ECB Chief Christine Lagarde Calls for Global Bitcoin Regulation — Says BTC Conducts ‘Funny Business’

The president of the European Central Bank (ECB), Christine Lagarde, has called for the global regulation of bitcoin.

Fact-checking Ripple’s Claim that ‘Many G20 Gov’ts’ Call XRP a ‘Currency’

Brad Garlinghouse. Source: a video screenshot, Bloomberg The struggle between the US Securities and Exchanges Commission (SEC) and one of the nation’s biggest crypto companies, Ripple, is coming to a head, leading exchanges all over the world, including American giant Coinbase to suspend the XRP token.

China’s President Urges World Leaders to Support Central Bank Digital Currencies

President of the People’s Republic of China, Xi Jinping, is urging G20 nations to support the emergence of central bank digital currencies (CBDCs).

China’s Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs

In a wide-ranging speech, Xi said that the G20 group “needs to discuss developing standards and principles for central bank digital currencies.”

Crypto firms still not widely adopting ‘travel rule,’ says FATF deputy

David Lewis, executive secretary and G20 deputy at the Financial Action Task Force, says crypto firms still have a long way to go before they're compliant. In 2019, the Financial Action Task Force asked jurisdictions worldwide to adopt its regulatory guidelines for virtual assets.

SWIFT-based FATF Rules Poor Fit for Crypto Industry, Says V20 Speaker

A speaker at the V20, a crypto conference held parallel to G20 summits, have suggested that the Financial Action Task Force (FATF) so-called Travel Rule and accompanying guidelines may not be fit for purpose – and may be based on outdated, centralized models. The Travel Rule is part of a set of FAFT guidelines that will call on governments to oblige virtual asset

Covid-19 Hit Sub-Sahara Africa Gets $16 Billion From IMF, Region Still Faces $290B Financing Gap

The International Monetary Fund (IMF) says its release of $16 billion towards sub-Sahara Africa will help to cover the needs of countries badly hit by the global pandemic, Covid-19.

The NSC Labels Blockchain a National Security Issue

On the weekly recap, NLW looks at growth in institutional investment, big interest among the G20 in CBDCs and a new National Security Council report.

FSB releases recommendations to regulate 'global stablecoins' such as Libra

The Financial Stability Board has warned that global stablecoins could pose systemic risks to the monetary systems of nation-states. The G20’s financial watchdog, the Financial Stability Board (FSB), has published regulatory recommendations opposing the trans-national ambitions of “global stablecoins,” such as Facebook’s Libra project. The FSB’s report offers regulatory recommendations to G20 member states and the broader international community intended to prevent stablecoin projects from using opportunities for "regulatory arbitrage" and becoming embedded within the financial structures of national economies. The report warns that so-called global stablecoins (GSC) could become “systemically important” across jurisdictions, undermining the capacity for governments to dictate monetary and investment policy within their borders. “The decentralized nature of GSC arrangements could pose governance challenges; stabilization mechanisms and redemption arrangements could pose market, liquidity, and credit risks.” The report also notes risks relating to the technology underpinning stablecoins, warning that “the infrastructure and technology used for recording transactions, and accessing, transferring and exchanging coins could pose operational and cyber-security risks.”  Unique challenges relating to the collection and storage of data relating to GSC transactions were also identified. The FSB emphasizes that the challenges stable tokens pose to the financial governance of nation-states are currently limited by their relatively small adoption.

The IMF, G20 and BIS Gear Up for the Central Bank Digital Currency Era

New reports on digital currency design principles and regulatory standards show just how quickly the world’s bankers are moving.

Blockchain Bites: G20’s CBDC Rules, Ethereum 2.0’s Tests, Blockchain’s $1.7T Boost

PricewaterhouseCoopers thinks blockchain will add $1.7 trillion to the global economy while the G20 mulls CBDCs.

Better regulation needed to stop crypto tax evaders from running wild

US regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders. Antivirus software pioneer John McAfee, the founder of McAfee Associates — the company that released the first commercial antivirus software, McAfee VirusScan, in the late 1980s, contributing to the birth of multibillion-dollar industry — was indicted on five counts of tax evasion and five counts of willful failure to file a tax return, which could result in a maximum sentence of 30 years if convicted.

Saudi Arabia Pitches Blockchain-Based Business Passport to Boost Trade Finance

The passport would help businesses cut through redundant red tape and flourish across borders, Saudis said.