Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Facebook-backed payment system Diem partnered up with the cryptocurrency-friendly bank Silvergate to launch a stablecoin in the US.

Diem parters with Silvergate bank to launch stablecoin in the US

Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate. Facebook-backed digital currency project, the Diem Association, has partnered with cryptocurrency-friendly bank Silvergate to launch a stablecoin pegged to the United States dollar.Diem announced Wednesday a new model of its upcoming stablecoin, relocating its main operations from Switzerland to the United States and withdrawing its application for a payment system license from the Swiss Financial Markets Authority.The association, which comprises of 26 financial firms including Nasdaq-listed cryptocurrency exchange Coinbase, is now planning to move forward with its USD stablecoin plans through Silvergate bank, which is set to be the issuer of the Diem USD and will manage the Diem USD reserve.Diem Networks US, Diem’s wholly-owned subsidiary, will run the Diem Payment Network, a permissioned blockchain-based payment system facilitating Diem stablecoin transactions.While Silvergate is a California state-chartered bank and a member of the Federal Reserve, Diem Networks US is seeking to register as a money services business with the US Department of the Treasury's Financial Crimes Enforcement Network, the announcement notes.“We believe in the future of US dollar backed stablecoins and their potential to transform existing payment systems,” Silvergate CEO Alan Lane said.

Georgia's central bank is exploring 'Digital Gel' CBDC

The Republic of Georgia's central bank has invited fintech firms and others to participate in the CBDC project. The National Bank of Georgia said that it is considering launching a central bank digital currency. In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari. “CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement.

PhoenixDAO: Overview of the Payment System

[Featured Content] The inception of blockchain-based solutions has made profound changes to the financial sector.

TIME Magazine to Start Accepting Cryptocurrencies as Subscription Payments

TIME Magazine has partnered with Crypto.com to roll out a crypto payment system for its magazine subscriptions.

Buyaladdin App Enables BTC, ETH Payments in Various Shopping Malls

Buyaladdin is glad to announce it has introduced a payment system that allows users to purchase diverse products of their choice using Bitcoin (BTC) and Ethereum (ETH) in multiple shopping malls.

Fed's Payment System Goes Down, Bitcoin Fans Rush In

The Fed today reported a number of its services went down, meaning bank transfers were delayed.

ECB wants final say on the legal status of private stablecoins in the EU

The European Central Bank has demanded veto power from lawmakers in the European Union over private stablecoin projects like Diem. The European Central Bank has finally sent its formal opinion on crypto regulations to the European Commission. According to Reuters, the ECB has asked EU lawmakers for veto powers concerning private stablecoin projects like the Facebook-backed Diem. An excerpt from the ECB opinion document reads: “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” As part of the demand for veto powers on stablecoins, the ECB has urged the EU to ensure that its ruling should be binding on all national authorities in the Euro Zone.

Firm in Portugal to accept Bitcoin for electricity bills

Some Portuguese residents will reportedly be able to pay for electricity in Bitcoin starting from February. Luzboa, a small energy trading company in Portugal, will soon start accepting Bitcoin (BTC) as payment for electricity. The company’s president Pedro Morais Leitão announced the news to Portuguese publication Expresso on Wednesday, stating that the new payment option should become available this month. According to the executive, Luzboa will create a Bitcoin wallet in the coming days, allowing residents to pay for electricity under a new payment system known as “Bit Spot.” According to Leitão, the firm plans to instantly convert received Bitcoin into euros to protect its business from unstable prices.

BitMarket Network Client - New Open-Source Cryptocurrency Wallet

Disclaimer: The text below is a press release that was not written by Cryptonews.com. Today, Bitcoin is among the 15 most valuable assets in the world, ahead of even the Visa payment system and the precious metal Platinum.

TTM Bank Launches Global Crypto Card

Registered in Estonia, financial company TTM Bank has issued the Prepaid Crypto Card, which can be used to pay wherever VISA payment system cards are accepted.

Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank: Report

Digital currencies may challenge and someday could make redundant the SWIFT global banking payment system, according to a Central Bank of Russia official, Russia Today reported.

