Covering important crypto weekly news is uncovering these patterns:
- Governments are desperate to stay ahead of digital currency game
- Big institutions are entering the space that could open crypto to masses
- Lot of innovation is taking place
- Global Payment systems find best use case with Crypto
This weeks’ news is in line with these patterns.
Facebook’s Calibra Sued for Trademark Infringement
Facebook Libra’s growing list of concerns just got a bit bigger. Current, an alternative app based banking startup, sued Calibra for Trademark infringement. According to the complaint lodged in NY, Current claimed that Calibra’s Logo(s) “have deceived and are likely to deceive the relevant consuming public into believing, mistakenly, that Current’s online and mobile banking app and related banking and financial services are somehow associated or affiliated with Calibra, or that they are sponsored or authorized by Calibra.”
FSB raises concerns about Stablecoins
Financial Stability Board has raised concerns about the role of Stablecoins and possible disruption of the financial systems integrity. In its letter FSB states that “the introduction of “global stablecoins” could pose a host of challenges to the regulatory community, not least because they have the potential to become systemically important, including through the substitution of domestic currencies. These include challenges for financial stability; consumer and investor protection; data privacy and protection; financial integrity including AML/CFT and know-your-customer compliance; mitigation of tax evasion; fair competition and anti-trust policy; market integrity; sound and efficient governance; cyber security and operational risks; and an appropriate legal basis.”
Bank of Canada cryptocurrency
Bank of Canada wants to introduce a National Digital currency that can be made “widely” available. These plans were revealed in an internal presentation to the Chairman of the bank. According to an article in the Financial Post, “We need to innovate to stay in the game,” the presentation reads. A digital currency would provide “all the benefits” of a central bank-backed asset, it says, as well as “all the convenience and security of wireless, electronic payments.” This move comes from Canada on the verge of countries racing to create its own National Digital Currencies.
Fidelity rolls out cryptocurrency
According to Financial Times, Fidelity is ready to roll out its Cryptocurrency custody service. There are people out there with significant amounts of wealth in cryptocurrencies, probably bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else,” Ms Johnson said, according to FT. Although there are many custody services in the crypto space, no one has the connections or range of services as Fidelity which manages 2.8 Trillion in assets.
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RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.
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