Digital Currency and Blockchain Weekly Round-Up – October 18th, 2019

US Fed actively looking and debating digital currency issuance: Dallas Fed President Robert Kaplan

A Fed official has recently said that the central bank was in fact “actively looking at and debating” the possibility of issuing a digital currency, CoinDesk reported. The big reveal was made by Federal Reserve Bank of Dallas President Robert Kaplan at a local business event in Austin, Texas.

U.S. IRS wants to know your crypto ownership in updated income tax form

The U.S. Internal Revenue Services (IRS) has added a question about cryptocurrencies in its updated 1040 income tax form for the coming tax season. As per a draft of the “Additional Income and Adjustments to Income” section, the following question has been added: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

U.S. SEC, CFTC, FinCEN issue rare statement warning crypto users to abide banking laws

The Securities and Exchange Commission (SEC), the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC) have issued a three-party joint statement on cryptocurrency. The rare statement warned crypto users that their activities must abide by their anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations via the Bank Secrecy Act (BSA).

SEC solicits comments on Wilshire Phoenix Bitcoin and T-Bills ETF proposal

The United States Securities and Exchange Commission (SEC) is seeking comments on an exchange-traded fund (ETF) proposal based on bitcoin and Treasury bonds. On October 04, Wilshire Phoenix and NYSE Arca filed an amendment to their proposed ETF to provide for the issuance and redemption of securities and the listing and trading of the fund’s shares.

South Korea seeks to transform trade finance using blockchain technology by 2021

The government of South Korea is pushing to implement blockchain technology in the country’s trade finance sector by 2021, CoinDesk reported. On October 14, Finance Minister Hong Nam-ki introduced the Development Plan for Digital Trade, which outlines the government’s intention to leverage cutting-edge technologies, including blockchain, artificial intelligence (AI) and 5G, to revitalize the trade environment and strengthen exports.

Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network

The government of Bermuda has teamed with Shyft Network to develop a blockchain-based national identity system. CoinDesk reported that the project, called the Perseid e-ID project, is being carried out in collaboration with identity program Perseid Network.

Bermuda starts accepting stablecoin ‘USDC’ for tax payments

The government of Bermuda has started accepting USD Coin (USDC), a USD-backed stablecoin from Circle and Coinbase, as payment for taxes, fees and other government services, Circle announced in an online post on October 16.

Oxford English Dictionary officially adds ‘satoshi’

The Oxford English Dictionary (OED), published by the Oxford University Press, has included “satoshi” in its comprehensive English language vocabulary compilation. CoinDesk reported that the inclusion of the new word was made as part of a quarterly update to the OED database.

Insights

Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group

Global stablecoins could become systemically important: Financial Stability Board Chair

US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”

Company News

Towo Labs secures investment from Xpring to develop XRP hardware wallet firmware

Layer1 raises $50M from Peter Thiel and others to build bitcoin mining facility in Texas

Ripple, Coinbase back Mexican cryptocurrency exchange Bitso

Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC

Crypto exchange Coinbase secures e-money license from Central Bank of Ireland

Grayscale Investment secures FINRA approval for public quote of Digital Large Cap Fund

Amid exodus of major backers, Facebook’s Libra organizes governing council

‘Kik is here to stay': Canadian messaging app NOT shutting down, to announce 'exciting plans' soon

tZERO and Box Digital-owned firm files with SEC to launch regulated security token market

Partnerships/Consortiums

Crypto Valley Association joins International Digital Asset Exchange Association

DeltaTrak joins IBM Food Trust to tap into blockchain potential

Digital Currency Initiatives

CipherTrace expands crypto tracing capability to 700 tokens

TRON unveils partnerships with crypto custodian BitGo and BUPT’s information security center

Swiss SIX Stock Exchange lists BNB-based crypto ETP

UK-based tokenization startup Smartlands teams up with FINRA-licensed IIP Securities

FXCM introduces basket tracking 5 cryptocurrencies to retail investors

CoinShares, Blockchain and MKS launch gold-backed token secured by bitcoin network

Blockchain Initiatives

Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities

IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain

India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions

Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution

Burj Khalifa owner Emaar taps JPMorgan’s Quorum blockchain for new rewards and loyalty platform

EY launches blockchain solution to enhance public fund management

Natixis, Raiffeisen Bank and others participate in global tokenised collateral trial on R3’s Corda

Blockchain trade finance network Marco Polo pilots first trade transactions between Russia and Germany

Singapore Shipping Association teams up with ICC, Perlin Network to develop blockchain-based ship registration process

Ford trials geofencing and blockchain technology to optimize energy efficiency of vehicles

Italian interbank blockchain project clears technical tests, likely to see full implementation by March 2020

BMW, Ford, GM and others working on proof of concept for blockchain-based vehicle identity system

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