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Hong Kong-based Bitcoin wallet, Xapo, is set to open a new fully-fledged Digital Bank in Gibraltar

Photo by Mike Kotsch on Unsplash

January 25, 2021

  1. Hong Kong-based Bitcoin wallet, Xapo, is set to open a new fully-fledged Digital Bank in Gibraltar
  2. To Hasten the Use of Digital Yuan, Major Chinese Cities Shanghai & Beijing Set to Join CBDC Pilot Program 
  3. World’s Largest Asset Manager, Blackrock, Filed with U.S. SEC to Invest in Bitcoin Futures

Hong Kong-based Bitcoin wallet, Xapo, is set to open a new fully-fledged Digital Bank in Gibraltar

Photo by Simon Zhu on Unsplash

Hong Kong-based Bitcoin wallet, Xapo, is set to open a new digital bank in Gibraltar, a British Overseas Territory. The news came after Xapo, in a recent report, declared that it would cease serving United States customers due to a change in a business strategy on a global scale. 

“Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external bitcoin address,”

A recent report revealed that cryptocurrency custodian, Xapo, will be close to a fully-fledged bank in Gibraltar. The territory is slated to extend guidelines for digital asset exchanges, according to a global law firm, Isola’s LLP. 

According to an Isola’s LLP representative, Joey Garcia, stated:

“The framework aims to guide those who have the potential to form important foundational concepts for the work of other international organisations, such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO),”, 

The news of Xapo being a fully-fledged bank in Gibraltar has been further confirmed by its Finance Minister. 

Source | Bitcoin.com 

To Hasten the Use of Digital Yuan, Major Chinese Cities Shanghai & Beijing Set to Join CBDC Pilot Program 

Photo by zhang kaiyv on Unsplash

To further promote the use of digital yuan, major Chinese cities, Shanghai and Beijing, is slated to join the country’s central bank digital currency (CBDC) pilot program this year. 

The mayor of Beijing validated the move to be an effort to hasten the development of fintech and professional services, joining Shanghai in a similar pledge to promote the use of digital currencies.

In the meantime, Shenzhen authorities, a province of Guangdong, have extended their support for the province’s development as an innovative zone of the CBDC pilot program to promote the digital yuan. 

With these major cities of China promoting digital currencies, industry observers cited the move to mark the extensive promotion of digital currencies.

Source | Coindesk

World’s Largest Asset Manager, Blackrock, Filed with U.S. SEC to Invest in Bitcoin Futures

Photo by Ewan Kennedy on Unsplash

World’s Largest Asset Manager, Blackrock, Filed with U.S. Securities and Exchange Commission (SEC) to Invest in Bitcoin Futures for two of Blackrock’s funds, Blackrock Funds V and Blackrock Global Allocation Fund Inc.

According to the filings, only cash-settled bitcoin futures traded on Commodity Futures Trading Commission (CFTC) registered commodity exchanges can be invested. However, all reviews and future actions are dependent on the latest regulations, harbouring a risk of a potential restriction of bitcoin or alternative cryptocurrencies.

Blackrock’s advancement in Bitcoin has joined the likes of other major asset management like Ruffer and Skybridge to invest in Bitcoin.

Source | Bitcoin.com

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