Fintech Daily Digest

One of the oldest bank-backed cryptocurrency efforts is no more as Citibank has confirmed its JPMCoin-like Citicoin project has been shelved.

"Bakkt was first announced in early August as a bitcoin trading and custody platform, but its launch has been repeatedly delayed It has submitted a proposal to the CFTC, asking for an exemption which would allow it to custody the bitcoin it uses to settle its futures contracts. While CFTC Commissioners were reportedly given the proposal in December, it now appears to be back before CFTC staffers. It is unclear if or when the proposal may be published for a mandatory 30-day public review period. Until the review period has ended - and CFTC Commissioners have voted to approve Bakkt's exemption - the exchange cannot launch its one-day physically-settled futures contract."

Barclaycard, which processes nearly half of the UK's credit and debit card transactions, has partnered with Alipay to allow retailers to accept Alipay transactions in stores across the UK.

Donut aims to make crypto investing more accessible for the average consumer and help them educate about investing, crypto and the underlying technologies. The app allows users to invest in baskets of digital assets through a "gamified user interface" and is optimized for recurring micro-investing transactions.

The UK Access to Cash Review Final Report calls for action now to ensure cash remains viable or risk leaving millions behind. The action plan includes a "Guarantee to Cash Access" for all, including those in remote and rural areas, and for those providing essential services to be required to allow consumers to pay by cash.

Deutsche Boerse has outlined plans to build a fully integrated digital asset ecosystem including issuance, custody, access to liquidity, and banking services. The German exchange group has partnered with Swisscom and FinTech company Sygnum to build a regulatory compliant financial market infrastructure for digital assets.

Japan's goal of creating a cashless society has got one step closer with the release of J-Coin Pay - a smartphone-based digital wallet that uses QR codes to provide payment services. Despite the name, however, J-Coin has even less to do with cryptocurrency than the recently announced JPMCoin.

Fidelity may not be offering ethereum custody support at first, due to uncertainty over hard forks. This caution highlights some of the intrinsic risks of crypto assets and goes a long way toward explaining why institutions are taking a cautious approach. Crypto asset custody is riskier and more complicated than most realize

Speaking at SXSW, the SEC's Senior Advisor for Digital Assets Valerie Szczepanik said algorithmic and digital-asset backed stablecoins may be considered securities.

Cash might not be authorised as a means of payment were it introduced in today's environment, some central bankers said on March 13.

The Bank for International Settlements is launching an "innovation hub" as part of a broader medium-term strategy.

US Securities and Exchange Commission will host a public forum focusing on distributed ledger technology and digital assets on May 31. The forum is being organized by the agency's Strategic Hub for Innovation and Financial Technology (FinHub).

This piece seeks to reconcile why custodians are needed in fiduciary transactions, noting they might be helpful for some investors but not necessary for everyone.

Malta has become a leading hub for crypto startups, but many crypto businesses are struggling to open bank accounts, and new guidance from the IMF may make that process even more difficult.

PWC has published a report seeking to provide a strategic perspective on the ICO and STO sectors. The report finds that STOs are not fundamentally different from ICOs, estimating that their combined total raised almost $20 billion during 2018.

Cboe Futures Exchange is putting its bitcoin futures market on hold, citing a need to review how it approaches the space.

Two Canadian national securities bodies have issued a joint consultation paper to gather industry feedback about cryptocurrency token regulation. It aims to provide clarity for platforms, and greater market integrity and protection for investors.

The ECCB CBDC pilot involves a digital version of the EC dollar (DXCD) distributed by licensed ECCU financial institutions. The DXCD will be used for transactions between consumers and merchants, between people, all using smart devices. IBM Hyperledger Fabric was selected as the blockchain platform.

DTCC: If a Security Token Platform performs a substantially equivalent function as an existing market infrastructure, the same legal and other requirements applicable to that function should be the same.

Every Tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, "reserves"). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.