US Regulator Issues Cease and Desist Order to Russian ICO Mimicking Liechtenstein Bank

Securities Commissioner Karen Tyler of North Dakota, U.S., has issued a cease and desist order against a Russian Initial Coin Offering (ICO) that posed as Liechtenstein Union Bank, according to a Monday, Nov. 19 press release. The state Securities Department’s ICO Task Force conducted an investigation and found out that the website of the fraudulent ICO mimicked Union Bank Payment Coin (UBPC) — an existing token launched by Union Bank in Liechtenstein back in August. As per the regulator, the project’s website claimed to become the “world’s first security token…

Singapore’s Central Bank Finalizes Regulatory Framework for Crypto Payment Services

The Monetary Authority of Singapore (MAS), the country’s central bank, has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The development was reported by English-language local broadsheet The Straits Times Nov. 19. The new Payment Services Bill (PSB), submitted by MAS board member and education minister Ong Ye Kung before parliament, is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA). The new bill, which has passed through two public consultations…

a Stablecoin Gets Sharia Certified, the IMF Considers Central Bank Digital Currencies

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Swiss Crypto Firm X8 AG Receives Islamic Finance Certification for Sharia-Compliant Stablecoin Swiss-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin. According to the X8 director and co-founder, the ETH-based crypto asset is…

Industrial-Scale Adoption of Blockchain Likely in 1-2 Years, Says CEO of Russia’s Largest Bank

Twitter Facebook LinkedIn Industrial-scale adoption of blockchain technology will surge in the next year or two. That’s the prediction of bitcoin advocate Herman Gref, the CEO of Sberbank — Russia’s largest bank and the third-largest bank in Europe. Gref said the hype surrounding blockchain has waned a bit, but its many uses will be applied in the near future. In other words, blockchain has moved beyond theory and is ready to be put into practice. “The hype surrounding the technology has passed, and it has entered a stage of industrial development,”…

Central Bank Doesn’t Plan to Issue Its Own Cryptocurrency

The Central Bank of Azerbaijan (CBA) does not plan to issue a state-backed cryptocurrency because of the “great risks,” English-language Azerbaijani news outlet AzerNews reported Nov. 15. Alim Guliyev, the first Chairman at CBA, underlined that since digital currencies “come with great risks,” the CBA is not intending to launch a central bank issued digital currency (CBDC) any time soon. Guliyev, who sees such financial instruments as “risky and dangerous,” added that he believes money laundering is the prime goal of cryptocurrencies. An Israeli independent study group set up by…

IMF Head Makes Case for Central Bank Digital Currencies In Recent Speech

With contributing reporting from Jimmy Aki. Christine Lagarde, head of the International Monetary Fund (IMF), suggested a new course of action for central banks around the world: turn their fiat currencies digital. The IMF chair gave a speech at the Singapore Fintech Festival on November 14, 2018, titled “Winds of Change: The New Case for Digital Currency.” In it, Lagarde stated, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” She continued to…

European Central Bank Exec Calls Bitcoin the ‘Evil Spawn of the Financial Crisis’

Executive Board member of the European Central Bank (ECB) Benoit Coeure considers Bitcoin (BTC) to be the “evil spawn of the [2008] financial crisis,” Bloomberg reports Nov. 15. Coeure reportedly made his acid remarks at the Bank for International Settlements (BIS) in Basel. The BIS’ general manager Augustín Carstens has likewise previously made a spate of crypto-skeptical remarks, notably characterizing Bitcoin as a “combination of a bubble, a Ponzi scheme and an environmental disaster.” Explicitly recalling Carstens’ characterization, Coeure framed his criticisms of the ten year old innovation with a…

Central Bank Digital Currencies Could Have Legitimate ‘Role,’ Says IMF’s Lagarde

The head of the International Monetary Fund (IMF) has said the international community should “consider” endorsing central bank issued digital currencies (CBDCs) in a speech at the Singapore Fintech Festival Nov. 14. IMF managing director Christine Lagarde said that despite being “not entirely convinced” on the concept of cryptocurrencies more generally, there may be a case for states to issue government-backed tokens or similar assets. “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital…

Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’

Twitter Facebook LinkedIn A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s National Disability Insurance Scheme (NDIS) benefited from increased choice and control using the smart money that they accessed via a prototype app. Not only were administrative costs reduced but the risk of…

Australia’s Biggest Bank Trials Blockchain-Based ‘Smart Money’ for Disability Insurance

The Commonwealth Bank of Australia (CBA) and government-run digital innovation center Data61 have released the results of their trial for a blockchain-powered “smart money” system for Australia’s National Disability Insurance Scheme (NDIS). The development was reported by local financial and business news platform Business Insider Australia today, Nov. 13. Data61 is a digital innovation hub that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) — an Australian government corporate entity that undertakes scientific research to advance diverse local industries. The $93.5 billion market cap CBA is the…