Brazil Authorities to Adapt Cross-Sector Regulations to React to Digital Transformation

Major government and financial authorities in Brazil have teamed up to develop a regulatory sandbox model targeting new technologies such as blockchain, Cointelegraph Brazil reports on June 13. The new regulatory initiative brings together the Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance in order to adapt to the digital transformation affecting the financial, capital and insurance sectors in Brazil. Revealed by the CVM, the project implies that emerging technologies such as blockchain,…

CEO of Major American VC Firm Digital Currency Group: Crypto Winter Is Ending

The crypto winter is likely to be ending, a senior executive at major American blockchain venture capital firm Digital Currency Group (DCG) said in an interview with Bloomberg Technology on June 11. Barry Silbert, DGG founder and CEO, outlined the cyclical nature of the ups and downs of major cryptocurrency bitcoin (BTC), which allegedly means that the recent surge of crypto prices would only continue. Silbert, who is known as a serial crypto investor, specifically pointed out that bitcoin’s price dynamics have been “quite a roller coaster,” with its price…

Digital Asset Security Startup Fireblocks Leaves Stealth Mode With $16 Million in Funding

Digital asset cybersecurity startup Fireblocks announced its launch out of stealth mode with $16 million in funding, according to a press release shared with Cointelegraph on June 11. Per the release, Fireblocks obtained the capital during its Series A funding round from Cyberstarts, Tenaya Capital, EightRoads (Fidelity INTL), Swisscom Ventures and MState. The startup reportedly counts crypto merchant bank Galaxy Digital, over-the-counter digital trading platform Genesis Global Trading and others among its customers, with the company declaring: “Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for…

Japan’s LINE Pay and Visa Partner on New Blockchain, Digital Payments Solutions

LINE Pay Corporation, the operator of fintech services on major Japanese messaging app LINE, is partnering with American payment services firm Visa on new blockchain and digital payments solutions. The news was revealed in a press release shared with Cointelegraph on June 6. As of Q4 2018, there were an estimated 1.66 billion Visa debit cards and 781 million credit cards in circulation worldwide. According to today’s press release, LINE counts 187 million global users monthly, with an estimated 50 million users registered its mobile payment service, Line Pay. The…

Marshall Islands Sets Up Non-Profit to Oversee National Digital Currency

The Marshall Islands has set up a not-for-profit organization to oversee the Pacific nation’s digital legal tender, the “Sovereign” (SOV). Called the SOV Development Fund, the entity will develop, implement and maintain the infrastructure for the SOV, including the digital currency’s management and upgrade, according to a press release published Tuesday. The government said it expects the fund to promote the use of SOV both domestically and internationally, and to establish an environment in the Marshall Islands that is conducive to the growth of crypto-based industries. Dr. Peter Dittus, chief…

World’s Biggest Banks Splash $63 million on a Blockchain Digital Currency

By CCN: Some of the world’s biggest banks are partnering with London-based Fnality International to create a blockchain digital currency for faster cross-border transfers. These banks from Japan, Europe, and the United States are hoping that issuing a utility settlement coin (USC) will lower transaction costs of cross-border payments by cutting out intermediaries. Fnality International has received $63.1 million in capital from the 14 participating banks. These banks include Barclays of Europe and the United States’ State Street; Japan’s MUFG Bank and Sumitomo Mitsui Banking Corp as well as UBS…

Galaxy Digital Purportedly Recruits Former Head of OTC at Coinbase

Tim Plakas has left the major United States crypto exchange Coinbase to join the cryptocurrency bank founded by Michael Novogratz, Galaxy Digital, an anonymous source purportedly told The Block on May 28. Plakas’ departure follows four senior executive departures from Coinbase in approximately the last seven months. Plakas reportedly held the position of over-the-counter (OTC) trading head at Coinbase from July 2018 to January 2019, and will be joining the OTC team at Galaxy Digital. Novogratz’s crypto bank is a member of Crypto OTC Roundtable Asia (CORA) Network, a non-profit…

Bahamas Central Bank Enters Agreement to Deliver First National Digital Currency by 2020

The Central Bank of the Bahamas (CBOB) will enter an official agreement for development of a digital fiat currency system on May 30, local news agency the Nassau Guardian reports on May 29. Tomorrow, the CBOB will sign an official agreement with transaction provider NZIA.io in order to build and implement “Project Sand Dollar,” the first digital currency in the Bahamas, the report notes. The Bahamian central bank first announced NZIA as its key collaborator for the project in early March 2019, along with Singapore-based software development firm Zynesis. The…

President of Germany’s Central Bank Warns of Serious Outcomes of Digital Currencies

The president of Germany’s central bank, the Deutsche Bundesbank (BBk), has warned central banks about the potential risks of introducing digital currencies, Reuters reports on May 29. Jens Weidmann, BBk president and chairman of the board of the Bank for International Settlements (BIS), reportedly claimed that the adoption of digital money could potentially destabilize the financial system during periods of crisis. The German economist explained that easy access to digital currencies could accelerate a collapse of lenders, while it would “fundamentally change the business model of banks” even in a…

European Bank Official Discusses Potential Benefits of Central Bank Digital Currency

A European Central Bank (ECB) official highlighted the benefits of central bank digital currencies (CBDC) while stressing caution in a speech published by the Bank of International Settlements on May 27. Vitas Vasiliauskas — Chairman of the Board of the Bank of Lithuania and a member of the Governing Council of the ECB — delivered his speech at the Reinventing Bretton Woods Committee conference “Managing the Soft Landing of the Global Economy” on April 12. Vasiliauskas specifically considered whether CBDCs should be wholesale, retail, or both. Vasiliauskas stressed that CBDCs…