Former TD Ameritrade Digital Assets Head Joins Fed Reserve as Chief Innovation Officer

Former TD Ameritrade Digital Assets Head Joins Fed Reserve as Chief Innovation Officer

Sunayna Tuteja has joined the Federal Reserve System as the Chief Innovation Officer. Before heading this position, Tuteja was previously working at TD Ameritrade as the Managing Director, Head of Digital Assets & DLT (Blockchain, Crypto), reads her LinkedIn profile.

TD Ameritrade has been providing its services to cryptocurrency users for some time now. It also made a strategic investment in ErisX, the cryptocurrency spot, and futures exchange during the bear market.

Tuteja joined the broker in 2014 to head its digital strategy department, following which she changed the department that specifically dealt with cryptocurrencies and blockchain technology. Here, Tuteja only spent less than two years.

Under her latest role, she will be working on the Federal Reserve System’s digital innovation strategy. As a CINO, the official is required to stay abreast of the technology industry and market trends to understand their impact on the Fed system. The description for this position reads,

“This role will be responsible for identifying, researching, enabling and evangelizing for innovative new technologies while fostering a culture of technical innovation, encouraging System-wide collaboration and experimentation.”

This is another positive development for the cryptocurrency market, bringing us all that much closer to positive and clear regulations.

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Author: AnTy

Former PBoC Governor: China Doesn’t Have ‘An Ambition to Replace Existing Currencies’

China’s former head of the central bank said digital yuan could be useful for cross-border trade and support its efforts to promote yuan as an international currency.

Zhou Xiaochuan, who stepped down as governor of the PBOC in 2018, spoke at the Shanghai Financial Forum on Friday. According to him, digital currency allows payments and currency conversions in real-time and “brings new possibilities for interconnection.”

“If you are willing to use it, the yuan can be used for trade and investment,” said Zhou, who has been a leading advocate for China’s sovereign digital currency. He also noted that the digital yuan isn’t intended to replace globally accepted fiat currencies like the US dollar.

“We are not like Libra and we don’t have an ambition to replace existing currencies.”

China has learned a lesson from Diem and took a more cautious approach. The idea is to persuade consumers and merchants to accept digital yuan payments as it quickly resolves “the problem of cross-border remittances.” He said.

“Some countries are worried about the internationalisation of yuan.”

“We can’t push them on sensitive issues and we can’t impose our will. We must avoid the perception of great power chauvinism.”

China is preparing for cross-border testing of digital yuan in partnership with Hong Kong. Additionally, over $3 million in digital yuan was airdropped to 10k residents of Suzhou on Friday. Trials are being run in other cities, including Chengdu, the Xiong’an New Area, and Hong Kong, in collaboration with companies like Didi Chuxing, Meituan, and Bilibili.

Central Banks Divided on Private Sector’s Role

According to a survey by the Official Monetary and Financial Institutions Forum (OMFIF), more than half of the central banks surveyed expect countries to collaborate with the private sector to build and run payments systems.

The central banking and economic policy forum found that central banks are split over whether to work with private sectors in payments as three-quarters of the banks said it was the state’s job to govern such systems.

The survey by the think tank involved 20 central banks and regulators in advanced and developing economies. Bhavin Patel, OMFIF’s head of fintech, said,

“It’s up to the central banks to balance how they approach collaboration – whether it’s setting joint projects together … or if it’s more just making sure that what comes to the market is properly regulated.”

The report was produced with fintech firms that include PayPal, Citigroup, Mastercard, and Novi, the digital wallet division of Facebook. Patel said,

“Regulators need to keep pace with these innovations. New, non-traditional payment entities will emerge as systemically important components of the financial system. Proactive central banks and regulators, keen to harness the benefits of payments innovation without undue policy risks, engage more with industry.”

Demand for more efficient payments is growing, a trend that has accelerated during the coronavirus lockdowns but regulators fear that the wide use of private currencies could lower their control over monetary policy. Just last week, German Finance Minister Olaf Scholz said,

“We must do everything possible to make sure the currency monopoly remains in the hands of states.”

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Author: AnTy

Libra Association Hires Former HSBC Europe Managing Director, James Emmett

In an announcement on Thursday, Libra Association announced James Emmett, former European head at HSBC as the new managing director of its subsidiary, Libra Networks LLC. Emmett will start his role at the digital stablecoin firm on October 1.

