some form of KYC declaration. This makes it more difficult for people to manage their own money, and to send money to businesses or family.

It is a shortsighted move that will not stop criminals, since they will simply use layering techniques to get around these controls.”

“The Chinese president said he would work toward greater cooperation among the 10 ASEAN nations, and promote a “digital Silk Road” in the region.

China regards ASEAN as a priority in its neighborhood diplomacy and a key area for high-quality joint construction of the Belt and Road Initiative.

The speech comes in an apparent attempt to strengthen China’s position locally, after U.S. President-elect Joe Biden said he would work with regional allies to take on China’s might.”

See Also: Bank of Russia Fields Banking Industry Concerns Over Digital Ruble Proposal

“SmartKey believes blockchain technology can lay the groundwork for the development of smart cities.

SmartKey will reportedly enable rescue teams to perform their jobs more efficiently by connecting a smart contract to Teltonika smart devices that are used by local rescue teams. This connection enables emergency crews to enter any building in the city without having to track down a keyholder or wait for permission.”

See Also: Ukrainian government sponsors educational web show about cryptocurrencies

“On Friday, a week-long voting period seeking to determine how “admin fees” were to be allocated closed in favor of token holders. The protocol will continue to disburse fees on a weekly basis following this initial payout.

Curve is the sixth-largest DeFi protocol with approximately $882 million worth of cryptocurrencies locked in its various smart contracts.”

See Also: Crypto Custodian Copper Aims to Bridge Gap Between DeFi and Traditional Finance With New Tool

“This is purely a judicious financial decision to realize some gains on Ripple’s MGI [MoneyGram International] investment and is in no way a reflection of the current state of our partnership.

As recently as the end of Q3 2020, Ripple had paid $9.3 million to MoneyGram, noted as “market development fees” on MoneyGram’s latest financial statement, for the remittance firm’s use of Ripple’s XRP-based settlement network.”