Cetif Advisory, a consultancy spinoff of the Università Cattolica del Sacro Cuore of Milan’s Cetif Research Centre, will lead the platform’s development, coordinating the efforts of Polygon Labs, Fireblocks, tech developer Reply, legal and tax consultant Linklaters and web3 studio DVRS. Source
The Bank of Italy’s Milano Hub innovation center will provide support for a project developed by Cetif Advisory to research a security token ecosystem for institutional decentralized finance (DeFi). The project has no “commercialisation purpose,” but will extend “the scope of analysis” of security tokens on secondary markets. Security tokens are digitized representations of the ownership of real-world assets. Cetif Advisory general manager Imanuel Baharier said in a statement: “We believe it is vitally important to create the conditions for DeFi to become a safe and open operating environment for…
For many, using the eNaira isn’t straightforward. In March, the central bank said the value of eNaira transactions up to that point in the year was 22 billion naira ($48 million at the time). The country has a $220 billion informal economy that thrives on cash and has too few merchants and little infrastructure for extensive eNaira use. Source
“Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate,” said the document, seen by CryptoX, referring to the two categories of stablecoin set out in MiCA whose value is tied to fiat currency or other assets. Source AssetsAuthorityBankBankingEuropeanExtraIssuersRegulationStablecoinUnion CryptoX Portal
Bank of America says it continues to differentiate between the trading of blockchain-native crypto tokens, for which regulations are still being established, and the trading of tokenized traditional assets including exchange-traded-funds (ETFs), repos and gold, for which the “rules are already established and trading volumes have already reached trillions of dollars.” Source
Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding. The Spring Development Bank is named after the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity Government (NUG) against the ruling State Administration Council (SAC) — a military junta that seized control of the country in February 2021. The bank’s target demographic isn’t just the 55 million Burmese living in Myanmar, but also the two-million-strong…
Nearly $250 billion worth of transactions have taken place using China’s digital yuan in the one-and-a-half years since the start of its pilot, the country’s central bank governor has claimed. On July 19, People’s Bank of China governor Yi Gang spoke at a conference in Singapore and said its central bank digital currency transacted 1.8 trillion yuan as of the end of June. Yi added there have been around 950 million transactions from roughly 120 million wallets since the e-CNY’s initial January 2022 rollout lending to an average transaction amount…
The South Korean central bank (BOK) has published its 2022 Payment and Settlement Systems Report. Oversight of the systems was carried out successfully, the report said, and it is getting ready for a future with central bank digital currency (CBDC) and is discussing stablecoin regulation broadly. The BOK-Wire+ fast payment system will be upgraded to real-time gross settlement (RTGS) and has adopted the ISO 20022 standard, which is expected to be implemented in 2028, the report said. The bank will also increase oversight of “Big Tech” payment services and build…
South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project. The project carried out real-time settlement and foreign exchange integration with the banks’ national currencies on the Hedera network. The project was compatible with the Ethereum Virtual Machine (EVM), opening it up to use by a host of other stablecoins. Shinhan Bank conducted its first proof-of-concept project in November 2021 in conjunction with South Africa’s Standard Bank, although that…
“Victims were fraudulently induced to transfer money into shell companies, at which point the money underwent a series of transfers, generally ending overseas, designed to conceal the source, nature, ownership, and control of the funds,” the affidavit reads. CryptoX Portal