Financial Stability Board calls for high regulatory standards for stablecoins
The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.
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Voyager crypto refund plan unconfirmed; fiat to be returned in full
Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal. See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed…
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Henan promises to release frozen bank funds after violent protest
The local financial regulator in China’s central Henan province said it will start releasing customer funds from the four rural banks that have reportedly frozen around 39 billion yuan (US$5.8 billion) from July 15, following Sunday’s violent clash between protesters and the police. See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of…
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Inter-country use key for CBDCs to reach potential: report
For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.
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Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral
Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments. Celsius…
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GameStop NFT marketplace goes live, gets closer to Web3 gaming
GameStop has launched its non-fungible token (NFT) marketplace, allowing artists, gamers, content creators and community members to buy, sell and trade NFTs, the video game retailer announced on Tuesday. See related article: eBay acquires NFT marketplace KnownOrigin Fast facts The marketplace can be accessed through Web3 wallets such as the GameStop Wallet unveiled in May.…
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S. Korea’s Danal, LG CNS to build ‘one-for-all’ Web3 payments platform
South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts LG CNS is an information technology consulting and solutions subsidiary of…
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Bitcoin miners in Texas halt operations amid heat wave
Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that…
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CrossTower in pact with Ripple to offer NFTs on XRP Ledger
Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace. See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their…
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Why Singapore needs to rethink its approach to regulating crypto
Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.