G20 urges countries to implement crypto standards, Sweden starts testing CBDC and Shopify Joins Libra Association
G20 urges countries to implement crypto standards set by FATF
The G20 group, an international forum from 19 countries and the EU, has urged countries to implement crypto standards. This is set by the Financial Action Task Force (FATF), an international money-laundering watchdog.
“Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers,”
Last year in June they released their final crypto guidelines. This which requires exchanges to collect and transfer customer information during transactions. It also the name of the originator, its account number and location information. Also the name of the beneficiary and his or her account number should be collected.
Source: The Block
Sweden starts testing world’s first CBDC
Last week, Sweden’s Riksbank said it had begun testing the e-krona. This takes the country a step closer to the creation of the world’s first central bank digital currency (CBDC). Besides China and its PBoC, a lot of countries are researching the possibility for a digital currency.
If the e-krona eventually comes into circulation it will be used to simulate everyday banking activities. Think about payments, deposits and withdrawals from a digital wallet such as a mobile phone app.
“The aim of the project is to show how an e-krona could be used by the general public,”
Source: Reuters
Shopify Joins Libra Association
The Libra Association has finally shown a bit of growth after a number of prominent companies departed. After the lose of VISA, Mastercard and many more partners, they announced that Shopify, an e-commerce platform, will become a part of the Libra Association. The Libra Association is a collective of major companies putting their weight behind the Facebook cryptocurrency Libra project.
Shopify stressed that helping merchants reduce fees and bringing commerce opportunities to developing nations as reasons it’s joining the Libra Association.
“Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce,”
Source: Forbes
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