Visa Develops Offline Payment System that Could Aid CBDC Rollouts

The introduction of central bank digital currencies (CBDCs) could bring a wide range of benefits to consumers and economies worldwide, including increased financial inclusion for people currently underserved by conventional financial institutions – particularly in the aftermath of the ongoing coronavirus pandemic.

Bilateral Saudi, UAE Digital Currency Experiment Shows Benefits of Distributed Ledgers, Central Banks Say

A joint Saudi and UAE CBDC pilot found that a distributed payment system offers “significant improvement over centralized payment systems.”

Peter Schiff Mocks BTC Reliance on Platforms like PayPal, Says "Gold is Money, Bitcoin is not"

Bitcoin critic Peter Schiff is calling out Bitcoin again for requiring a third-party like PayPal to operate as a payment system, he said that "Gold is money and Bitcoin is not".

Cambodia Central Bank Launches Bakong Blockchain Payments System

Cambodia sees Bakong as a critical step in modernizing its payment system and de-dollarizing its economy.

Better to get it right than to be first with CBDC, says US Fed chair

The US already has a “safe and active dynamic domestic payment system,” Powell argued. The United States will not be issuing a digital dollar until the Federal Reserve resolves all questions around a potential central bank digital currency, or CBDC, according to the Fed's chairman, Jerome Powell. Powell claimed that he is not worried about other countries having a first-mover advantage when it comes to issuing CBDCs. Speaking at an Oct.

Jax.Network Addresses Crypto Scalability Issues, to Create A Decentralized Consumer Payment System

It has been more than a decade since the first cryptocurrency, Bitcoin came into existence.

RUSH, A Revolutionary Crypto Payment System Backed by Real-world Assets

Over the last decade, the definition of payments has drastically changed, with the good old currency notes taking the back seat as more and more people flock towards electronic payments.

What is Ripple (XRP)?

Founded by RippleLab’s Chris Larsen and Jed McCaleb and released in 2012, Ripple is a global payment system that leverages open-source distributed ledger technology.

Why the Lightning Network is so underrated

Bitcoin was introduced as digital electronic cash, however, to make it a viable payment system, the network needs faster transaction processing.

Stablecoins May Threaten EU Market Integration And Interoperability - ECB

Out of three potential stablecoin scenarios, two could potentially lead to concerns for EU market integration and interoperability, as well as to risks to financial stability, therefore affecting safety and efficiency of the payment system, according to the European Central Bank (ECB). In their recent report, the ECB Crypto Assets Task Force said that stablecoins may fall

Investment Firm Blockchain Capital Joins Libra Association

One of the oldest venture firms in crypto has joined the Libra Association and will provide expertise and guidance on the launch of its payment system.

Geopolitical fallout of central bank digital currencies

China might lead the charge into the digital economy, but will being the first major economy to launch a CBDC be enough to win global reserve currency status? China’s Digital Currency Electronic Payment system is at the forefront of news around central bank digital currencies, or CBDCs.

South Korean City To Issue Blockchain-Based Payments Aimed At The Elderly

A city in South Korea is working to develop a blockchain-based payment system that will help its elderly people handle contactless payments.

Enter Facebook Financial: All Bases Covered From Crypto to Stablecoins

There are multiple ways to approach digital payments, and Facebook wants to cover them all. Despite regulators across the board giving a cold shoulder to Facebook’s ambitious plan to install a worldwide crypto-based payment system called Libra, the company’s enthusiasm for moving into the digital payments space is only mounting.

Bank of England Chooses Accenture To Rebuild UK Payment System

Accenture has won a tender with the UK’s central bank to assist in building the UK’s new RTGS (real-time gross settlement) service.

Economics of Bitcoin payment System

Cryptocurrencies have been attracting attention from industry, academia, and the general public.

Developer Reveals Layer-Two Private Messaging and Payment System on Bitcoin Cash

On July 4, 2020, the Bitcoin Cash proponent Cain published an interview with the blockchain developer, Shammah Chancellor, about a new project called Stamp Chat.