Digital Currency and Blockchain Weekly Round-Up – January 24th, 2020
Fri, 24 Jan 2020, 12:58 pm UTC
Six central banks team up to explore potential cases for CBDCs
Six major central banking authorities have teamed up with the Bank for International Settlements (BIS) to look into potential cases for central bank digital currency (CBDC). Participating central banks include the Bank of Canada (BoC), the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), the Sveriges Riksbank and the Swiss National Bank (SNB).
UK revenue and customs agency wants to track crypto-asset transactions
Her Majesty’s Revenue and Customs (HMRC) in the UK is seeking a supplier for a crypto-asset blockchain analysis tool. The agency has recently opened a £100,000 ($130,000) contract to procure a software that will enable it to track and trace cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Tether (USDT), and Litecoin (LTC).
Japan ruling party lawmakers to propose digital yen in February: Report
In the wake of digital currency initiatives from central banks and even corporates, a group of lawmakers of the Japanese ruling party intend to propose the government to consider issuing its own digital currency, Reuters reported. Norihiro Nakayama, parliamentary vice minister for foreign affairs, told the news outlet that this digital currency could be developed in collaboration with private companies.
Central banks of Hong Kong and Thailand complete DLT trial for cross-border funds transfer
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have published a report on the outcomes of a joint Central Bank Digital Currency (CBDC) research project. Called Project Inthanon-LionRock, the project was undertaken by the two authorities to look into the application of CBDC to cross-border payments. It was a follow-up to a Memorandum of Understanding signed between the HKMA and the BOT last May.
Australia's APRA wants to supervise digital wallets like Facebook's Calibra
The Australian Prudential Regulation Authority (APRA) has proposed to the senate that it wants to supervise digital wallets. In a proposal submitted to the Senate Select Committee on fintech and regtech (regulatory technology), APRA said, “Under this proposal, APRA’s role in the framework would be to oversee wallets that are widely used as a means of payment and store significant value for a reasonable amount of time...”
South Korea plans to impose 20% income tax on cryptocurrencies: Report
The finance ministry of South Korea is mulling to impose a 20 percent income tax on cryptocurrency transactions, the officials announced on Monday, The Korea Times reported. The Ministry of Economy and Finance has reportedly ordered its income tax department to review a cryptocurrency taxation plan. This has led to speculations that the government may no longer categorize cryptocurrency trading as capital gains but as other income, the report said.
Turkish City works on a new cryptocurrency to serve citizens better
Konya, a major city in Turkey, is developing a new cryptocurrency to serve its citizens better, Mayor Uğur İbrahim Altay announced this during a local congress in Ankara on Jan. 16, Sputnik Turkey reported. Altay revealed that they are working on blockchain technology and exploring the possibility of issuing a "City Coin."
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