European Union to Regulate Stablecoins

The European Union is taking a closer look at how to regulate stablecoins, but has no plans to issue one of its own.

A group within the EU presidency is working on a draft political declaration regarding the regulation of stablecoins. First reported by Reuters, the declaration will say the EU should regulate stablecoins in particular.

“This is a rather short declaration that is about the EU position on how to handle those new types of cryptocurrencies. The focus is on how those cryptocurrencies should be regulated.”

The declaration is being developed in response to Libra, the global stablecoin project introduced by Facebook in June. Despite regulatory qualms about the stablecoin, Libra has so far proceeded, with its governing council formally signing onto the project last month.

The declaration does not specifically recommend that the EU should develop its own cryptocurrency in response to Libra. (Neutral)

Dai Stablecoin Hits 100M Debt Ceiling Ahead of Collateral Protocol Upgrade

Dai, which was created by MakerDAO, allows users to borrow or generate Dai by staking their cryptocurrency holdings as collateral.

Unlike other currency-backed stablecoins, Dai is not supported with bank accounts of reserve currencies but rather is generated by putting Ether (ETH) into a collateralized debt position (CDP) smart contract. 

Once a user repays the Dai loan at an interest rate per annum of 5.5%, they get their Ether deposit back. 

The Dai (DAI) stablecoin has reached its 100 million token debt ceiling, meaning that there are currently 100 million Dai tokens minted. 

Data from Etherescan shows there are the top 100 holders of the Ethereum-based stablecoin hold over 72 percent of all Dai tokens. 

The stablecoin originally had an upper limit of 50 million tokens. In July 2018, the Dai community voted to increase the debt ceiling to 100 million DAI by appointing a new authority — a one-time use smart contract — that would increase the limit. (Positive)

Sophia the Robot Knows About Blockchain and Crypto

The humanoid robot named Sophia returned to the Web Summit stage, where she fielded questions from participants and journalists, including inquiries about blockchain technology and cryptocurrencies.

On Nov. 6, Sophia addressed the room at the latest edition of the Web Summit in Lisbon, Portugal, where she talked about artificial and robotic intelligence while answering questions on a range of topics.

Sophia, who will turn four years old in February and who was inspired by the looks of actress Audrey Hepburn, was asked if she had an opinion on blockchain, bitcoin (BTC), and cryptocurrencies. She answered:

“I know what cryptocurrencies are, but I do not use them yet myself. I don’t use money at all.”

The robot explained to the audience how artificial intelligence works, while assuring the public that robot supremacy is still far from happening.

Sophia is one of several humanized robots created by Hong Kong-based Hanson Robotics, and is powered by artificial intelligence technology and features lightweight polymer plastic called “frubber” (a combination of “face” and “rubber”).

In January, the decentralized artificial intelligence (AI) firm SingularityNET announced a partnership with agriculture-focused blockchain startup Hara to use blockchain to provide Indonesian farmers with useful data like grain price, soil quality and land ownership details.

SingularityNET gained global attention as the technology behind Sophia the robot, developed by Hanson Robotics. The robotics firm’s chief scientist, Ben Goertzel, is also SingularityNET’s founder and CEO. (Neutral)