According to the statement, James Emmett is a well-experienced financial services leader in “business, strategy, technology, and operations” having worked 25 years at the global financial institution. Emmett becomes the second high-profile manager from HSBC to join Libra, after Stuart Levey joined as the CEO of the Libra Association earlier this year.

Speaking on Emmett’s appointment, Levey showed his excitement saying the new appointee’s “leadership will help make Libra’s vision a reality.”

Emmett’s 25 years at HSBC saw him take on a number of roles including chief executive of HSBC Bank PLC and Europe. In his capacity as the chief executive of HSBC PLC, Emmet was responsible for the bank’s wholesale and retail operations across Continental Europe, Sub-Saharan Africa, and Bermuda. Emmett has also acted in the position of COO of HSBC overseeing overseas technology operations. Passionate in the opportunities that digital currencies offer the current financial services, Emmett said,

“I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”

With global regulators on Libra’s neck as the Association plans to launch its stablecoin, Libra is moving to employ more legal experts to smooth the relationship with global regulators. Shortly after appointment of Stuart Levey and CEO of Libra Association, Libra appointed Ex-Goldman Sachs Executive, Sterling Daines as its global compliance lead and Stevan Bunnel, former Homeland Security general counsel to replace Robert Werner as Libra’s general counsel.

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Author: Lujan Odera

Bank of Japan (BoJ) Appoints its Top Economist as the New Head to Oversee Digital Yen

The top economist of the Bank of Japan (BoJ) has been appointed as head of department overseeing research on central bank digital currencies (CBDC), as the central bank steps its efforts to join the race to embrace financial innovation.

Kazushige Kamiyama will be heading the payments and settlement department of BOJ, which has conducted joint research with other central banks on state-backed digital currencies and looked into how the growing presence of cryptocurrencies affect central banking.

As the central bank’s top economist, Kamiyama has spearheaded efforts to use big data in analyzing the economy, an approach that helped Bank of Japan catch real-time changes affecting the country’s economy amidst the ongoing coronavirus pandemic.

BOJ also shared that Seisaky Kameda will be succeeding Kamiyama as its top economist and head of the statistics department.

This move comes at a time when BOJ is working on testing a digital yen. Earlier this month, the central bank released a report about the technical hurdles for CBDC, where it discussed checking the feasibility of such digital money from a technical perspective and considering whether or not to use blockchain for it.

The bank also set up a task force a couple of weeks back that was said to belong to the BOJ’s payment and settlement systems department. The new team is looking more closely into the CBDC by following up on BOJ’s efforts, including joint research it has been conducting with other major central banks since January.

Japan has been cautious about its digital currencies approach, given that it has the most cash-loving population in the world. But the fact that China is making steady progress towards issuing its digital yuan, having chosen the companies to test the CBDC, it has prompted not just BOJ but other central banks and governments to look into the idea of issuing CBDCs more closely.

BOJ has said although it has no immediate plans to issue its own digital currency, it has been conducting research on the issue with other central banks.

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Author: AnTy

TRON (TRX) Price Analysis (May 2)

• Tron is increasing and bears are losing momentum.
• Could Tron head to $0.02 from here? The bulls may continue the journey up north to the upper resistance area.

TRX/USD Medium-term Trend: Bullish

Key levels

• Resistance levels : $0.02, $0.03, $0.04
• Support levels: $0.007, $0.006, $0.005

The cryptocurrency trades in a bullish trend zone in its medium-term outlook. The impulse move to $0.001 in the resistance area during yesterday’s session sustains the bullish momentum within the range.

Today’s daily session opens with the formation of a bullish harmer candle at $0.01 in the resistance area. This shows there is a high buying pressure in the cryptocurrency.

Price of Tron is initially up at $0.01 in the resistance area above the two EMAs, these indicate upward movement in the momentum of the crypto’s price.

The stochastic oscillator pointing down at level 77% in the overbought region implies the trend may likely encounter a change in the days ahead in the medium-term.

Hence buyers’ relief.

TRX/USD Short-term Trend: Bullish

The coin is in a bullish trend in its short-term perspective as can be seen in the chart. Formation of the inverted pin bar candle at $0.01 in the resistance area during yesterday’s session signifies a trend reversal hence bears’ brief return.

Bears’ brief return at $0.01 in the support area opens today’s 4-hourly session.
Continuation to the north is confirmed by the bullish candle at $0.01.as the high of the day in the resistance area as the time of writing this article.

The price is above the two EMAs an indication of an upward movement in the momentum of the price of Tron, in this case, more buyers in the market.

