This week in fintech, Europe proposes a crypto sandbox environment, the United States hopes to modernize its crypto laws, and pharmaceutical companies are showing increased interest in blockchain.
Over the weekend…
The Philippine central bank embraced digital tokens. Its president Benjamin Diokno said digital tokens, “expand reach and lessen costs of financial services” as well as reduce the use of fiat money.
An Australian government contractor was caught using a state-owned supercomputer to mine cryptocurrency. He avoided jail time and instead was sentenced to 300 hours of community service. He nearly got away with AU$9,420 worth of crypto.
US national banks will be free to hold reserve currencies for stablecoins. The new guidance by the U.S. Office of the Comptroller of the Currency states that, “We conclude that a national bank may hold such stablecoin ‘reserves’ as a service to bank customers.”
The President of the European Central Bank, Christine Lagarde, expressed her doubts on switching over to a digital currency. “A digital euro could be a complement to, not a substitute for, cash,” Lagarde said. “It could provide an alternative to private digital currencies and ensure that sovereign money remains at the core of European payment systems.”
Avalanche, Edmin Gün Sirer’s new blockchain, launched. It is able to complete 4,500 transactions per second, far more than current blockchain networks.
Venezuela officially declared that mining activities in the country must be regulated. All miners will be required to obtain a license and join a “national pool”.
Israel proposed crypto should be taxed as currency and not an asset, arguing current policy is not up to date with the industry’s reality. The 4 Knesset members backing the bill hope that the reinstated COVID-19 lockdown will force the evaluation of current payment methods, making further cases as to why crypto should be treated as currency.
Two crypto bills were submitted to the US Congress. The Securities Clarity Act amends securities law to include crypto assets under its investment contract protection, and the Digital Commodities Exchange Act would place crypto exchanges under CFTC regulation.
The European Commission announced a crypto and blockchain regulation pilot program set to launch in 2022. The purpose of this sandbox environment will be to test regulatory efficiency and use cases.
A survey conducted by Genesis revealed that most Americans would be against adopting a digital Dollar. Only around 25% of the study’s participants agreed with adopting a CBDC.
Samsung SDS revealed a new blockchain pilot initiative set to run in November. These efforts are tackling pharmaceutical transparency, particularly at the time of distribution.
The International Association for Trusted Blockchain Applications (INATBA) released a response to the European Commission’s MiCA regulations. Certain members of INATBA voiced concerns over the effect such heavy regulation could have on a budding industry.
The XRP Ledger Foundation raised $6.5 million, with the mission to speed up the project’s development. Ripple, Coil, and GateHub donated the aforementioned amount to the non-profit.
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Israeli tax law: Hebrew https://www.globes.co.il/news/article.aspx?did=1001343596&fbclid=IwAR1KsItSjl5W5DRYId0l2JFasqKMCbj3VH7Vz2ymWSKmY4r-Vfz24DjQ-SE | English https://news.bitcoin.com/israeli-lawmakers-plan-to-exempt-bitcoin-from-capital-gains-tax-in-draft-new-law/