G7: Libra Must Not go Ahead Until Facebook Proves it Safe and Secure
In a draft report from the Group of Seven (G7) nations – France, the U.S., Japan, Canada, Italy, Germany and the U.K. – has been stated that no stablecoin project, including Facebook’s Libra, can go ahead until it is proven safe and secure.
“The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed,” thinks the G7.
“Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement,” the draft report added.
The final draft report, which will be presented to finance ministers at the International Monetary Fund annual meetings this week, further said that “global stablecoins” with the potential to “scale rapidly” pose a host of regulatory challenges.
The Financial Stability Board (FSB), which coordinates rules for the G20 nations, has also said that stablecoin projects pose a host of challenges to financial stability, compliance, investor protection, data privacy and protection, among others. (Neutral)
Coinbase Gets E-Money License In Ireland, Expanding European Foothold
Coinbase is expanding its European foothold with an e-money license from the Central Bank of Ireland.
On Oct. 11, Zeeshan Feroz, the CEO of the United Kingdom arm of San Francisco-based cryptocurrency exchange Coinbase, announced that the exchange had become “one of just a few companies,” to have received an e-money license in Ireland.
Coinbase opened its first office in Dublin, Ireland, in October 2018 to help expand its operations in Europe and as a contingency plan for when the U.K. leaves the EU. The Coinbase U.K. CEO said:
“Europe represents a huge opportunity for Coinbase and today’s announcement is another positive step for us in the region. The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA.”
Martin Shanahan, CEO of IDA Ireland reportedly congratulated Coinbase on receiving the e-money license from the Central Bank. IDA Ireland is the Irish state agency responsible for attracting foreign investment to the country. (Positive)
Telegram Responds to Investors on SEC Action
Telegram Open Network (TON) developers responded to its investors after American regulators abruptly announced that its $1.7 billion token sale was illegal.
The firm has been trying to solicit feedback from the United States Securities and Exchange Commission (SEC) for the past 18 months regarding the TON blockchain and does not agree with the recent action. It wrote:
“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the SEC’s legal position.”
Telegram stated that they are continuing to assess the best ways to resolve the situation in the interests of relevant parties, including but not limited to evaluating whether to delay the launch date.
After deeming Telegram’s initial coin offering (ICO) illegal, the SEC also filed a temporary restraining order, setting a court hearing in New York for Oct. 24. (Negative)
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