German Finance Minister: Facebook Shouldn’t Be Allowed to Compete With the Euro

German finance minister Olaf Scholz has officially joined the media fracas surrounding Facebook’s cryptocurrency efforts, according to a Reuters report. Echoing other public officials who have struck critical tones in recent days, Scholz called upon regulators to examine the social media company’s Libra project. Scholz reportedly raised concerns about consumer protection and the potential disruption in the eurozone. He was quoted as saying: “The euro is and remains the only legal means of payment in the euro area.” This point is in line with comments made by France’s finance minister,…

Huobi to Target Decentralized Finance With New Public Blockchain

Huobi Group is building a public blockchain specifically designed for use cases within decentralized finance (DeFi). In a press release Tuesday, the blockchain services firm and cryptocurrency exchange operator, said the planned offering – for now dubbed Huobi Finance Chain – will allow financial institutions, businesses and exchanges to launch their own blockchains, tokenized assets and DeFi services. Huobi said: “Among other applications, the project will have the potential to host lending services, debit services, stablecoins, security token offerings (STOs) and other means of asset issuance, decentralized exchanges (DEXs), real-world payment services,…

Russia Won’t Ban Facebook’s Libra Currency, Deputy Finance Minister Says

The Russian Ministry of Finance will not issue any special regulations for Facebook’s upcoming digital currency Libra, deputy minister Alexei Moisseev said Monday. Answer reporters’ questions, Moisseev said Libra will be treated in Russia like any other digital asset, regulations for which are coming, according to the news agency Interfax. He added: “Nobody is going to ban it. “ On the other hand, no cryptocurrency of any sort will ever become legal tender in Russia, Moisseev said. “The ruble is our national currency and all operations should be conducted using…

Blockchains.com Founder Buys Community Bank to Finance Crypto Dreams

Jeffrey Berns, eccentric founder of blockchain incubation and investment firm Blockchains.com, purchased a small community bank in Las Vegas, Nevada in order to secure financing as he manifests his decentralized dreams, according to The Nevada Independent. Berns said his ambitions are incompatible with the current financial system and he feared that the banking complex would cut off his supply of capital. The 56-year-old attorney previously announced plans to construct a Reno-sized, blockchain-focused smart city and e-sports arena in the Nevada desert. His $28 million acquisition of the Kirkwood Bank of…

Russian Ministry of Finance Considers Allowing Cryptocurrency Trading

A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21. Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation. A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year. Anatoly Aksakov,…

Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister

Russia’s parliament, the State Duma, will adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks, according to a local senior finance official. The news was reported by Russian government-backed news agency TASS on June 19. Russia’s deputy finance minister, Alexei Moiseev, revealed that the State Duma is currently considering the DFA, and is expected to adopt the bill in the second reading within the next two weeks. Moiseev added that the authority has approved separate legislation for initial coin offerings, which will be…

Jack Dorsey Expects Crypto, Blockchain to Be a ‘Secular Trend’ in Finance

By CCN Markets: Jack Dorsey is all in on bitcoin. The tech entrepreneur, who is at the helm of both Twitter and Square, recognizes that cryptocurrency and the blockchain will become a “secular trend” in financial services going forward, according to an interview he did with Quartz in London. He doubled-down on his belief that there will be a “global currency for the internet,” and bitcoin remains the “strongest candidate” for the job. Dorsey likens the internet to the “equivalent of a nation state,’ saying that “it will have a…

G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto

G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action: “We ask the FSB and standard setting bodies to monitor risks and consider work on…

Vast Majority of DApps for Finance Built on Ethereum Blockchain

Ethereum devs constitute the vast majority of Decentralized Finance (DeFi) application (DApp) creators, according to a report by Binance Research on June 6. Number of DApps per blockchain, courtesy of Binance Research According to the report, DeFi can be thought of as the following: “An ecosystem comprised of applications built on decentralized networks, permissionless blockchains, and peer-to-peer protocols for the facilitation of lending/borrowing or trading with financial instruments.” This ecosystem purports to offer a permissionless, decentralized network for users, who reportedly retain full custody of their crypto assets. According to…

IBM Blockchain Finance Lead Jesse Lund Is Leaving the Firm

Jesse Lund, IBM’s global head of blockchain for financial services and digital currencies, is no longer working for the company. A spokesperson for IBM confirmed Lund’s departure via an email to CoinDesk: “I can confirm that Jesse Lund is no longer employed by IBM. IBM’s practice is not to discuss the specifics of employee departures.” A former banker, Lund harbored an ambitious plan to bring cryptocurrency into the enterprise world and also to explore stablecoins and central bank digital currency. He spearheaded IBM’s World Wire payment network which used the…