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3) For purposes of this paragraph (eee), convertible virtual currency means a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status.

The Commodity Futures Trading Commission (CFTC), Division of Swap Dealer and Intermediary Oversight (DSIO) has issued an advisory to futures commission merchants (FCMs) regarding the holding of virtual currency in segregated accounts.

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Governor of Saudi Arabian Monetary Authority Says Central Bank Digital Currencies Seem Promising and are Worth Exploring, 10/20/2020 22:01

Ledger Vault Chosen by Societe Generale-Forge to Offer Security Services for its Central Bank Digital Currency or CBDC Tests, 10/23/2020 08:32

Decred, a Security and Scalability focused Digital Currency Project, Launches DCRDEX, a Non-Custodial Exchange, 10/21/2020 10:01

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Alibaba Founder Says Digital Currencies Could Redefine Meaning of Currency.

Digital currency could create value, and we should think about how to establish a new type of financial system through digital currency.

More from Bitcoins Channel:

Alibaba’s Jack Ma praises the disruptive nature of digital currencies, 10/26/2020 19:20

China Drafts Law to Legalize Digital Yuan, Outlawing Competitors, 10/24/2020 11:02

ECB Executive Board Member on European Payments in the Digital Age, 10/23/2020 22:40

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The advisory, Letter No. 20-34, provides guidance to FCMs on how to hold and report certain deposited virtual currency from customers in connection with physically delivered futures contracts or swaps and how to maintain appropriate risk management programs concerning the acceptance of virtual currencies as customer funds.

More from National Law Review:

FinCEN Issues $60M Fine for Convertible Virtual Currency BSA Violations, 10/21/2020 15:03

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A Central Bank Digital Currency (CBDC) being deployed by China could have immense implications for the role of the Dollar as the global reserve currency and the political stability of the US-Chinese relations.

More from Forbes:

IRS Releases Draft 1040 Instructions Adding Clarity To The Infamous Virtual Currency Question, 10/25/2020 00:35

People’s Bank Of China Draft Law Provides A Legal Basis For Digital Currency Electronic Payments (DC/EP) And Bans All Stablecoins Backed By Renminbi Reserves, 10/24/2020

Central Bank Digital Currency: The First Nationwide CBDC In The World Has Been Launched By The Bahamas, 10/21/2020 14:20

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Of course, along one avenue: the Fed has said it is teaming up with MIT to explore the infrastructure that might underpin digital currencies, and in particular, the digital dollar.

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Today In Digital-First Banking: Google Cloud AI Tech Digitizes Mortgage Doc Processing; Fed Chair Calls For In-Depth Vetting Of CBDCs, 10/20/2020 13:42

European Banking Federation On The EU’s Shift To Digital, Data-Driven Financial Services, 10/21/2020 04:00

Supply Chains Will Shift, Digital Dollars Emerge After COVID-19, 10/23/2020 04:03

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Central bank digital currencies on the rise in the Caribbean and beyond The “Sand Dollar” joins a growing number of digital currency projects to have emerged from financial institutions in the Caribbean region.

More from Fin Tech | Finance Magnates:

Hong Kong Central Bank Willing to Test Digital Yuan, 10/21/2020 09:09

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The Sand Dollar was made available to the entire population of the country of around 393,000 on Oct. 20, making Bahamas the first country to roll out a central bank digital currency (CBDC) nationwide.

More from International Business Times (United Kingdom):

Cryptocurrency News: Is A Digital Euro Currency A Realistic Goal?, 10/21/2020 15:11

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In addition, classifying these currencies as intangible assets does not faithfully represent the economic nature of digital currencies because the currencies generally have actively traded markets, critics say.

The central banks across various jurisdictions are increasingly looking at digital currencies (CBDCs) as an option; even as they are carefully considering the potential challenges and implications on the financial and monetary systems, according to panelists at the World Alliance of International Financial Centers (WAIFC) annual meeting...

More from Al Bawaba (Algeria):

IMF: Digital Money Carries Both Promises, Risks, 10/21/2020 05:30

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Balance sheets are for digital money what safes and vaults are for banknotes and coins: a place where you can put your money to keep it safeguarded.

More from CoinDesk:

Central Bank of Bahamas Launches Landmark ‘Sand Dollar’ Digital Currency, 10/21/2020 04:51

Silvergate Bank Sees 40% Increase in Deposits From Digital Currency Customers, 10/26/2020 09:39

Digital Ruble ‘Promising,’ Pilot Likely in 2021, Says Bank of Russia Chief, 10/23/2020 09:48

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Powell said that while the Fed has made no decision yet on issuing a digital currency, it is an active participant in research into the prospect in partnership with other central banks and the Bank for International Settlements.

Singapore, Oct. 21, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) Chainstack and Cordite Society are today announcing a partnership to make Cordite XDC nodes available to enterprises and innovators of any size through the Chainstack’s turnkey blockchain managed services platform.

Because of the evolution of this new era of currency, many ‘normal’ New Zealanders, thanks to Digital Currencies like Qoin, are looking into the future and where their ‘money’ is better spent or saved.

While a CBDC is a digital currency, it fundamentally differs from privately-issued currencies like cryptocurrencies," he said.

Predictions for the global digital economy, digitisation and digital currency made as early as last year have all gone out the window in the last six months as the pandemic forced new truths to emerge in practically every sector in the world ...

The bank announced in September that it intended to launch the e-currency this month after pilot tests began in January 2020 and were extended to the island of Abaco in March.

More from NFC World:

Russia launches public consultation on digital ruble, 10/26/2020 11:08

Shenzhen residents spend nearly 9m digital yuan during CBDC pilot, 10/21/2020 06:54

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Zhao responded that any blockchain or digital currency would be good for the industry overall as it legitimizes digital assets and broadens awareness.

More from CoinTelegraph.Com:

Russia doesn't need to be first with a digital currency, says state expert, 10/23/2020 05:45

Central bank digital currencies have the power to upend global finance, 10/26/2020 14:09

Digital yuan will work with WeChat and Alipay, says bank exec, 10/26/2020 07:19

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CBDCs would bring downsides, however, as some forms of digital currency would disrupt commercial banks’ business models.

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