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IMF Official Calls for Regulation, Tech Adoption By Banks to Fight ‘Crypto Competition’

An official from the International Monetary Fund (IMF) suggested that central banks need to make fiat currencies “more attractive for the digital age” in an article published May 31. Deputy Director of the Monetary and Capital Markets Department Dong He suggested three responses to combat potential competition to central banks from cryptocurrencies. First, He stated that, “[Central banks] should continue ...

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BitLicense Approval Shines Fresh Light On New York-Crypto Relationship

The recent approval of Genesis Global Trading’s BitLicense application has shone fresh light on New York State’s relationship with the cryptocurrency industry. Although New York is historically a business-friendly center and international financial hub, many industry players have criticized the regulatory requirements enforced by the New York State Department of Financial Services (DFS) through the BitLicense since its release date ...

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Japanese Gov’t-Licensed Crypto Exchange Acquired By International Investor for $50 Mln

Japanese crypto exchange BitTrade has been acquired for S$67 mln ($50 mln) by a Singaporean multi-millionaire and entrepreneur, Asia One reported yesterday, May 30. The acquisition will see Mr. Eric Cheng take a 100 percent stake in BitTrade Co., Ltd, one of only 16 domestic crypto exchanges to receive a license from Japan’s financial watchdog, the Financial Services Agency (FSA). ...

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Blockchain-Powered Trust Paxos Raises $65 Mln From Investors

Paxos, an American financial technology startup, has attracted $65 mln from investors, including venture capital firms RRE Ventures and Liberty City Ventures, and private equity executive Jay Jordan, Reuters reported May 31. The company was initially founded in 2012 as Bitcoin exchange itBit and later rebranded as Paxos, a business focused on providing services using blockchain technology. Paxos holds a ...

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Crypto Payment Gateway to Help Start-ups Increase Adoption of Custom-made Tokens

A company that describes itself as a “pioneer in the digital payments space” has unveiled plans to become the first company to offer payment processing capabilities for transactions involving ERC20-compliant tokens. CoinPayments, which was established back in 2013, says its payment gateway has the potential to help fledgling crypto start-ups increase adoption for their custom-made tokens (ERC20), without the need ...

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Polish Gov’t Invites BitBay to Join Working Group as Exchange Forced to Leave Country

Recently expatriated Polish cryptocurrency exchange BitBay tweeted yesterday, May 30, that the Polish Financial Supervision Authority (KNF) has asked them to join a Blockchain Working Group. BitBay suspended operations in Poland this week after banks refused to cooperate with the exchange, in the wake of the Polish government’s increasingly negative stance toward cryptocurrencies. Although BitBay did not directly address whether ...

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US Crypto Exchange Signs Agreement to Offer Fiat-Crypto Trading to Corporate Clients

Seattle-based crypto exchange Bittrex has signed a banking agreement that will allow corporate investors to trade selected cryptocurrencies for fiat, Bloomberg reports today, May 31. Bittrex, which supports over 200 cryptocurrencies and reportedly has over 3 mln customers worldwide, will cooperate with New-York based Signature Bank to launch fiat trading for Bitcoin (BTC), Tether and TrueUSD. Speaking of the new ...

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Crypto Ecosystem Will Not See Regulation for Years

Kathryn Haun, board member of Coinbase and HackerOne claimed that cryptocurrency and blockchain will not see regulation for years, Techcrunch reports May 31. Haun made her statements on regulation at the Code Conference in California today. Haun drew parallels between the internet and crypto, claiming that the in the early days of the internet, users called for one single regulatory ...

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Japanese Internet Giant GMO to Launch In-Game Bitcoin Rewards System This Summer

Japanese internet services giant GMO Internet Inc. announced it would debut its Bitcoin-based application for in-game rewards in August, Cointelegraph Japan reports May 31. The application, called CryptoChips, acts as a method of rewarding players for achieving certain goals, and will initially launch solely with Bitcoin support. CryptoChips will reportedly first be implemented in GMO-developed real-time battle game Whimsical War. ...

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Ripple CEO Compares Bitcoin to Napster, Says BTC’s Influence on Market Could Lessen

Brad Garlinghouse, CEO of Ripple (XRP), thinks that Bitcoin’s (BTC) influence on cryptocurrency market prices will eventually decrease, CNBC reported yesterday, May 30. Garlinghouse, referring to cryptocurrency as a “nascent industry,” told reporters that “over time, you’ll see a more rational market and behaviors that reflect that,” adding: “There’s gonna be a bit of a correction along the way here ...

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