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Swiss Federal Council Continues to Monitor Stablecoins and Blockchain

The Swiss Federal Council is continuing to keep close tabs on global stablecoin projects and their possible opportunities and challenges. Switzerland is seen as very crypto-friendly In a press release on Oct. 16, the Swiss Federal Council stated that it was recently informed about “current opportunities and challenges associated with stablecoins” and that Switzerland will continue to monitor new digital technology developments, such as blockchain and distributed ledger technology. The Federal Council states that, while the mountainous Central European country is generally seen as very crypto-friendly and “open to innovative…

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Luxury Car Manufacturer Begins Accepting Bitcoin for Vehicle Sales

California-based luxury electric car manufacturer Karma Automotive has begun accepting digital currency as a means of payment at one of its stores in Newport Beach. Karma Newport Beach now enables customers to pay in Bitcoin (BTC) for new vehicle purchases and related services, according to a company press release on Oct. 15. Announcing the new offering, Karma CEO Lance Zhou said: “We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use. Karma’s flagship store will support our efforts to prove…

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Bermuda Becomes First Gov’t to Accept Tax Payments in USDC Stablecoin

Global financial services company Circle announced that Bermuda became the first government to accept its stablecoin USD Coin (USDC) for tax payments. Part of a broader government initiative to embrace stablecoins According to a press release shared with Cointelegraph on Oct. 16, this development is part of a broader initiative, which sees the Bermuda government support “the use of USD-dollar backed stablecoins and decentralized finance protocols and services.”  Circle co-founder and CEO Jeremy Allaire said: “Bermuda’s Premier made a broader announcement today about embracing stablecoins as the future of the…

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Binance Futures Bucks ‘Dismal’ Volume Trend — Trades a Record $700M

Binance’s Bitcoin futures product is the only winner in a lackluster market this week as trading volume hits local lows.  Research highlights “very low” activity Analysis of various platforms’ trading volumes by exchange eToro’s senior market strategist Mati Greenspan on Oct. 15 revealed cryptocurrency markets had all but bottomed out in terms of activity. From a peak of around $4 billion per day several months ago, Bitcoin (BTC) now sees less than $200 million change hands, he said referencing data from research outlet Messari. Other players told a similar story,…

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Squashing Libra Could Boost China’s Digital Currency

Analysts at RBC Capital Markets have suggested that stifling Facebook’s Libra may leave the field open to China’s central bank digital currency (CBDC) to dominate in emerging economies. China shifts development of digital currency in extra gear On Oct. 15, financial news outlet Markets Insider reported that RBC analysts believe that once Facebook announced its Libra stablecoin plans, China shifted development of its own yuan-backed CBDC into the next gear. RBC wrote to clients: “If US regulators ultimately dismiss Libra and decide not to draft regulations to encourage crypto innovation…

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New Gov’t Initiative to Put South Korean Trade on Blockchain by 2021

The South Korean government is planning to establish a digital trade foundation to reduce the costs of trade by using blockchain technology. Reduce trade costs by more than 90% On Oct. 14, South Korean Finance Minister Hong Nam-ki introduced the country’s Development Plan for Digital Trade. Under the plan, technologies such as blockchain, big data and AI, will be applied to digitize the entire Korean trade finance ecosystem by the year 2021. Finance Minister Hong Nam-ki reportedly said: “We will build a digital trading platform that can be easily and…

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Bank of England Governor Carney Defends Facebook’s Libra Stablecoin

Bank of England governor Mark Carney has defended Facebook’s choice to create a new currency. Canadian news outlet TheStar reported Carney’s remarks on Oct. 15, noting that he highlighted the shortcomings of the current traditional financial system. Because of the inefficiency of the payments, Carey thinks that firms like Facebook should be involved in projects like Libra. The current payments industry is lacking More precisely, he reportedly criticized the high costs of moving money, saying that they penalize small businesses and can cost firms as much as 200 basis points…

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Facebook Should Add Bitcoin, Not Create Libra

United States Rep. Warren Davidson (R) has said that Facebook adding Bitcoin (BTC) to its Calibra wallet would be a “way better idea” than creating its new currency, Libra. In an interview for the Noded Bitcoin podcast on Oct. 11, the Congressman said that “part of the beauty” of Facebook’s unveiling its proposed Libra stablecoin is that it crystallized all of the problems that already exist on the social media platform today. “Do we want filtered transactions or freedom?” Davidson argued that the Congressional hearings devoted to Libra this July…

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Coinshares, Blockchain Launch DGLD Gold Token on Bitcoin Blockchain

A consortium of companies launched a gold-backed token with the DGLD ticker on a Bitcoin (BTC) sidechain. Swiss financial news outlet AllNews reported on Oct. 15 that digital asset managers CoinShares and MKS, as well as wallet service provider Blockchain, announced the launch of the token. Its development took two years and the supply of the token is already worth over $20 million. Meanwhile, the physical gold is held in vaults managed by bullion brand PAMP in Ticino, Switzerland. It is tokenized using the Ocean Bitcoin sidechain developed by blockchain…

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BitGo to Provide Institutional-Grade Custody and Wallets for Tron

Digital asset financial services firm BitGo has announced that it will provide institutional-grade custody and wallets for Tron (TRX) starting on Nov. 8. According to the official announcement published on Oct. 14, BitGo has been working closely with Tron “to develop the first TRX institutional-grade wallet and custody offerings that provide on-chain, multi-sig security.” The post reads: “TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. […] Multi-sig has been openly reviewed and tested by the security community. It works with…

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