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Friday, September 6, 2019

#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 brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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September 6 Crypto Corner

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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