UK Crypto Groups Criticize Bank Of England’s Proposal To Cap Stablecoin Owner...
Crypto industry groups have reportedly urged the Bank of England (BoE) to scrap a proposal to limit stablecoin ownership in the UK, arguing that it would be detrimental to the pound and a “step in the wrong direction.” Related Reading: Cardano Founder Blasts Ghost Chain Critics: ‘Cavalry Is Coming’ BoE Exploring Stablecoin Ownership Cap On […]
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Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance proposal that provides “collateral integration from a U.S.-based bank.” The Makerdao governance proposal passed by a majority vote of more than 87%, and it gives the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault.
Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million
According to a Makerdao governance poll....
The proposal calls for a separate 20% tax on crypto earnings and exemptions of any tax on crypto gains, with losses carried forward for up to three years. The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA), the two prominent crypto advocacy groups in Japan, released a tax reform request that calls for lowering taxes for individual investors on crypto earnings. The fiscal 2023 tax reform request addressed key issues that the advocacy groups believe act as a hindrance to crypto adoption in the country. The proposal focused on the need....
Deputy Governor of the Bank of England Ben Broadbent has spoken out on the implications of a central bank digital currency (CBDC) for the financial system as we know it. In Broadbent’s lecture at the London School of Economics on March 2, he focused on what a central bank digital currency could look like, and potential economic implications of introducing one. Central Bank Digital Currency A CBDC could be issued by a central bank to widen access to the central bank’s balance sheet. Liabilities on the central bank’s balance sheet include banknotes and commercial bank reserves, and are the....
In an exciting development, Justin Sun, founder of Tron Network, has announced plans are underway to introduce gas-free stablecoin transfers. This has drawn much reaction with many applauding Tron’s latest proposed feature, while other users criticize the late implementation of this upgrade. Related Reading: Crypto Mogul Justin Sun Offers To Buy Germany’s $2 Billion Bitcoin […]
In a recent contribution for Finextra, Carlo R.W. de Meijer, an independent economist and owner of De Meijer Independent Financial Services Advisory (MIFSA), provided an in-depth analysis of Ripple’s upcoming stablecoin launch. De Meijer, with nearly four decades of experience at institutions such as ABN, ABN AMRO, and the Royal Bank of Scotland, describes the […]