Germany €750 Billion Corona Stimulus; OneCoin Lawyer Freed From Jail; SEC Hits Telegram Again

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Germany to spend €750 billion in emergency stimulus grants. Binance launches a crypto lending platform. SEC declares Telegram can’t distribute GRAMS to non-US investors. PayPal hiring AML blockchain strategy director. OneCoin lawyer released from jail due to coronavirus contagion risk, and Russia delays crypto law adoption due to pandemic.

Germany to Grant Millions in Emergency Stimulus

Germany

Germany has not been the exception when it comes to the effects coronavirus is having over the world economy, and it now also approved a series of emergency stimulus. €50 billion will be distributed to freelancers and service lenders, while €400 will be destined to stabilize the economics of larger companies. Germany will spend an estimated €750 billion, almost the entire total of its tax intake for a year, bracing for a big drop of 10% in its GDP. The US also signed a historic law recently, a $2 trillion package.

Binance Launches Lending Platform

Germany

Binance, the biggest cryptocurrency exchange, launched a new lending service that allows any Binance user to apply for a guaranteed approved loan. “Crypto Loans” (as the platform is named) lets users get a 7, 14, 30 or 90 day loan of stablecoins (only USDT and BUSD available), after using collateral in BTC or ethereum corresponding to 65% of the loan. Interest of 9.06% will be collected, and as a part of a special introductory promotion, Binance is slashing 20% off the interest rates until April 14th.

SEC Rules Telegram Cannot Distribute Tokens to Non-US Investors

Germany

The US SEC delivered yet another blow to Telegram regarding the temporary injunction blocking distribution of their tokens (named “GRAMS”) to ICO investors. The SEC clarified the injunction “unambiguously, and properly, applies to Telegram’s delivery of Grams to ‘any person or entity’ […] and requires no clarification.” This foils Telegram plans to distribute 1.27 million GRAMS that were sold to non-US investors during their ICO. Despite this, the community is still planning to launch the TON network.

PayPal Hiring Blockchain Strategy Director

PayPal, the worldwide famous payments processor, is hiring an AML and Blockchain Strategy director for its financial crimes division. The company is seeking a person with broad experience in blockchain and cryptocurrency to apply these decentralized technologies to prevent the occurrence of financial crimes on the platform. Also, the new director, based in New York, would have to “focus on blockchain-related opportunities for the company in terms of strengthening the risk department of the company.”

OneCoin Lawyer Freed From Jail Due to Coronavirus

Mark Scott, a lawyer involved in the OneCoin cryptocurrency scam, has been released from a Miami jail due to the risk of contracting coronavirus. The judge overseeing the case declared Scott was “a sick individual — at greater risk of becoming seriously ill if he would contract the virus. There’s only so much social distancing that one can do when one is in prison.” Scott took $50 million and helped Ruja Ignatova, the ring leader of OneCoin, to launder more than $400 million of customers’ investments.

Russia Delays Crypto Law Adoption

Russia has delayed again the adoption of the national cryptocurrency law as a result of the occurrence of the coronavirus pandemic. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, declared that all legislative tasks are being delayed now that the Duma is focusing on coronavirus specific measures and legislation. The bill, called “On Digital Financial Assets,” would have been adopted this Spring, forbidding the use of cryptocurrencies as payment and legalizing cryptocurrency mining as a “value” activity.

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