#CryptoCorner: Japan’s LINE Secures FSA License for #Crypto, PBoC’s CBDC Like Libra But Better, Gemini Announces OTC Trading Solution
#CryptoCorner: Japan’s LINE Secures FSA License for #Crypto,
PBoC’s CBDC Like Libra But Better, Gemini Announces OTC Trading Solution
Point Roberts, WA, Delta BC September 6,
2019 - Investorideas.com, a leader in crypto and blockchain investing news
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Stocks discussed: (NasdaqGS:FB) (NYSE:ICE)
Japanese messaging
app giant LINE has secured a license to operate a crypto exchange, according to
a report from CoinDesk. Japan’s Financial
Services Agency (FSA) today approved the exchange, which is known as BitBox.
Additionally, LINE president Takeshi Dezawa confirmed that the company has
completed FSA registration for the Tokyo Stock Exchange today. According to the
CoinDesk report, LINE is:
aiming to build a “token economy” around its own
blockchain LINK Chain. It will offer two tokens – LINE Point in Japan and LINK
for other nations – aimed to connect users and service providers. Five
decentralized dapps (decentralized applications) will soon be launched across
categories including “prediction, Q&A, product review, food review and
location review using social media.”
China’s proposed
central bank digital currency (CBDC) will be similar to Facebook’s (NasdaqGS:FB) Libra, according to a report from
the English-language site for the Hong
Kong Economic Journal.
Mu Changchun, deputy director of the People’s Bank of China’s payments
department, said the development of the CBDC aims at protecting the Chinese
Yuan.
“Why is the central bank still doing such a digital
currency today when electronic payment methods are so developed? It is to
protect our monetary sovereignty and legal currency status. We need to plan
ahead for a rainy day.”
Mu revealed that
the CBDC would be similar to Facebook’s Libra, but would be superior in that a
central bank like the PBoC was less likely to go bankrupt than a private
company.
Crypto exchange
Gemini introduced, via blog
post,
a fully-electronic clearing and settlement solution for off-exchange or
over-the-counter (OTC) crypto trading yesterday called Gemini Clearing. An
excerpt explains:
“Gemini Clearing™ allows trades that are negotiated
off-exchange or OTC to settle between Gemini accounts. Such trades can either
be arranged bilaterally between two parties or brokered via a third party.
Gemini Clearing™ provides regulated clearing and settlement services for such
pre-arranged trades, which helps to ensure timely settlement and mitigate
counterparty risk.”
Crypto platform
Bakkt, a subsidiary of Intercontinental Exchange, Inc. (NYSE:ICE), has tweeted that its Warehouse
component is now open for Bitcoin (BTC) deposits and
withdrawals. According to a report from Bloomberg, this is an early
opening meant to allow users to get used to the process before futures trading
debuts on the platform on September 23. The Bloomberg article also points out:
This is not the first Bitcoin futures contract, but the
first to offer physical delivery. CME Group and Cboe Markets have both offered
Bitcoin futures that are cash-settled. Cboe discontinued its contract.
Sam Mowers,
Investorideas
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