The stochastic oscillator pointing up signals the trend is bullish. Hence buyers may consider taking a position as the trend is favorable in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

The XRP Ledger May Allow Third-Party Asset-Backed Tokens In the Future: Ripple CTO

According to Ripple’s head of tech, David Schwartz, the firm is creating a new feature which will let clients mint new asset backed tokens on its XRP ledger.

Ripple released a press statement explaining that its tech engineers are developing exciting fresh features which will lead to the broadening of the ledger’s functionalities which will also allow third-party users to roll on other cryptos on top of the XRP Ledger network.

While Schwartz was economical on the details of the fresh features, he explained that they will help in rolling on fixed-value tokens within the XRPP Ledger. He explained:

“Stablecoins is the obvious use case, but it’s not just stablecoins it’s essentially assets pegged to some external value.”

CoinDesk reports that such features are present in various blockchain platforms with the most notable one being Tether that operates stablecoin layers on different platforms simultaneously. However, Schwartz explained that asset-backed tokens running on XRP platform will be assured of guaranteed liquidity based on the ledger’s mechanics.

In a previous interview, Schwartz had explained that a entirely collateralized XRP stablecoin can be highly liquid. He added that instead of developing different markets for every virtual asset, the trades will happen in XRP ensuring liquidity of the stablecoin its popularity notwithstanding.

This will not be the first instance that Ripple is venturing into markets outside its settlement business. Xpring, the firm’s investment wing, purchased a decentralized payments platform known as Logos Network late last year. During the acquisition period, Xpring had stated that the new platform would allow Ripple to develop financial products and services on XRP Ledger.

Schwartz explained that the firm’s engineers had realized that the XRP Ledger has properties of algorithms that allow the firm to operate the same way as a decentralized exchange. It is these features that the firm aims to capitalize on and add several aspects which will let users easily offer their own digital assets.

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Author: Joseph Kibe

Crypto Needs Central Banks’ Pegged Fiat Currency to be Stable: Former ECB Benoit Coeure

Benoit Coeure, current head of Innovation Hub at the Bank of International Settlements (BIS), has today said in an interview with CNBC he is confident central banks partly hold the future of cryptocurrencies. The French Economist and a former executive board member at ECB was keen to highlight a that practical approach by regulators would define where to place the digital currencies.

Benoit further expressed the reasoning behind this point of view during the interview. Notably was an advocacy for central banks being the binding factor of a stable economy given tools under fiscal and monetary policies. According to Benoit, it follows that a stable crypto ecosystem would have to be Central Bank pegged;

“It will be part of the backstop because that’s what’s needed for the stability of the system.”

Benoits take on Crypto Regulation

When asked whether digital assets like BTC need to evolve for them to be adopted; Benoit had an interesting answer for CNBC’s reporter. The veteran Economist said if crypto coins are presented as investment assets then it would only be prudent to regulate them under similar laws with mutual funds, ETF’s or collective schemes. On the hand, they can be regulated as payments if they tend to lean more towards this function.

Benoit also commented on tokenization of fiat currencies to serve as a back-end for crypto ecosystems. In his opinion, Central Banks are mainly concerned with economic stability hence the support for systems like RTGS. Crypto assets are therefore likely to face a similar fate as central banks will remain at the core of monetary operations;

“It might have to evolve to be part of the backstop. It might have to be tokenized, it might have to take different forms but it will remain at the core of the system.”

These sentiments were aired on the same day BIS announced two new appointees under its innovation hub. Benoit welcomed Morten Bech and Andrew McCormack to the team noting that their skills would be valuable in the BIS goal of bridging the gap between FinTech and central banks.

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Author: Edwin Munyui

RippleNet Is Driving XRP Usage, Bringing In New Entrants With Its ‘Network of Network’ Effects

  • Real-world utility and adoption are still catching up – Breanne Madigan, Head of Global Institutional Markets at Ripple
  • The tipping point to critical-mass adoption of XRP & digital assets constantly moving closer

Trading in virtual currency has started making a shift from being speculative assets last year as giants like Fidelity, TD Ameritrade, and JP Morgan enters the space, said Breanne Madigan, Head of Global Institutional Markets at Ripple.

And the more the participants enter, especially traditional institutional players, in liquidity provisions the more aggressive the market, she said.

New institutional entrants like futures and derivatives according to her has been playing a big role in bringing investors into space and further stabilizing markets. She said,

“Continued growth in derivatives will open up access to more efficient capital and drive higher trading volumes throughout 2020 and beyond.”

