Politics

China’s Digital Currency to Have “Controllable Anonymity”

  • Official from China's central bank said that the country is not trying to gain "full control of the information of the general public".
  • He further said that the country's digital currency is developed with the aim of complementing the paper yuan.
Hand opening the curtains to find funny group of users behind. Illustration of monsters and alien-friendly and cool cute hand-drawn monsters. Freepik

  • Official from China's central bank said that the country is not trying to gain "full control of the information of the general public".
  • He further said that the country's digital currency is developed with the aim of complementing the paper yuan.
Patrick Mandic, CEO and co-founder of Mavennet, talking about how scaling and ensuring interoperability between blockchain protocols is key for broader use. Scale AI

Homeland Security Assigns Mavennet to Track Canadian Oil Exports to the U.S.

  • Mavennet will have to modify their current oil tracking platform so it can be used by Customs and Border Protection.
  • SVIP Technical Director, Anil John, backed up the interest of CBP towards tracking the origin of imported oil.
A building of China's central bank. AP

HCM Capital: We Could See China’s Digital Currency in 2-3 Months

  • China has developed a hybrid system, which will allow its CBDC to work on already-established payment and banking infrastructures.
  • China's effort to develop a CBDC has been putting pressure on other countries to develop their own versions.
Red square and state historical museum in Moscow, Russia. Freepik

Russian Authorities Upbeat to Legalize Cryptocurrency Confiscation

  • The laws that will allow confiscation of digital assets should come into action in 2021.
  • The regulation is still vague as cryptocurrencies are not the easiest to confiscate due to their decentralized and anonymous nature.

Tencent Granted License to Operate a Blockchain Bank

  • Tencent blockchain general manager Weige Cai announced the news in a keynote speech at the Wuzhen blockchain conference.
  • With this license, Tencent will gain speed in virtual banking over mainland competitors.

FBI Director: Cryptocurrency a “Significant Issue” for Law Enforcement

  • Wray noted that crypto is not the only problem as encryption is being introduced to most of the modern communication apps.
  • FBI had 130 cases that involved crypto in 2018 and are calling for more serious measures.

Hong Kong Regulator Publishes New Rules for Crypto Exchanges

  • The new licensing scheme for crypto exchanges is similar to the one applied to security brokers.
  • Exchanges are required to have an independent auditor, which will file annual reports on its activities to the Securities and Futures Commission.

China Scraps Plan to Phase Out Cryptocurrency Mining

  • The newly published Catalog for Guiding Industry Restructuring in China no longer includes Bitcoin mining.
  • Originally China's economic planning agency considered a ban on the industry, but has since changed its mind.

FATF Publishes Digital Identity Guidance

  • FATF’s draft guidance is 77 pages and focuses on many digital ID-related issues.
  • The international organization has been very active throughout the year, as the popularity of stablecoins continues to increase.

China Launches New Regulatory System For Fintech Products

  • A "Certification of Fintech Product" will be given to all products that pass the prototype and on-site inspection.
  • The certificate cannot be used for promotional purposes and has to be renewed every three years.

International Blockchain-Based Invoice Standards to be Drafted by Tencent

  • The U.K., Switzerland, Sweden and Brazi all gave their support to Tencent's "General Framework of DLT-Based Invoices" project.
  • The internet giant will be assisted by China's Academy of Information and Communications Technology and the Shenzhen Taxation Bureau.

China Passes Cryptography Law, Into Effect in 2020

  • The new law will set standards for the application of cryptography in the country, and also aims to tackle regulatory and legal challenges.
  • It also calls for the creation of a central cryptographic agency, which will establish guidelines and policies for the industry.

IRS Publishes New Cryptocurrency Tax Guidance, Expected Since 2014

  • The guidance makes it clear that tokens acquired from a fork of a blockchain should be perceived as income.
  • The communiqué also determines how you should calculate what you owe when you receive cryptocurrency for goods or services.

SEC Deems Telegram’s $1.7 Billion Offering Unlawful, Blocks GRM in the U.S.

  • The agency claims that Telegram failed to provide its investors with the needed information regarding the GRM token.
  • The SEC has obtained a temporary restraining order, aiming to stop the company from distributing its tokens in the U.S.