Digital Currency and Blockchain Weekly Round-Up – July 5th, 2019
Fri, 05 Jul 2019, 12:14 pm UTC
G20 lends official support to FATF's cryptocurrency regulation guidelines
The governments of the Group of Twenty (G20) countries have officially lent support for the guidelines on cryptocurrency regulations detailed by the Financial Action Task Force (FATF). “We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism,” the leaders’ declaration stated.
UK FCA seeks to ban crypto derivatives
The UK Financial Conduct Authority (FCA) recently proposed a ban on the sale of crypto-derivatives in a bid to protect investors from sudden losses resulting from extreme volatility in the prices of cryptoassets. In a press release dated July 03, the FCA said that it is seeking to ban derivatives and exchange-traded notes (ETNs) linked to cryptoassets.
South Korea's Busan eyes launch of own blockchain-based cryptocurrency
South Korea’s second major city Busan is planning to launch a regional blockchain-based cryptocurrency in a bid to enhance its financial infrastructure, local media outlet ET reported. As per the report, the local government plans to collaborate with BNK Busan Bank, a subsidiary of local holding firm BNK Financial Group, and other blockchain firms.
Cuba seeks to avert economic crisis with cryptocurrency
Cuba is currently experiencing an economic crisis after sanctions were placed on the island nation by the United States. New reports indicate that it is now considering using cryptocurrency as a means of getting around the restrictions placed upon it due to the ease of its use and the anonymity it provides.
U.S. lawmakers, consumer group call for a moratorium on Facebook's Libra cryptocurrency project
U.S. policymakers are calling on Facebook to pause the development of its Libra cryptocurrency project in a new open letter addressed to the social media giant’s executives. “It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar,” the letter stated.
Kik hands over Defend Crypto initiative to Blockchain Association
Messaging giant Kik has announced that it is handing over Defend Crypto to the Blockchain Association. In May 2019, Kik launched Defend Crypto – a new campaign to fund a potential legal battle with the United States Securities and Exchange Commission (SEC). It said at the time that it was setting aside $5 million with Coinbase for the initiative.
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