• Mansimrat

Ethereum 2.0 launch on 1st December to BIS views on Stablecoins, Read Today's Top 5 Crypto News

1) Ethereum 2.0 beacon chain genesis has been confirmed for 1st December, 2020.

Finally, 524,288 Ether have been transferred to the ETH 2.0 deposit contract which went live on 4 November 2020. The number of transfers to the deposit contract rapidly increased on 23 November 2020. ETH 2.0’s beacon chain genesis will launch on December 1 that is seven days after the required deposit contract’s threshold has been met. While the participants won't be able to withdraw their coins until ETH 2.0 reaches Phase 1.5.

2) Bitcoin makes it to the front page of the Wall Street Journal.

On 23 November's issue of Wall Street Journal, 80% rally of Bitcoin was published on the front page. The report also suggested that Bitcoin is reaching near its record value because of a new group of buyers. Plus it was also mentioned that Bitcoin has recently found support from Paul Tudor Jones and Stanley Druckenmiller.

3) Japanese financial services company group is coming up with a crypto lending service.

Japanese financial giant SBI Group has come up with a crypto lending service named VC Trade Lending where user can lend their cryptocurrency to SBI and earn an interest rate of 1% including taxes. Initially, the group has decided to provide only Bitcoin lending service but in the future, they plan to extend these services for lending Ether and Ripple. The minimum lending amount for this service is 0.1 BTC.

4) Malta Financial Services Authority issued two financial licenses to Crypto.com.

Crypto.com has scored regulatory approvals from the Maltese government. The exchange has been granted two financial licenses-

1. Financial Institution License which allows to provide payment services and issue electronic money.

2. Class 3 Virtual Financial Assets License which allows the exchange to offer investment management services, custody, and trading to both professional and nonprofessional investors.

5) BIS published about potential, risks, and regulations related to stablecoins.

Bank of International Settlements (BIS) published a paper where their analyst believed that the global stablecoins should address the potential for other stablecoin uses, such as embedding a robust monetary instrument into digital environments, especially in the context of decentralized systems. It also mentioned

Stablecoin proposals are one area where embedded supervision may work in practice. Information is a central function of regulation, both from the standpoint of enhancing market functioning and efficiency, and as from the standpoint of supervision, whether for purposes of market integrity, customer and investor protection, or prudential supervision.

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