“New York Attorney General Letitia James today continued her efforts to protect investors from fraudulent and deceptive virtual or “crypto” currency trading platforms by requiring Bitfinex and Tether to end all trading activity with New Yorkers. Millions around the country and the world today use virtual currencies as decentralized digital currencies — unlike real, regulated government currencies, including the U.S. dollar — to buy goods and services, often times anonymously, through secure online transactions.”

“Centralized payment companies such as Visa, Mastercard and PayPal will need to adapt if they are to survive the potential demand for blockchain-based stablecoin payments, according to research firm Gartner. In a Thursday blog post , Gartner notes that, while new bitcoin (BTC) offerings from such firms are helping to prepare the transition to a future payment infrastructure, their revenue is based on charging transaction fees for clearing and settlement.”

“Digital asset manager NYDIG is joining forces with banking technology provider Moven to offer plugins for banks that want to launch bitcoin products.  The move comes in the wake of several letters from the U.S. Office of the Comptroller of the Currency giving banks the green light to custody crypto and the ability to conduct payments and other activities with stablecoins.”

“Federally regulated banks can use stablecoins to conduct payments and other activities, the Office of the Comptroller of the Currency (OCC) said Monday. The federal banking regulator published an interpretive letter addressing whether national banks and federal savings associations could participate in independent node verification networks (INVNs, otherwise known as blockchain networks) or use stablecoins. The letter said that these financial institutions can participate as nodes on a blockchain and store or validate payments.”

“Digital currency could play a bigger role in the retail tech world in 2021, and the latest evidence of that comes from Coin Cloud, a digital currency machine (DCM) provider. It announced that it has installed its 1,250th kiosk. This milestone for Coin Cloud coincides with widespread digital currency adoption, the company said.”

“A new U.S. congressional bill would require stablecoin issuers to secure bank charters and secure regulatory approval prior to circulating any stablecoins. U.S. Representatives Rashida Tlaib (D-Mich.), Jesús “Chuy” García (D-Ill.) and Stephen Lynch (D-Mass.) introduced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act on Wednesday, writing in a press release that it would focus on regulating stablecoins, naming the stablecoin of the Facebook-led Libra project ( since renamed Diem ) as one example.”

“The Libra Association announces the adoption of a new name and the recruitment of key executives, reinforcing its organizational independence as it progresses toward regulatory approval for launch. Now transitioning to the name “Diem”, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”

“Financial leaders of the world’s seven biggest economies will say on Tuesday that they oppose the launch of Facebook’s Libra stablecoin until it is properly regulated, a draft G7 statement showed. The draft, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said digital payments could improve access to financial services, cut inefficiencies and costs.”

“Today, Ripple launched Line of Credit , a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to source capital on demand to initiate cross-border payments at scale using the digital asset XRP.”

“A new bipartisan-backed bill aims to clarify investment contract assets or digital tokens sold as part of a securities offering are separate and distinct commodities, not securities.  The legislation introduced by Chairman of the National Republican Congressional Committee Rep. Tom Emmer (R-Minn.) would amend existing securities laws to exclude tokens from the definition of a security.”

“The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including U.S. dollars or other foreign currency. “National banks and federal savings associations currently engage in stablecoin-related activities involving billions of dollars each day,” Acting Comptroller of the Currency Brian P. Brooks said.”

“Sygnum Bank, Coinify and Galaxus announce the world’s first e-commerce transaction using a bank-issued stablecoin. The Sygnum Digital Swiss Franc (DCHF), pegged 1:1 with the Swiss Franc, eliminates the need for card systems, reduces costs and fraud, and processes transactions in real-time. This seamless connection between the digital and traditional economies has the potential to revolutionise the USD 3.5 trillion e-commerce industry and forge direct connections between consumers and online retailers.”

“Goldman Sachs is renewing its push into Wall Street’s digital future. The firm made Mathew McDermott , a managing director who ran the investment bank’s internal funding operations, its new global head of digital assets last month, CNBC has learned exclusively.”

“A type of digital currency that aims to maintain a stable value relative to that of an underlying asset or benchmark has the potential for mass adoption, but that potential also makes it more vulnerable to criminal abuse, a global standard setter for anti-money-laundering laws said. The Financial Action Task Force, in a report to the G-20 finance ministers, identified illicit finance vulnerabilities specifically with so-called stablecoins and said risks should be analyzed and mitigated before such digital currencies are launched, particularly if they have the potential for mass adoption.”

“British payments start-up Checkout.com has joined the Libra Association, the digital currency project set up by Facebook last year. Checkout.com is the first payment processor to join the initiative since U.S. giants Visa , Mastercard and Stripe all pulled out over regulatory concerns in October. In recent weeks, other firms have said they will back Libra, including e-commerce giant Shopify , non-profit organization Heifer International and cryptocurrency brokerage Tagomi.”

“The idea of a single global currency — instead of multiple ones such as the dollar, pound and euro, to name a few — may seem farfetched now, but progress in digital payments will make it possible. However, various stakeholders — governments, regulators, companies and customers — will have to come together to make it a reality.“We can digitise currency in such a way that it becomes boundaryless,” said Sri Shivananda , the chief technology officer of PayPal , during a session on ‘Future of Digital Payments’ at the ET Global Business Summit.”