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US Fed actively looking and debating digital currency issuance: Dallas Fed President Robert Kaplan
A Fed official has recently said that the central bank was in fact “actively looking at and debating” the possibility of issuing a digital currency, CoinDesk reported. The big reveal was made by Federal Reserve Bank of Dallas President Robert Kaplan at a local business event in Austin, Texas.
U.S. IRS wants to know your crypto ownership in updated income tax form
The U.S. Internal Revenue Services (IRS) has added a question about cryptocurrencies in its updated 1040 income tax form for the coming tax season. As per a draft of the “Additional Income and Adjustments to Income” section, the following question has been added: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
U.S. SEC, CFTC, FinCEN issue rare statement warning crypto users to abide banking laws
The Securities and Exchange Commission (SEC), the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC) have issued a three-party joint statement on cryptocurrency. The rare statement warned crypto users that their activities must abide by their anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations via the Bank Secrecy Act (BSA).
SEC solicits comments on Wilshire Phoenix Bitcoin and T-Bills ETF proposal
The United States Securities and Exchange Commission (SEC) is seeking comments on an exchange-traded fund (ETF) proposal based on bitcoin and Treasury bonds. On October 04, Wilshire Phoenix and NYSE Arca filed an amendment to their proposed ETF to provide for the issuance and redemption of securities and the listing and trading of the fund’s shares.
South Korea seeks to transform trade finance using blockchain technology by 2021
The government of South Korea is pushing to implement blockchain technology in the country’s trade finance sector by 2021, CoinDesk reported. On October 14, Finance Minister Hong Nam-ki introduced the Development Plan for Digital Trade, which outlines the government’s intention to leverage cutting-edge technologies, including blockchain, artificial intelligence (AI) and 5G, to revitalize the trade environment and strengthen exports.
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
The government of Bermuda has teamed with Shyft Network to develop a blockchain-based national identity system. CoinDesk reported that the project, called the Perseid e-ID project, is being carried out in collaboration with identity program Perseid Network.
Bermuda starts accepting stablecoin ‘USDC’ for tax payments
The government of Bermuda has started accepting USD Coin (USDC), a USD-backed stablecoin from Circle and Coinbase, as payment for taxes, fees and other government services, Circle announced in an online post on October 16.
Oxford English Dictionary officially adds ‘satoshi’
The Oxford English Dictionary (OED), published by the Oxford University Press, has included “satoshi” in its comprehensive English language vocabulary compilation. CoinDesk reported that the inclusion of the new word was made as part of a quarterly update to the OED database.
Insights
- Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
- Global stablecoins could become systemically important: Financial Stability Board Chair
- US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
Company News
- Towo Labs secures investment from Xpring to develop XRP hardware wallet firmware
- Layer1 raises $50M from Peter Thiel and others to build bitcoin mining facility in Texas
- Ripple, Coinbase back Mexican cryptocurrency exchange Bitso
- Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
- Crypto exchange Coinbase secures e-money license from Central Bank of Ireland
- Grayscale Investment secures FINRA approval for public quote of Digital Large Cap Fund
- Amid exodus of major backers, Facebook’s Libra organizes governing council
- ‘Kik is here to stay': Canadian messaging app NOT shutting down, to announce 'exciting plans' soon
- tZERO and Box Digital-owned firm files with SEC to launch regulated security token market
Partnerships/Consortiums
- Crypto Valley Association joins International Digital Asset Exchange Association
- DeltaTrak joins IBM Food Trust to tap into blockchain potential
Digital Currency Initiatives
- CipherTrace expands crypto tracing capability to 700 tokens
- TRON unveils partnerships with crypto custodian BitGo and BUPT’s information security center
- Swiss SIX Stock Exchange lists BNB-based crypto ETP
- UK-based tokenization startup Smartlands teams up with FINRA-licensed IIP Securities
- FXCM introduces basket tracking 5 cryptocurrencies to retail investors
- CoinShares, Blockchain and MKS launch gold-backed token secured by bitcoin network
Blockchain Initiatives
- Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
- IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
- India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
- Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
- Burj Khalifa owner Emaar taps JPMorgan’s Quorum blockchain for new rewards and loyalty platform
- EY launches blockchain solution to enhance public fund management
- Natixis, Raiffeisen Bank and others participate in global tokenised collateral trial on R3’s Corda
- Blockchain trade finance network Marco Polo pilots first trade transactions between Russia and Germany
- Singapore Shipping Association teams up with ICC, Perlin Network to develop blockchain-based ship registration process
- Ford trials geofencing and blockchain technology to optimize energy efficiency of vehicles
- Italian interbank blockchain project clears technical tests, likely to see full implementation by March 2020
- BMW, Ford, GM and others working on proof of concept for blockchain-based vehicle identity system
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