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G20 on Tax, ‘Global Stablecoins’ and Crypto Market Oversight + More News

Sead Fadilpašić
Last updated: | 4 min read

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Source: G20

Regulation news

  • Finance ministers and central bank governors of the Group of 20 (G20) major economies released a communique after their meeting this past weekend, stating:
    – “We welcome the recent progress made on addressing the tax challenges arising from the digitalization of the economy.<…>We stress the importance of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting agreeing on the key policy features of a global and consensus-based solution by July 2020, which would form the basis of a political agreement.”
    – “We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the Financial Stability Board’s efforts to develop regulatory recommendations with respect to these arrangement.”
    – “We urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers.”

Crime news

  • A hacker appears to have made off with some USD 45 million worth of bitcoin (BTC) and bitcoin cash (BCH) from a “whale” investor in an alleged SIM card attack. Per a now-deleted Reddit post (screenshot available to view here), the alleged victim stated that they had been attacked, losing USD 30 million worth of BCH and USD 15 million worth of BTC. The alleged victim stated that they wanted the mining community to help them retrieve the stolen funds – and would offer a “big reward” for help.

Stablecoins news

  • The Ukrainian cryptocurrency exchange Kuna is set to launch a stablecoin that will be pegged 1:1 with the Ukrainian hryvnia. Per an official release, Kuna says that its founder and the current President of the Ukrainian Blockchain Association, Mikhail Chobanyan, will officially unveil the project on March 20, 2020, at BlockchainUA, reportedly the biggest crypto conference in Ukraine. The new cryptohryvnia (UAX) token was created on the Ethereum blockchain and is said to support the ERC20 and ERC865 standards.

Exchanges news

  • Binance has partnered with payment platform Epay to offer deposits and withdrawals of Hong Kong Dollar (HKD). Per the announcement, users can now login and deposit to Binance via their Epay account with zero fiat deposit fees for HKD, and after HKD is deposited into users’ Binance wallet, users can buy and sell crypto with HKD directly with the one-click buy/sell service.
  • MovieBlock, a token operated by Pandora TV, is set to be listed on Binance exchange after winning a community vote – the first time a South Korean project has done so, reports Fn News. Pandora TV was once South Korea’s answer to YouTube – and was the nation’s leading video sharing site before its American counterpart gained almost total dominance of the domestic market. MovieBlock beat a rival movie-themed Belgian token in the poll.

Adoption news

  • Crypto lender Celsius Network said that it has paid its members over USD 11 million worth of BTC, ETH, and more than twenty other coins in interest income in total – an increase of 120% from USD 5 million three months ago. Additionally, the platform achieved: USD 6.2 billion of coin loans since beginning its lending operations in July 2018, USD 730 million in customer deposits and collateral from loans under management, and 75,000 users worldwide.
  • Chiliz, digital currency for sports entertainment platforms, announced that they’ve launched Socios ID, “the first blockchain-based ID verification for the sports and entertainment industries and CHZ to fiat debit card.” Per the press release, Socios ID will be available on the mobile app and platform, while Chiliz is also preparing the launch of the Prepaid Card this summer. This will have both a user’s Socios ID details and access to their crypto wallet, to spend CHZ and other currencies.
  • Animoca Brands, Hong Kong-headquartered publisher of mobile games, has announced that the official crate sale for F1 Delta Time starts on February 25, 2020. Per the company, users will be able to buy crates containing officially licensed Formula 1 non-fungible tokens (NFTs) of drivers, driver gear, and tyres for use in the game F1 Delta Time. Crates in F1 Delta Time are ERC-20 tokens and are available in 4 tiers: Common, Rare, Epic, and Legendary, which can be bought using cryptocurrencies. Players can choose to open their crates, sell them to other players, or hold on to them for future use.

Blockchain news

  • Some of Japan’s biggest financial companies, retailers and e-commerce platforms are cooperating on a blockchain-powered digital consumer bonds issuance pilot. Per Japanese media outlet Hedge Guide, the consortium of companies including Mizuho Bank, the integrated retail and corporate banking unit of the Mizuho Financial Group, financial provider Matsui Securities, Rakuten’s securities arm and retail giant FamilyMart are now testing the platform, which could potentially allow individual customers to take out bonds on an entirely digital platform.
  • Blockchain-powered sales platforms are booming in South Korea, claims a new report from Fn News. The media outlet reports that blockchain-based platforms that retail luxury goods, in particular, are thriving – including startup Guhada, which has accrued 38,000 users in just four months. A digital pawnshop named Jicto, launched late last year, has 10,000 items registered on its blockchain-powered marketplace.