#CryptoCorner: IMF Report Looks at Rise of Digital Money, Binance May Open South Korean Branch, #Bitcoin Suisse Applies for Swiss Banking License
#CryptoCorner: IMF Report Looks at Rise of Digital Money,
Binance May Open South Korean Branch, #Bitcoin Suisse Applies for Swiss Banking
License
Point Roberts, WA, Delta BC July 16, 2019
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July
16
Crypto Corner
The International Monetary
Fund (IMF) released a report yesterday titled: The Rise of Digital Money, wherein the organization analyzes the
proliferation of electronic payment forms and how traditional banking
institutions are seeing increasing competition from tech companies. An excerpt
from the paper’s summary reads:
Digital
forms of money are increasingly in the wallets of consumers as well as in the
minds of policymakers. Cash and bank deposits are battling with so-called
e-money, electronically stored monetary value denominated in, and pegged to, a
currency like the euro or the dollar. This paper identifies the benefits and
risks and highlights regulatory issues that are likely to emerge with a broader
adoption of stablecoins. The paper also highlights the risks associated with
e-money: potential creation of new monopolies; threats to weaker currencies;
concerns about consumer protection and financial stability; and the risk of
fostering illegal activities, among others.
Crypto exchange giant
Binance is working on opening a branch in South Korea, according to local
blockchain outlet blockinpress. The company’s CEO, Changpeng
Zhao (CZ), told the publication:
"We
do not know the details related to the establishment of the Korean branch. We
are working with local partners, but we do not know the details."
Bitcoin Suisse, a Zug,
Switzerland-based crypto broker, asset manager and financial services provider,
has applied for a Swiss banking license, according to a press release today. Specifically, the firm
submitted an application to the FINMA (Swiss Financial Markets Supervision
Authority) for a Swiss banking license, and an application for a securities
dealers’ license. According to the press release:
These
licenses would allow Bitcoin Suisse to further expand its offering with regulated
services and products, thereby strengthening its position as a leading provider
of crypto financial services. Bitcoin Suisse is adapting to a changing
regulatory landscape, where more and more crypto assets and services fall under
securities and banking law.
Canadian crypto platform
Coinberry is in talks with the City of Richmond Hill, part of
the Greater Toronto area, to support Bitcoin (BTC) property tax payments for residents and
firms in the latter’s jurisdiction. This would be the company’s second such
arrangement, following the successful implementation of a digital currency
payment service with the town of Innisfil, which is also in the Greater Toronto
area. Andrei Poliakov, Coinberry CEO and Co-Founder, commented:
“We
are very happy to be entering into a partnership with our second Canadian
Municipality. Leaders of government and enterprise organizations are realizing
that, with the right partners, they can innovate with blockchain and digital
currencies. We’re pleased to be working on additional innovative solutions with
leading enterprise and municipal partners, and have a number of very exciting
initiatives we will be announcing over the next several months.”
Sam Mowers, Investorideas
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