In response to a request for comment on potential rules from the Office of the Comptroller of the Currency (OCC), many major players in crypto have written in, asking the regulator to expand the authorizations it gives banks to handle cryptocurrencies and use blockchain technology. Blockchain-backed transfers and new stablecoins as dollar competitors One of the leaders in blockchain-backed financial services, Silvergate Bank wrote to the OCC to promote blockchain as a more efficient way for banks to send money to each other and between client accounts. Silvergate pointed to USD-backed stablecoins like USDC or USDT as examples of how …

Leading global payment companies Mastercard and Visa have been making moves to accelerate the support of cryptocurrency payment processors by opening up new options for users around the world. Both companies made strong statements in support of the use of cryptocurrencies in July by announcing respective projects and collaborations that are driving the adoption of cryptocurrencies. The positive attitude toward cryptocurrency exchanges and payment platforms from the world’s largest traditional payment processors signals a shift in perception from the traditional financial space. Mastercard has been actively encouraging exchanges and payment service providers to enlist in its recently expanded cryptocurrency card …

Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies. A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay. The central bank has allegedly argued that both have used their ascendant position to stifle any possible competition in the field of digital payments. If approved, an antitrust probe …

Socios.com, a blockchain startup aiming to tokenize the sports industry, has secured a major regulatory license allowing it to issue its own payments and loyalty card. Issued by the Estonian Financial Intelligence Unit, or FIU, the new license has been granted to the new Estonia-based entity called Socios Entertainment OU. Announcing the news on July 30, Socios’ partner project Chiliz.net noted that the FIU is the responsible authority for licensing crypto-related firms in the country. Socios’ prepaid fiat-crypto card is “due in the very near future” The new license allows Socios to provide virtual currency and fiat exchange services and …

Brian Brooks, the Acting Comptroller of the Currency and former head of Coinbase’s legal department, put forward blockchain as better than the United States’ current bank-dependent payments system. Decentralization for future payments On July 29, Brooks spoke with Aaron Klein of the Brookings Institution, a major U.S. think tank. In answer to hypothetical platforms for a future five-year term as Comptroller — Brooks is, at this point, in a liminal state as acting comptroller — Brooks emphasized decentralization: “I’m a believer in decentralization. At the end of the day, I think that stablecoins and other blockchain-based tokenization of dollars are …

Cypherium, the enterprise-level blockchain platform, is going to contribute to the blockchain development of a major Chinese city. A partner of global tech giants like Microsoft and Google, Cypherium has signed a Memorandum of Understanding, or MoU, with Suzhou City Municipal to advance the city's development of blockchain Infrastructure. The firm announced the news on July 28. Suzhou is among major cities piloting China’s digital yuan Suzhou City is a major economic center located in Jiangsu Province. One of the most competitive cities in China, Suzhou is among pilot cities of China’s central bank digital currency project, the digital yuan. …

As the human race evolves, our means of exchanging value also continuously develops. From the barter system that dates back to 6,000 B.C. to the present-day use of fiat currency, the human race has been on a nonstop journey toward creating more efficient exchange methods. Factors such as convenience, availability, stability and sustainability have played crucial roles in the evolution of exchange methods. What is fiat currency? Fiat currency is essentially paper money backed solely by the government’s word and central bank regulations. It became the preferred method of exchange globally at the expense of other methods such as commodity-based …

Amazon-owned streaming platform Twitch appears to be ramping up its crypto strategy. The site, which focuses primarily on video game livestreaming, is now offering users a 10% subscription discount when paying with cryptocurrency through the platform’s payment processor, BitPay. BitPay’s chief marketing officer, Bill Zielke, told Cointelegraph that out of the thousands of merchants the company works with, Twitch is the first major global brand to offer a crypto-based promotion. Zielke added: “We are seeing more online merchants interested in using crypto as a promotional payment form, which is exciting since most marketing payment options are mainly reserved for alternative …

At a time of unprecedented upheaval in the global tourism industry, blockchain-based travel booking service Travala and Swipe aim to boost crypto’s useability. Announced on July 24, Travala’s native token AVA will now be added to the Swipe wallet service and Visa card platform — reportedly making it spendable at 60 million merchants. AVA will also be supported by Samsung Pay, Google Pay and Apple Pay through Swipe’s integration with these services. In addition, the AVA token will be available to the 500,000 users of Swipe’s multi-asset digital wallet. The news follows shortly after Swipe’s acquisition by major crypto exchange …

Eftpos Australia, the country’s leading point-of-sale technology provider, has announced a partnership with distributed ledger technology (DLT) firm Hedera to conduct a micropayments proof-of-concept using an Australian dollar stablecoin. Eftpos chief executive Stephen Benton described the collaboration with Hedera as part of a broader digital payments innovation strategy intended to modernize Australia’s payment sector. The pilot aims to demonstrate how micropayments can be used to offer innovative payment solutions, such as “pay per page content or streaming services on a pay-per-second basis.” The proof-of-concept will be powered by an Australian dollar stablecoin through Hedera’s consensus service. Speaking to Cointelegraph, Robert …

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC). The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets” in its final third reading, local news agency Regnum reports July 22. After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry. Following the latest Duma’s decision, the bill “On Digital Financial Assets,” or DFA, is expected to be officially adopted in Russia on Jan. 1, 2021. The bill provides …

Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become partners as part of its newly-expanded cryptocurrency card program. On July 20, Mastercard said it was simplifying access to its Accelerate program for crypto card issuers, allowing applicants to be onboarded as partners “in a matter of weeks.” Now enhanced for crypto card applicants, the Accelerate program gives partners support with their market entry, continued growth and international expansion. New crypto partners will be assisted in integrating Mastercard’s technology and will be in a position to benefit from the firm’s cybersecurity expertise and market research. While …