The Shenzhen test acted as both a stress test and a marketing initiative. The City government gave away $1.5 million to 50,000 randomly selected citizens, who each received 200 yuan—about $30—usable at any of the 4,000 merchants who accept the digital yuan. The Suzhou test will include important new features that did not factor into the Shenzhen trials, most notably the ability to pay while offline.
Ripple’s Garlinghouse: U.S. regulators ‘advantaging’ Chinese crypto technologies
The international payments firm’s CEO repeated warnings that regulatory uncertainty is driving the company to consider leaving the U.S.
“If the U.S. government's doing things to advantage Chinese technology at the disadvantage to a company like Ripple and others like Ripple, then that's a really frustrating place to be,” Ripple CEO Brad Garlinghouse said. “And that's why we have taken the step to look at, should we relocate the company to a country where it is clear?”
Libra’s two-year delay
The financial leaders represented by the G7 and G20 countries have said that the Facebook-founded Libra stablecoin will have to wait until mid-2022 at earliest to launch
On Oct. 13, the Financial Stability Board released a report commissioned by the G20 that laid out a timeline that calls for the assessment of global stablecoin rules by July 2022.
FATF calls for clampdown on ‘so-called stablecoins’ in new report
The Financial Action Task Force warns stablecoins have a ‘propensity for mass adoption makes them more vulnerable to be used by criminals and terrorists’
When a powerful international financial oversight body releases a report on “so-called stablecoins,” you just know it isn’t going to be comfortable reading.