Government

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.

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.

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.

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.

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  • FATF’s draft guidance is 77 pages and focuses on many digital ID-related issues.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.

Mark Zuckerberg to Testify at a Congressional Hearing Regarding Libra

  • Facebook's CEO will be the only witness during "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors" hearing on 23 October.
  • A new bill has been drafted, which is designed to block big firms from getting licensed as financial institutions in the U.S..

Federal Reserve Urged to Consider a National Digital Currency

  • U.S. congressmen sent a letter to the Fed, urging them to "take up the project of developing a U.S. dollar digital currency".
  • According to them, the U.S. dollar's importance could be in jeopardy from the wide adoption of digital fiat currencies.

U.S. Congress Passes Bill, Focusing Studies on Blockchain Technology

  • The “Advancing Innovation to Assist Law Enforcement Act” was passed on 19 September, and was moved to the Senate.
  • It mandates that the Director of FinCEN has to study blockchain and other innovative technologies, and how they can be used by the law enforcement agency.

SEC to Talk Crypto at U.S. Congress Hearing

  • The Committee on Financial Services will be holding a hearing, called "Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat", on 24 September.
  • It will cover topics such as the SEC's actions in regards to public company disclosures, enforcement, fiduciary responsibilities, and the cryptocurrency space.