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Japan’s biggest financial conglomerate, Mitsubishi UFJ Financial Group (MUFG), will abandon its three-year-old blockchain payment project to focus on other digital and fintech initiatives.MUFG officially announced Tuesday the suspension of Global Open Network (GO-Net) Japan, a blockchain-based project aiming at high scalability and multi-connectivity data processing “in response to the
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House Financial Services Committee member and New Jersey Representative Josh Gottheimer has introduced legislation that would have the Federal Deposit Insurance Corporation back stablecoins in a manner similar to fiat deposits.In a draft of the Stablecoin Innovation and Protection Act of 2022 released on Tuesday, Gottheimer proposed labeling stablecoins issued
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Second, van Eck recommended not forcing tax withholdings on stablecoins in the future. That move would give stablecoins an opportunity to prove their value in the U.S. “Most stablecoins currently don’t pay dividends,” he wrote. “We need, however, to imagine a day when stablecoins pay interest and plan technologically and
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“Tying up safe and liquid assets in a stablecoin arrangement means they are not available for other uses, such as helping banks satisfy their regulatory requirements to maintain sufficient liquidity,” according to the researchers. The use of stablecoins, they said, could lead to shortages of safe and liquid assets. Source
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12:09 p.m. (HB) Rep. Tom Emmer (R-Minn.) pointed out that while stablecoins represent just 5% of the digital asset industry's total value, they account for more than 75% of crypto trading, which is why they can't be ignored. He also criticized the President's Working Group report, noting that while it
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First, CBDCs aren’t a one-size-fits-all technology. Georgieva told attendees that because each economy is different, CBDCs will play a different role in every country. In nations that are less economically developed, Georgieva suggested that CBDCs could help with financial inclusion, and in others, they could act as a backup payment
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Stablecoins, the digital currency that is the talk of the town, are gradually taking over the crypto world as more users and corporations vie for its benefits. Such news doesn’t come as a surprise anymore. As the total value of the world’s 12,333 digital currencies approaches $1.8 trillion, the stablecoin economy
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Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance:
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Many of the biggest crypto assets were coming off impressive rallies in the fourth quarter, as bitcoin rose to its all-time-high price of almost $69,000 in November. In a sign of how volatile cryptocurrencies are, bitcoin has fallen by over 40% since then and was recently changing hands at around
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Fiat-backed stablecoins, for instance, are popular because they are as stable as the U.S. dollar (USD) or other widely accepted currencies. However, linking crypto to a federal currency makes fiat-backed cryptos a target for governmental regulation and overall more centralized – a certain trade-off when compared with algorithmic stablecoins, the
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