Central Bank of China Official Says Digital Yuan Will Be Different From Bitcoin

The People’s Bank of China’s (PBoC) deputy director Mu Changchun said that the digital form of the yuan will be different to Bitcoin (BTC) and stablecoins. Chinese news outlet South China Morning Post reported on Dec. 22 that the head of the digital currency research institute at the PBoC said that China’s digital currency would … Read more

Exclusive: The Libra White Paper Has Been Edited, With Notable Changes

Under the original Libra white paper, members of Libra’s governing body, the Libra Association, would receive dividends for profits generated by assets in the reserve. This created an incentive for decisionmakers to invest in risky assets for higher returns–at the expense of the retail public. I spent a little time looking at Libra’s white paper, and … Read more

Glenn Austin: Chief Financial Officer at Dash Core Group Explains Why the Cryptocurrency Is Not Considered a Privacy Coin

We recently caught up with Glenn Austin, the chief financial officer at Dash Core Group (creator of DASH or Digital Cash), a major digital currency platform. Austin, a former VP at Morgan Stanley Investment Management who has worked at other big Wall Street names like UBS and  Citi, discussed the main use cases for Dash. … Read more

IRS Dispels Crypto Tax Confusion

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them. Also read: Tax Guide: What Crypto Owners Should Know Pre-2018 Like-Kind Exchanges … Read more

It’s not just Congress—China’s tech giants are scared of Facebook’s Libra too

If Facebook’s digital currency ever gets off the ground, it will threaten the business of China’s massively popular digital payment platforms Alipay and WeChat Pay, according to Tencent, one of the country’s largest tech companies. The news: According to a report by CoinDesk, Tencent, the company behind WeChat, published a Chinese-language report this week that … Read more

Jamie Dimon About Libra: ‘A Neat Idea That Will Never Happen’

JPMorgan Chase CEO Jamie Dimon has said that Facebook’s not-yet-released Libra stablecoin is “a neat idea that will never happen.” Dimon delivered his comments during a speech at the Institute of International Finance conference on Friday, BNN Bloomberg reported on Oct. 18. Dimon said that the idea behind Libra is not unique and further turned … Read more

FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

Stablecoins pose a money laundering and terrorist financing risk to the world, the Financial Action Task Force (FATF) said Friday. In documents released after its latest meeting, the intergovernmental organization referred to cryptocurrencies as a “major strategic initiative,” and said cryptos whose values are pegged to fiat currencies could have a particularly big impact. Some … Read more

Central Banks Have Three Options for Crypto Regulations, Says Official

Denis Beau, the deputy governor of France’s central bank, Banque de France, recently delivered comments regarding the approach of central banks to cryptocurrencies. Establish appropriate cryptocurrency regulations  On Oct. 16, Beau spoke at the Official Monetary and Financial Institutions Forum conference in London, where he discussed the role of cryptocurrency assets in today’s global financial payment … Read more

Forbes Editor-in-Chief Believes Bitcoin Can Help Fight Authoritarian Govts

Forbes chairman and editor-in-chief Steve Forbes has described Bitcoin (BTC) as a “high-tech cry for help” driven by a lack of trust in traditional currencies. Speaking to Ark Invest CEO Cathie Wood on her company’s podcast, he said Bitcoin’s challenge now is becoming a coin as trustworthy as gold — an assert that has earned its status the hard … Read more

Fed Official Says Digital Central Bank Currency Is ‘Inevitable’

Philadelphia Federal Reserve bank president Patrick Harker said it is “inevitable” for the central banks, including the U.S. Federal Reserve, to start issuing digital currency. Speaking at a community banking conference in St. Louis, Harker argued that the U.S. should not be the first big country to issue a national coin, because technology is still … Read more