Which Countries Expect to Go Digital Soon?

The Liberal Party of Australia recently proposed a draft bill clarifying that purchases of over 10,000 Australian dollars (around $6,750) in cash would not be legal. According to the government, this step will dissuade tax evasion and encourage a transition to a cashless society.  According to the document, transactions equal to or exceeding the stated amount should be carried out using an electronic payment system or by checks. Those payments also must be reported by an entity under Anti-Money Laundering (AML) and counter-terrorism legislation. In this case, cryptocurrencies are considered…

China’s Digital Currency Is Ready, Central Bank Says

The People’s Bank of China (PBoC) has claimed that its digital currency “can now be said to be ready.” According to PBoC deputy director Mu Changchun, a prototype that adopts blockchain architecture has been successfully developed after five years of research. His announcement, made at the China Finance 40 Forum, was reported by local news site Shanghai Securities News on August 10. Two-tier operating system Mu said issuing a digital currency using a pure blockchain architecture would be difficult to achieve in a country as big as China because retailers…

Novogratz’s Crypto Bank Galaxy Digital Invests in Digital Asset Lender

Digital asset lender DrawBridge Lending (DBL) announced that it received funding from cryptocurrency commercial bank Galaxy Digital. A fiat-crypto lending and investing service DrawBridge announced in a press release published on Aug. 8 that it received funding from Galaxy Digital, further strengthen DBL’s fiat-crypto lending and investing capabilities.  Furthermore, the two firms reportedly plan to jointly develop a co-branded special-purpose loan funding vehicle to provide structured financing against institutionally held crypto assets. Michael Novogratz, CEO and founder of Galaxy Digital, commented on the development: “The institutionalization of digital assets is…

Mike Novogratz’s Galaxy Digital Hires Former Cumberland Exec

Mike Novogratz’s crypto investment bank Galaxy Digital hired a former exec at crypto trading giant Cumberland as head of global sales. According to an internal notice to Galaxy Digital’s counterparties, Wall Street veteran David Gross joined the company, crypto media outlet The Block reports Aug. 6. In his new position, Gross will be working on boosting sales in three units of Galaxy’s business, and will be reporting to president Chris Ferraro, per the report. 15 years at Credit Suisse and Lehman Brothers Before joining Galaxy Digital, David Gross served as…

China’s Central Bank Prioritizes Development of Digital Currency

China’s central bank, the People’s Bank of China (PBoC) announced that it accelerated the development of its cryptocurrency.  In an Aug. 2 statement, PBoC summarized the proceedings of a video conference, in which the bank conveyed the Party Central Committee and the State Council priorities on economic and financial initiatives ranging from monetary policy to support for small businesses. PBoC suggested that it should accelerate the research and development of its digital currency. Furthermore, the statement also indicates that much attention should be also given to other domestic and foreign…

Walmart is Trying to Patent Its Own ‘Libra’ Like Digital Currency

A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency similar to Facebook’s Libra cryptocurrency.  Walmart filed patent for “Digital Currency via Blockchain” Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The document outlines a method for: “Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a…

Huobi Partners With Global Digital Finance to Develop Crypto Standards

Cryptocurrency exchange Huobi announced that it partnered with industry membership body Global Digital Finance (GDF) to develop crypto standards in a press release shared with Cointelegraph on July 31. Per the release, the exchange has joined major crypto companies Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells and R3 on the organization’s Patron Board and Advisory Council. The patron board reportedly supports GDF in the development of its global strategy and acquiring new partners. Furthermore, the author of the release claims that now co-chairs GDF’s Market Integrity Working Group and…

Circle CEO to Testify Before Senate on Blockchain and Digital Assets

Circle co-founder and CEO Jeremy Allaire is scheduled to testify before congress tomorrow as a representative of The Blockchain Association — a business organization comprised of blockchain industry advocates.  Allaire will testify before the Senate Committee on Banking, Housing and Urban Affairs in an open session hearing called “Examining Regulatory Frameworks for Digital Currencies and Blockchain.” In his prepared testimony released on July 29, Allaire is prepared to discuss a number of relevant issues, including identity, privacy, data security, domestic and international approaches to regulation, as well as the potential…

Australian Draft Bill Excludes Digital Currency From New Cash Payment Limit

Australia’s government has delivered supportive statements on cryptocurrency as it looks to exclude the sector from new restrictions on cash payments. In an explanatory memorandum issued late last week, the country’s Treasury said it wished to ban cash payments for goods and services which exceeded 10,000 AUD ($6,900). However, a number of exclusions would apply, including transactions involving what it describes as digital currencies. The reason, lawmakers state, is in order to prevent the disappearance of such currencies from the local economy, which in turn would lead to a block…

Is Bitcoin a Store of Value? Experts on BTC as Digital Gold

It’s hard to tell who was the first to coin — pun intended — Bitcoin (BTC) as “digital gold,” underlining the idea that Bitcoin is a good store of value. The phrase possibly came into more widespread use after The New York Times journalist Nathaniel Popper’s book, “Digital Gold,” was published in 2015. Google searches for the term “Bitcoin digital gold” peaked in December 2017, when the leading cryptocurrency’s price hit record highs around $20,000 per coin.  For thousands of years of human history, people have used precious metals —…