Perpetual swaps are another most liquid and massively traded instruments. Just this month, Binance added XRP to its Futures trading platform.

Real-world utility and adoption catching up

Another sector with growth potential is the borrowing and lending market which she says is fueled by low-interest rates for fiat currencies, a boost in the amount of digital asset market participants, and increase of long-term digital asset holders looking to make yield.

However, digital asset value remains relatively low during this period. Madigan says the markets appear to be still undergoing a period where real-world utility and adoption are catching up. Madigan said,

“As institutional-grade infrastructure continues to be built, and real-world problems are increasingly solved using digital assets like XRP, the tipping point to critical-mass adoption is constantly moving closer.”

Digital assets’ market more stable than ever

She further explained that it’s RippleNet that is pumping the use of XRP. RippleNet is making it possible for financial institutions to connect and further their extended networks creating a ‘network of network’ effects. She said,

“As these network effects continue to increase, it will drive even more liquid markets and robust financial products around crypto, bringing new entrants into the ecosystem.”

In 2019, blockchain adoption became widespread with increased awareness of benefits such as cross-border payments. Even Steve Mnuchin, Secretary of the Treasury, said at the 2020 World Economic Forum,

“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”

Together, the expanded utility of virtual currency in cross border payments and opening of derivatives trading contributes to a greater liquid and stable market for digital assets than ever before with no sign of slowing down, Madigan said.

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Author: AnTy

Ziglu Crypto Bank To Launch In 2020 By Former Starling Co-Founder and Barclays Tech Exec

After being head of technology at Barclays for more than 10 years, plus the co-founder and the former CTO at Challenger Bank Starling, Mark Hipperson wants to launch the digital bank Ziglu account, in the first quarter of 2020.

Expected to be the future when it comes to the challenger bank concept, Ziglu will allow many digital and fiat currencies to be held in only one account. More than this, it will hold currencies funds that can be freely exchanged in between them. When it comes to foreign currencies, these will be available for buying and selling at Interbank rates, whereas crypto sales and exchanges will have the best prices set by multiple exchanges.

Ziglu Available Only in the UK for Now

The Ziglu website says that any currency from the account is going to be made available for international spending with a Mastercard debit card, cryptocurrencies included and instantly converted at the point of sale. Hipperson has been Ziglu’s CEO ever since September 2018. He managed to make the company an electronic money issuer approved by the UK’s Financial Conduct Authority (FCA). At the moment, Ziglu is running pre-launch applications for its UK users, but Hipperson is planning to expand Ziglu in the future:

“While we intend to expand our offerings to other countries in due course, currently only UK-residents who are at least 18 years of age may use our services and are eligible to apply for a Ziglu account.”

Bitwala Launched a Similar Account in August

Ziglu isn’t the first company to launch an account that combines fiat and crypto. Back in August 2019, Bitwala came with its Bitcoin wallet account to which it added the Ethereum. The crypto-backed card offering isn’t a first either, but the United Kingdom surely needs it.

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Author: Oana Ularu

Ripple Acquires a New Company Through Xpring to Build XRP-Focused DeFi System

  • Michael Zochowski, founder and CEO of Ripple’s new acquisition will be Head of DeFi Products
  • Xpring attracting “more and more interest from entrepreneurs and developers to build on the XRP Ledger” – Ethan Beard

Ripple has acquired Logos, whose team will join its investment arm Xpring to expand on their shared vision of building the Internet of Value, the company announced on Sept. 27.

Logos is a startup that develops turnkey payment solutions focused on speed and scalability that will be collaborating with Xpring team. Xpring, Ethan Beard, the SVP at Ripple wrote, is seeing “more and more interest from entrepreneurs and developers to build on the XRP Ledger and as the XRP ecosystem grows.”

This acquisition has been a Ripple’s initiative to create its very own decentralized financial (DeFi) system using XRP.

Logos team will apparently bring “more horsepower” to help Xpring deliver this DeFi system and other ideas that the company is exploring to leverage crypto to transfer the payments the financial.

Michael Zochowski, Logos’s founder and CEO will serve as Xpring’s Head of DeFi Products and will continue to lead the team. Michael and the team will be based in Ripple’s New York office.

Started in May 2018, Xpring has supported over 20 companies and more than $500 million to the ecosystem, till now. The idea behind Ripple’s investment arm is to help build blockchain projects that will assist in growing the XRP ecosystem.

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Author: AnTy