The global nature of digital currencies makes following international news beneficial for investors and interested parties participating in the market. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again. This week, we look at Norway exploring a central bank digital currency, the U.S. ramping up its investor protection efforts, and more.As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines.
In news this week from Norway, the country’s central bank published a paper exploring the merits of creating a central bank digital currency (CBDC).
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“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed,” the publication stated. “If the answer is yes, a CBDC may be an appropriate measure for remedying weaknesses that may otherwise arise.”Primarily, the paper focused on three main use cases for digital currencies. Namely, ensuring a public and credit-risk free alternative to cash and private bank deposits, as a backup solution for electronic payment systems, and to ensure the existence of a suitable legal tender as a supplement to cash. The move follows similar sentiment from other European nations like Switzerland, Estonia, and Sweden.
Banco Masventas, a financial institution operating in Argentina, announced that it will enable its clients to send global payments using bitcoin. The move is believed to be a notable step for bitcoin integration in the country. Bitcoin and other digital currencies are often praised for their ability to serve as a method of cross-border remittance. Now, Masventas will allow clients to use Bitcoin for global payments as an alternative to SWIFT, according to the institution's official website (note: the web link is to a Spanish-language website). Reportedly, the decision follows the bank’s partnership with the digital currency exchange, Bitex, which caters largely to Latin American users.
According to a report from Bloomberg, Deutsche Börse AG, a German marketplace organizer for the trading of shares and other securities, is considering implementing digital currency offerings. “Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do,” said head of clients, Jeffrey Tessler. “We are deep at work with it.”The news follows a movement last year with U.S. platforms like CBOE Global Markets and CME Group listing Bitcoin futures.
The Justice Department: according to a report from Bloomberg on Thursday, the United States Department of Justice (DOJ) opened a criminal probe into possible price manipulation in the digital currency market. Reportedly, this probe will investigate intentional manipulation of the price of currencies like Bitcoin. NASAA: announced to the public this week, “Operation Cryptosweep” is an initiative launched at the beginning of May. It brings together North American Securities Administrators Association members from more than 40 jurisdictions throughout Canada and the U.S. The joint North American effort already resulted in nearly 70 inquiries and investigations so far, and is just the “tip of the iceberg.” FTC: The Federal Trade Commission (FTC) is set to host a digital currency safety workshop in June. Hosted at DePaul University in Chicago, illinois,”Decrypting Cryptocurrency Scams” will reportedly focus on promoting investor awareness. The event will be free and open to the public, set to begin June 25th at 1 pm Central. According to the FTC, the event is part of their ongoing plan to protect consumers as they engage in newly emerging financial technologies. “As technological advances expand the ways consumers can store, share, spend, and borrow money,” it stated. “The FTC is working to keep consumers protected while encouraging innovation for consumers’ benefit.”
Singapore topped off the week by warning eight digital exchanges believed to be operating without regulatory approval. The news arrived courtesy of the Monetary Authority of Singapore (MAS), the country’s central bank. According to a press release made available to the public, MAS’ “reminder” to these eight exchanges serves as part of a general warning against the trading of digital tokens that are securities or futures contracts without the regulatory body’s authorisation.Alongside the publication, assistant managing director of capital markets, Lee Boon Ngiap, said that the number of digital currency offerings and exchanges in the country has been increasing. “We do not see a need to restrict them if they are bona fide businesses,” he added. “ But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.”Want to buy digital currencies? Coinsquare is Canada’s most secure platform for buying and selling Bitcoin, Litecoin, and other digital currencies.
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