Bitcoin 

Bank of Thailand Is Open to Discuss Libra, Concerned Over Security

Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook’s Libra stablecoin with the company, local media Xinhuanet reported on July 19. Per the report, Santiprabhob made his remarks at the Bangkok FinTech Fair on July 19, pointing out that Facebook had already contacted the central bank many times. He also noted that the institution had established a new team to study Libra’s whitepaper, but their analysis will take time. “We are not going to rush into a decision of Libra as yet,” Santiprabhob reportedly…

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Blockchain 

European Central Bank Policymaker Says Stablecoins Not Cause for Alarm

A European Central Bank (ECB) official has stated that users should be aware of the risks associated with the stablecoins use, but not to be alarmed. As Reuters reported on July 18, member of the ECB’s governing council and president of the Deutsche Bundesbank, Jens Weidmann said that stablecoins — digital currency designed to minimize price volatility by being pegged to another asset — offer users opportunities for prosperity, however users should be vigilant in regards of the associated risks. Weidmann delivered his comments at a news conference at a…

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Ethereum 

Bank of English Governor on Libra as a Solution to Financial Problems

Bank of England governor Mark Carney said that people need to acknowledge the issues Facebook is attempting to solve with Libra, regardless of the project’s potential downsides. Carney delivered his remarks at the Financial Stability Report press conference as seen on the Bank of England’s YouTube channel on July 11.  Carney said: “It’s way too expensive to do domestic payments. It’s way too slow, and that hurts consumers and businesses. It stifles innovation, and it’s far too expensive to send money cross-border, and there are huge financial inclusion issues related…

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Blockchain 

Iran Plans to Allow Crypto Mining, Central Bank of Iran Governor Says

Iranian authorities are planning to authorize cryptocurrency mining, as the governor of the Central Bank of Iran (CBI) declared, news agency PressTV reported on July 10. CBI governor Abdol Hemmati reportedly claimed that the Iranian government has approved some parts of an executive law that would authorize mining of cryptocurrencies such as Bitcoin (BTC) in Iran. Hemmati’s claim follows a lengthy back-and-forth on the legal status of cryptocurrencies in Iran. As Hemmati explained, the planned law will require crypto mining in Iran to abide with the price of electricity for…

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Bitcoin 

Turkey Puts Central Bank Digital Currency on New Economic Roadmap

The government of Turkey has included a central bank-issued digital currency in its 2019–2023 economic roadmap published on July 9. As per the 11th Development Plan from the Presidency of the Turkish Republic, “Blockchain-based digital central bank money will be implemented.” In addition to a central bank digital currency, the development plan lists blockchain adoption in the operations of transportation and customs. It further notes that public services and administration can be improved by emerging technologies such as big data, artificial intelligence and blockchain. Turkish Vice President Fuat Oktay presented…

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Blockchain 

Metropolitan Commercial Bank Requests That Tether Close Its Accounts

New York-based Metropolitan Commercial Bank has requested that stablecoin issuer Tether close its accounts with the bank, technology-focused news outlet Coindesk reported on July 10. Tether and its affiliated companies have reportedly had accounts with Metropolitan Commercial Bank for almost half a year, and now the financial institution has reportedly requested that Tether close its three accounts. A bank’s spokesperson told Coindesk that Tether has not shown much activity with the accounts since their establishment. The spokesperson said: “Metropolitan Commercial Bank had limited, corporate operating accounts with Tether Holdings LTD,…

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Ethereum 

Poloniex Crypto Exchange Users Can Now Use Cards and Bank Accounts

Major cryptocurrency exchange Poloniex announced that it now allows its customers to use credit cards and bank accounts on the platform in a Medium post published on July 9. Per the release, exchange users from 80 countries can now directly move funds to and from their bank accounts, which will be automatically converted into stablecoin USD Coin (USDC) on Poloniex.  Initially, the weekly limits are $50,000 for deposits and $25,000 for withdrawals, but the exchange admits that those limits can be increased to fit the needs of specific customers.  Customers…

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Ethereum 

The Provident Bank Now Offers Deposit Services for Crypto-Related Entities

American community bank The Provident Bank has begun offering deposit services to digital currency-related customers, according to an announcement published on July 9. The Provident Bank now offers deposit and other banking services to cryptocurrency issuers, exchangers and investors. The bank deploys Bitfury’s blockchain analytics tool Crystal that maps cryptocurrency transactions and related entities to reveal suspicious funds and parties. Crystal will purportedly ensure that the bank’s new clients are compliant with the anti-money laundering and Know Your Customer procedures. Additionally, the bank claims to provide full insurance to customers’…

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Blockchain 

EU Central Bank Won’t Add Bitcoin to Reserves — Says Its Not a Currency

The European Central Bank (ECB) doubled down on its dismissive stance on bitcoin (BTC) July 9, refusing to recognize it as currency in a Q&A session. Responding to a private query as part of its regular interactive Twitter program, which it administers under the hashtag ‘#AskECB,’ the bank said it had no plans to add bitcoin to its reserves. “Bitcoin is not a currency, it rather is an asset and it is very volatile,” officials wrote quoting chief economist, Philip Lane.  The response continues the ECB’s underwhelming reaction to cryptocurrency…

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Ethereum 

China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8. Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”  Wang said that the…

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