Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures

In this roundup, we cover crypto regulatory developments amid the global crisis effected by the coronavirus outbreak, bank closures, interest rate cuts, and plunging stock markets. Through it all, governments worldwide are still focusing on cryptocurrency regulation, including the U.S., South Korea, India, and Russia. Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency US: Proposal to Issue Two $1 Trillion Coins, Covid-19 Responses, State Cryptocurrency Bills Governments worldwide are in a panic mode as the number of covid-19 cases has…

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Russian Ministry Wants to Test Crypto and Blockchain in Regulatory Sandboxes

The Ministry of Economic Development of the Russian Federation introduced a draft law that would allow the testing of crypto in a regulatory sandbox. Amid regulatory uncertainty for cryptocurrencies in Russia, a federal ministry introduced legislation that would legalize crypto and blockchain within a special regulatory environment. The Ministry of Economic Development of the Russian Federation has reportedly prepared a draft law that would allow the testing of cryptocurrency and blockchain developments within a special regulatory sandbox. Sandbox to unlock blockchain and crypto testing in eight industries According to a…

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Pioneering Crypto Bank Launches CHF-Backed Stablecoin

Swiss crypto bank Sygnum has launched what it describes as the first CHF-backed stablecoin to be issued by a regulated financial institution. Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum’s ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank. According to local media outlet Swissinfo, DCHF is under consideration for support from the forthcoming SDX digital assets trading platform from SIX Group — of which Sygnum is a member. Swiss crypto bank announces CHF-pegged “settlement token”…

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UPDATED: In US COVID-19 Stimulus Bill, Hope not Lost for Digital Dollar

At least one senator is fighting to keep the digital dollar in the COVID-19 economic stimulus bill as House Democrats reintroduce it. While the newest version of a proposed stimulus package to respond to the economic crisis caused by the coronavirus in the United States has scrapped mention of a digital dollar, at least one senator is fighting to keep those provisions. The changed bill for economic recovery As Cointelegraph reported yesterday, March 23, a draft of the proposed economic stimulus bill was circulating that included the requirement of developing a digital…

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How to Buy Weed With Bitcoin

So you’ve got a little bitcoin to your name but are all out of weed. What you gonna do? Well, if you’re fortunate enough to live in a region where marijuana is legal, there are ways to exchange the two. While if you don’t inhabit such an enlightened area, rumor has it there are still ways and means to get your fix without touching fiat. Here are five options for legally buying weed with bitcoin. Also read: California City Official Uses Bitcoin Cash to Purchase Cannabis How to Swap Sats…

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Solana and Chainlink Team Up To Build A Crazy Fast Oracle

In partnership with Chainlink, blockchain platform Solana is building a price oracle that updates in less than half a second. Blockchain platform Solana has joined up with decentralized oracle solution Chainlink to construct an oracle that updates incredibly quickly.  “We recently saw market failures due to congestion on Ethereum, including oracle failures,” Solana CEO and founder Anatoly Yakovenko told Cointelegraph in an interview, adding:  “What we’re building with Chainlink is a high-frequency oracle that can give a price update every 400 milliseconds — and because of our capacity, we shouldn’t…

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Texas Regulator Warns of New Crypto Frauds Amid Coronavirus Outbreak

The Texas State Securities Board urges investors to exercise caution when dealing with cryptos in the midst of COVID-19 pandemic. The Texas State Securities Board (TSSB) has issued a warning on March 23 about crypto scams that have emerged in the wake of the COVID-19 pandemic. The report refers to different types of scam, among which are those related to crypto investments that promise high returns in the midst of the coronavirus crisis. Coronavirus-related scam methods Among other scams, one of the most common is called “pump and dump.” The sceme…

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Telegram Denied: Court Sides With SEC, Grants Injunction Against Issuing GRAMs

The SEC has been granted an injunction to prevent the distribution of Grams with the U.S. court saying that there would be a “near certain risk of a future harm.” A United States District Court has granted an injunction against Telegram, preventing the company from issuing its GRAM tokens at the present time. Court says that GRAMS are securities under Howey test Per a March 24 filing granting the Securities and Exchange Commission’s request for a preliminary injunction, the Court wrote that: “The Court finds that the SEC has shown…

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Crypto Donation App BABB Waives Fees For Coronavirus Fundraisers

Run an eligible fundraiser related to COVID-19 and you’ll pay no fees on BABB. Crypto wallet banking and donation app BABB has announced the debut of its top-up function, a fee-waiving cash-out policy for COVID-19 fundraisers on its platform. According to the announcement, the company has also added a fiat gateway that every Android and iOS user will have access to. BABB clarifies that as long as the users pass the Know-Your-Customer verifications, they will be eligible. That said, customers who have not previously used BAX tokens or who are…

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Binance Holds $1B in ERC-20 Stablecoins

Huobi sits in second place. Binance has more than $1 billion in ERC-20-based stablecoins as of March 24. This figure surpasses a milestone that quite far ahead of second-place Huobi. Binance holds $1,007,585,549 of these stablecoins as of press time, a balance that has grown some $105,583,132 over the past seven days, according to the global stablecoin exchange balance by Nansen. Huobi’s balance is slightly more than half that sum: $694,327,505. That figure represents a growth of $165,823,720 in the same seven days as Binance. These companies are distinctly leading…

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