Day: June 28, 2023

BlackRock Has 50% Chance of Getting SEC’s Spot Bitcoin ETF Approval

The SEC may prefer to give BlackRock the approval because of its reputation. According to some Bloomberg analysts, BlackRock has a 50% chance of getting approval for its spot Bitcoin Exchange Traded Fund (ETF) from the Securities and Exchange Commission (SEC). On the other hand, they also speculated that Grayscale has a 70% chance of winning its ongoing legal case against the regulator. Eric Balchunas made the comment about the two companies in a tweet after Elliott Stein, a senior litigation analyst for Bloomberg Intelligence, made some comments about them.…

UK Law Commission Proposes Building Rules for Governing Digital Assets

The UK Law Commission has submitted its proposal to the government to provide a comprehensive legal foundation for digital assets. As crypto adoption grows in the UK, lawmakers have started demanding a proper law base governing digital assets. The UK Law Commission has proposed having proper crypto rules to make the country a global hub for digital assets and non-fungible tokens. In a report on Wednesday, June 28, the independent panel of the Law Commission noted that the long-awaited recommendations “aim to provide a comprehensive legal foundation for digital assets,…

Buzzword or real security for crypto wallets?

Last month, hardware crypto wallet manufacturer Ledger announced its “Ledger Recover” program designed to allow customers to back up their seed phrases to the cloud and link it with their real-world identity. The announcement was met with heavy pushback from the crypto community, as many saw it as opposing the ideals of blockchain security and the decade-old mantra of keeping custody over one’s own keys. Ledger responded swiftly, assuring customers that their seed phrases were safe and that the Ledger Recover program was opt-in. But the entire saga has led…

European Commission aims for universal acceptance with digital euro proposal

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On June 28, the European Commission announced it had proposed a legislative plan for a digital euro, aiming to make it a widely accepted and easily accessible form of payment. The announcement emphasized that allowing individuals to obtain digital euros through their banks upon request ensures easy accessibility and prevents citizens from being left behind. The proposal also includes provisions for free basic digital euro services, privacy protection and offline payments. In a separate proposal, the commission suggested that banks, insurers and funds should share customer data with fintech companies in…

Paxos and MercadoLibre partner up to bring USDP to Mexico

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Blockchain fintech company Paxos and online marketplace MercadoLibre have entered a partnership to bring the Pax Dollar (USDP) stablecoin to Mexico via the MercadoPago payment service on June 28.  According to a press release shared with Cointelegraph, USDP will be available to all MercadoPago customers throughout Mexico. While the company is based in the United States — with offices in New York, London and Singapore — more than 60% of its active wallets support customers throughout Latin America. Mexico currently boasts a 9.3% penetration rate for cryptocurrency use, with more…

Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure

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Stablecoin issuer Tether has signed a memorandum of understanding (MoU) with the government of Georgia to develop Bitcoin and peer-to-peer focused infrastructure in the country. The Strategic collaboration between the stablecoin issuer and the Georgian government will focus on building key infrastructure for a thriving startup ecosystem in Georgia.  The collaborative effort between the two parties aims to attract international attention and investment towards the nascent decentralized space. The partnership will aim at flourishing the P2P technology at a state level and help build financial tools around it. Some of…