#CryptoCorner: IMF Report Looks at Rise of Digital Money, Binance May Open South Korean Branch, #Bitcoin Suisse Applies for Swiss Banking License
Point Roberts, WA, Delta BC July 16, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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July 16 Crypto Corner
The International Monetary Fund (IMF) released a report yesterday titled: The Rise of Digital Money, wherein the organization analyzes the proliferation of electronic payment forms and how traditional banking institutions are seeing increasing competition from tech companies. An excerpt from the paper’s summary reads:
Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Crypto exchange giant Binance is working on opening a branch in South Korea, according to local blockchain outlet blockinpress. The company’s CEO, Changpeng Zhao (CZ), told the publication:
"We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details."
Bitcoin Suisse, a Zug, Switzerland-based crypto broker, asset manager and financial services provider, has applied for a Swiss banking license, according to a press release today. Specifically, the firm submitted an application to the FINMA (Swiss Financial Markets Supervision Authority) for a Swiss banking license, and an application for a securities dealers’ license. According to the press release:
These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services. Bitcoin Suisse is adapting to a changing regulatory landscape, where more and more crypto assets and services fall under securities and banking law.
Canadian crypto platform Coinberry is in talks with the City of Richmond Hill, part of the Greater Toronto area, to support Bitcoin (BTC) property tax payments for residents and firms in the latter’s jurisdiction. This would be the company’s second such arrangement, following the successful implementation of a digital currency payment service with the town of Innisfil, which is also in the Greater Toronto area. Andrei Poliakov, Coinberry CEO and Co-Founder, commented:
“We are very happy to be entering into a partnership with our second Canadian Municipality. Leaders of government and enterprise organizations are realizing that, with the right partners, they can innovate with blockchain and digital currencies. We’re pleased to be working on additional innovative solutions with leading enterprise and municipal partners, and have a number of very exciting initiatives we will be announcing over the next several months.”
Sam Mowers, Investorideas
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