Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes – Emerging Markets Bitcoin News

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), suggests that only a “massive funding” of bureau de change (BDC) operators by the central bank will protect the naira from speculators. Speculators to Lose Over $200 Million To achieve this objective, however, the Central Bank of Nigeria (CBN) will have to continue selling “dollars to…

South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy – Altcoins Bitcoin News

A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to The Korea Herald, the KFB is concerned about potential risks that South Korean banks could be exposed in front of high altcoin trading volumes, as they offer their services to domestic virtual currency exchanges. The…

South Korea’s banking association alarmed by altcoin trading mania

The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country. According to a report by The Korea Herald on Monday, the banking association has asked member banks to conduct an audit on the altcoins being offered by their crypto exchange clients. The KFB is reportedly concerned about the potential risks of banks providing account services to exchanges overexposed to altcoins. An official of the banking association quoted by The Korea Herald explained: “One of the criteria that we recommend…

Electronic Transactions Association Proposes 7 Guiding Principles for a Digital Dollar – Finance Bitcoin News

The Electronic Transactions Association (ETA) has put forward a set of guiding principles to be considered in the creation of a U.S. central bank digital currency (CBDC), also referred to as digital dollar. The organization, which unites hundreds of companies in the payments industry, confirms its commitment to ensuring access to financial services for all Americans. Payments Industry Association ETA Issues Guiding Principles for CBDC ETA is the world’s leading trade association representing the interests of companies involved in providing products and services pertaining to electronic transaction processing. Among its…

Facebook-backed Diem Association to Launch US Dollar-Pegged Stablecoin in 2021

Currently, Diem Association is in talks with the Swiss financial regulators to secure a payment license.  After the successful rebranding from Libra Association to Diem Association, the Facebook Inc (NASDAQ: FB) backed payment system has announced plans to launch a single stablecoin pegged to the United States dollar sometime later in 2021. According to media outlet CNBC, a person familiar with the matter confirmed that the stablecoin will be a pilot project and on a small scale. Initially, Facebook experienced notable resistance to the Libra project from global regulators due…

Facebook-backed Diem Association reportedly to launch stablecoin pilot in 2021

Facebook-backed digital currency project Diem could yet launch its first stablecoin in 2021 as a small-scale pilot, according to an anonymous source.  Cited in a CNBC report published on April 20, the source claimed that the Switzerland-based nonprofit The Diem Association is still intending to launch its pilot for a United States dollar-backed stablecoin later this year.  Back in Nov. 2020, the association had already announced its plans for a limited launch of a U.S.-dollar stablecoin this January, yet as the months have since passed, the currency is yet to…

Blockchain Association executive debunks rumored crypto crackdown by Treasury

Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking down on Bitcoin (BTC) and cryptocurrencies. Indeed, rumors of the Treasury bringing money laundering charges against some financial institutions using cryptocurrencies began circulating on social media over the weekend. The report emerged during a period of massive selloffs in the crypto space with the market capitalization dropping over $240 million as Bitcoin slid to $52,000. In an interview with CNBC, Smith debunked the reports, stating that it…

Blockchain Association Meets with Biden Treasury Department on Crypto Regulations

Representatives of the Association met with members of the Biden Administration for favorable regulations and to correct “illicit finance” notion on crypto. Blockchain Association, a US-based crypto advocacy group, held a meeting with Biden administrators to champion more conducive crypto regulations. Kristin Smith, the association’s director, led the meeting with high-ranking officials from the Whitehouse. Some of the administrators present were Wally Adeyemo, Deputy Secretary nominee and former BlackRock executive, and Treasury Secretary Janet Yellen. Other members were also present. Smith explained to FOX Business that the group is trying…

Blockchain Association meeting with key Biden staff about regulations

U.S.-based crypto advocacy group, the Blockchain Association, is lobbying key figures in the Biden administration to advocate for more favorable regulations. The Association’s executive director, Kristin Smith, told Fox Business the group has already met with or is in the process of scheduling meetings with high-ranking Whitehouse officials including Treasury Secretary Janet Yellen, Deputy Secretary nominee and former BlackRock executive Wally Adeyemo, along with representatives of the Treasury Department. Citing reported comments from Yellen about how the primary utility of cryptocurrency is “illicit financing,” Smith said the association’s key aim…

Is political extremism tarnishing blockchain by association?

The attack on the U.S. Capitol last month led to the deplatforming of former President Donald Trump from Twitter and Facebook. Amazon, Apple and Google stopped hosting Parler, a free speech app that had been the platform of choice for many sympathetic to extremist, far-right ideas. Gab, an alt-Twitter app that is home to right-wing incendiaries like Milo Yiannopoulos and Alex Jones, has been accused of enabling the attack by allowing violent-provoking speech on the platform. Despite this, the Gab user base has surged since the attack. Other privacy-focused chat…