Daily Fintech

Stablecoin News for week ending Tuesday 19 May 2020

Will the State/Regulators block non government stablecoins to retain their monopoly?


Here is our pick of the 3 most important Stablecoin news stories during the week:

The big news this week was Telegram, the popular chat service which raised something like USD $1.7b at the peak of the halcyon ICO days, announced that after a protracted legal battle with the SEC, it has killed their TON Token project.  Pavel Durov the CEO and Founder at Telegram announced the shut down via his blog here What-Was-TON-And-Why-It-Is-Over

More on that below, but it raises the question for would be entrepreneurs, that even if you do consult expensive lawyers and follow their advice through a legal process will the State just squash you anyway?  Therefore, is the Facebook/Libra project ultimately doomed?  Some very interesting comments from the ECB’s Yves Mersch this week where he essentially said that the ECB is not putting in place a Central Bank Digital Currency (CDBC) but preparing itself in case it has to!  This article in Fintech Bulletin gives a good overview of the ECB’s and Yves’s position.  An ECB digital currency – a flight of fancy?



In closing, in one place where we know the State has a monopoly and is very transparent that it intends to maintain it,  work is continuing at a rapid pace.  This excellent explainer of the People’s Bank Of China (PBOC) project by the South China Morning Post will keep you up to date. What is China’s cryptocurrency alternative sovereign digital currency?

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