TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Robinhood banking app gets another try. Ripple CEO unsure Facebook Coin will launch next year. Enterprise Ethereum Alliance launches rewards token. Japan rules cryptocurrency political donations are legal. EU Finance Chief declared they will regulate Libra-like crypto assets, and Kraken lists Siacoin.
Robinhood Banking App Launches
The Robinhood banking app is launching a bank-like cash management account after having previously retired similar checking and savings accounts. The newly announced product will offer customers a 2.05% interest rate, more than 20 times higher than the national average. Robinhood also announced they will be partnering with Goldman Sachs, HSBC Bank, Wells Fargo Bank, Citibank, Bank of Baroda and U.S. Bank, with the purpose of insuring accounts up to $1.25 million.
Ripple CEO Not Positive About Libra Launching Anytime Soon
Brad Garlinghouse, CEO of Ripple, declared he is not very positive about Libra, the Facebook cryptocurrency project, launching next year as was originally intended. Garlinghouse said in an interview, ” I would bet that Libra…let’s say, by the end of 2022, I think Libra will not have launched.” When asked about why he thought that way, he referred to the regulatory opposition the project has received in some countries. “The regulatory headwinds they’re facing are substantial.”
Enterprise Ethereum Alliance Launches Reward Token
The Enterprise Ethereum Alliance, an Ethereum standardization platform for enterprises, launched its own reward token to companies within the organization. The system, presented at the Devcon 5 conference in Osaka, will let the EEA reward their member companies with tokens for them reputation points or even penalize them.
Japan Minister: Cryptocurrency Political Donations Legal
Sanae Takaichi, the internal affairs and communications minister of Japan, confirmed cryptocurrency donations are legal. According to the law in Japan, every donation made in stocks, bonds or fiat must be publicly reported. However, cryptocurrency does not fit in any of these three predetermined classes, and so it is possible for a politician to receive donations in cryptocurrency without even reporting it due to this loophole.
EU Finance Chief Says They Will Regulate Libra-like Crypto Assets
European Commission Executive Vice-President Valdis Dombrovskis declared Libra-like crypto assets need to be regulated because they represent a peril to the economic system of the region. “We will need to regulate Libra to supervise it on EU level both from the point of financial stability and protection of investors as well,” he said in a confirmation hearing with the European Parliament. The EU is working on a regulatory framework to address cryptocurrencies such as Facebook’s Libra.
Kraken to List Siacoin
Kraken, one of the main cryptocurrency exchanges in the US, decided to add Siacoin to their lineup of exchangeable cryptocurrencies. Sia, network of the Siacoin cryptocurrency, is a decentralized blockchain that matches users looking for free storage space with users offering their hard drive space to the network. Kraken will open three trading pairs for the currency: SC/USD, SC/EUR, SC/XBT, SC/ETH today.
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