The Chairman of the United States Federal Reserve (FED), Jerome Powell, has said that the design of the digital dollar must include identity verification of users. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
The digital dollar will not be anonymous
📍US Federal Reserve Chairman Jerome Powell clarified that the digital dollar will not be anonymous. Speaking at a panel discussion on digital finance hosted by the Bank of France, Powell said one of the key features that the design of a digital dollar should include is verification of users' identities.
Powell clarified that while a central bank digital currency would protect the privacy of its users, it would not be anonymous.
In addition to this, Powell also took the opportunity to highlight the need to regulate the decentralized finance ecosystem, which he believes has “very significant structural problems.”
During his speech, the FED president assured that the interaction between DeFi and the traditional financial system is not very significant at present, so the crypto winter has not had a major impact on the banking system and financial stability in general. However, he specified that adequate regulations must be imposed to mitigate the possible risks of this growing ecosystem in the future.
Miss and Mr Language will accept payments in Bitcoin
📍Spanish English language academy Miss and Mr Language will list Bitcoin and several cryptocurrencies among its payment options. In a statement shared with Cointelegraph, Miss and Mr Language reported that it will open a new branch in Valencia next month and, with it, enable new cryptocurrency payment options.
According to Andrea, one of the entrepreneurs at the language academy, the adoption of cryptocurrencies as a means of payment is motivated by the new generations, who are using crypto assets in increasingly frequent ways in their daily lives.
Andrea said that several young people will be studying at the academy this year and have asked to pay for their courses in bitcoin or a similar cryptocurrency.
Japan adopts FATF rules to strengthen crypto regulation
📍The Japanese government will implement new regulations for cryptocurrencies next year, aimed at complying with anti-money laundering rules. Japan will strengthen its regulation to mitigate the risks of cryptocurrency money laundering in the country, according to local news agency Nikkei.
The Japanese government is working on the implementation of the rules of the Financial Action Task Force (FATF) to track money transfers made by people involved in illegal activities.
According to the agency, the government is currently reviewing the country's Prevention of Transfer of Criminal Proceeds Act, and will submit a draft amendment to the law in early October, to add cryptocurrencies to money transfer rules, or travel rules and require digital asset companies and service providers to provide data and information about their customers.
Alliance between Chainlink and Galaxy Digital
📍Cryptocurrency company Galaxy Digital has partnered with decentralized oracle network Chainlink. Through this partnership, Galaxy Digital will provide cryptocurrency price data to blockchains via the market-leading decentralized oracle network, Chainlink.
Galaxy Digital's Head of Strategic Opportunities, Zane Glauber, said that the company’s integration with Chainlink is part of its efforts to build a “deep and diverse” crypto ecosystem.
According to Glauber, Galaxy Digital will provide extensive market data, which will be available through Chainlink’s independent architecture and will be an important tool to enable smart contract developers to build advanced applications using blockchain.
Continue reading: 34% of UK citizens own cryptocurrencies as pound plummets
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