China Closer to the Digital Yuan; CFTC Clarifies Physical Delivery; Revolut Launches in the US

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. China is near issuance of its digital yuan. CFTC clarifies parameters of physical crypto delivery. Revolut launches in the US. Brave partners with Binance for in-browser crypto purchases. BTC involved in the latest South Korean sex scandal, and Mike Novogratz bullish about bitcoin’s future.

China Near Digital Yuan Issuance

Digital Yuan

Despite earlier reports about the coronavirus outbreak delaying its issuance, The People’s Bank of China completed development of their digital yuan in partnership with private companies, according to a report from GlobalTimes. Industry insiders declared Alibaba allegedly aided with the development of certain patents addressing the basic functions of the digital yuan, including circulation, payment, issuance, and AML functions. “The first step of technological development has been basically completed,” they stated.

CFTC Clarifies Physical Delivery on Traded Crypto

Digital Yuan

The CFTC emitted guidance to clarify certain topics about the physical delivery of traded cryptocurrency. The CFTC stated neither the selling party or the facilitator retain any kind of ownership after a period of 28 days from the date of purchase. This also means the buyer will have complete control of their cryptocurrency after 28 days, the limit date for physical delivery. These parameters and requirements will have to be fulfilled by exchanges using physical delivery for their compliance.

Revolut Launches in US

Digital Yuan

Revolut, the popular crypto-stock exchange/fintech bank, finally launched in the US after having their apps in beta testing since 2019. Revolut presents itself as an alternative bank with several features: spending and exchanging money at real rates, getting salaries up to two days in advance with no associated cost (with FDIC insured deposits up to $250,000), and disposable virtual cards to use in any retailer. Revolut users in the US can now open an account in just minutes, only with a phone number and a valid US identification.

Brave Partners With Binance to Offer Integrated Crypto Purchases

Brave, the cryptocurrency and privacy-friendly browser, partnered with Binance, the biggest cryptocurrency exchange, to offer integrated crypto purchases. New versions of the browser software will include a Binance widget by default that will let users connect it with their Binance account to purchase and trade cryptocurrencies from the interface. Brendan Eich, Brave’s CEO, declared that “bringing a leading exchange like Binance into the browser, Brave is taking cryptocurrency trading mainstream.”

BTC Involved in Latest South Korean Sex Scandal

A new sex scandal in South Korea was revealed, when more than 25,000 users paid for the sexual exposure of underaged girls in Telegram chats. According to an article published by Kookmin Ilbo, each user paid $1,200 dollars in BTC to have access to these rooms, where pictures and videos of underaged boys and girls being abused in several ways were posted. This is not the first sex scandal in South Korea involving BTC, as there was another site of this kind that was shut down last year where payments were done also in BTC.

Mike Novogratz Buying Bitcoin Again

Mike Novogratz, the founder and CEO of Galaxy Digital, a crypto investment company, declared he intends to capitalize on the recent dump in the market to keep building his reserves. Novogratz is still bullish on digital currencies, as he declared he will keep buying bitcoin and gold when they drop in price. “If there was ever a time — debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin,” he explained, clarifying he also expects a rise in prices by the end of this year.

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