This is the fourth installment of the global update series. Here’s a brief recap on the series.
1st update: the African Continent (Sep 2-30)
2nd update: the Asian Continent (Sep 22-30)
3rd update: the European Continent (Sep 8-29)
I’ll start off as usual explaining the purpose of this series. My intention is hopefully to save you much time by presenting to you morsels of news in the form of headlines and excerpts and let you decide if you want to click on the link for the complete article. Believe me, it takes hours to search through to get the news and articles.
In the first article, I also mentioned the methodology I use to list the news articles. You can have a look at that here.
Without further ado, on we go to the North American continent…
Source
THE BAHAMAS
1. Bahamas to Roll Out ‘Sand Dollar’ Digital Currency Next Month
The Central Bank of the Bahamas has confirmed it is moving ahead with the nationwide launch of its digital currency sometime in October. Full article at CoinDesk, Paddy Baker, Sep 16, 2020
BERMUDA
1. Bittrex Sets Up New Cryptocurrency Exchange in Bermuda
The Bermuda government has awarded Bittrex Inc., a Seattle-based cryptocurrency exchange that lets users swap nearly 200 digital assets, a formal license under their Digital Assets Business Act of 2018 (DABA). Full article at FinanceMagnates, Aziz Abdel-Qader, Sep 30, 2020
2. Bermuda Dives Deeper Into Crypto With Stimulus Coin Test Program
Bermuda is taking another step toward embracing cryptocurrencies. The North Atlantic chain of islands is testing a digital stimulus token, which can be used to buy food and other essentials. Full article at Caricom Today, Michelle Nurse, Sep 3, 2020
CANADA
1. Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins Trading
Following the regulatory sandbox approval by Canadian regulators, Wealthsimple announced that it has launched “Canada’s first regulated crypto platform.” The new crypto exchange is regulated by the federal government as well as regulators in 13 provinces and territories in Canada. Full article at Bitcoin.com, Kevin Helms, Sep 23, 2020
CUBA
1. The Nexus of Digital Platforms and Cryptocurrency: Remittances to Cuba During the Covid-19 Pandemic
During the Covid-19 crisis, Mexico and the Dominican Republic have experienced an unexpected increase in remittance transactions [1]; however, most countries in Latin America and the Caribbean saw a sharp decline in remittance flows in April before beginning to rebound in June. In Cuba, the volume of remittances has been decreasing this year, and it is expected to continue to drop. Full article at The Dialogue, Sep 24, 2020
MEXICO
1. Crypto Debit Card Coming to Mexico as Colombia, Peru Demand Soars
A banking company claims it will allow Mexican customers to make payments in cryptocurrencies using debit cards. The firm, named Tauros, says its new digital account lets customers keep money in fiat as well as tokens including bitcoin. Full article at Cryptonews.com, Tim Alper, Sep 26, 2020
2. Is Token the future of Real Estate in Mexico?
MountX Real Estate Capital has licensed transfer agent Vertalo to design and launch tokens for at least 15 digital real estate projects in Mexico and Canada through 2020 and early 2021, the firms announced last week. Full article at The Yucatan Times, Yucatan Times, Sep 23, 2020
3. Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms
Commercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-related companies, according to a new report by the country’s Financial Intelligence Unit (FIU). Full article at Anti-Corruption Digest, Sep 1, 2020
UNITED STATES
1. The IRS Sets a Trap for Cryptocurrency Tax Cheats
Source
Cryptocurrency holders, beware: A surprising change to your 2020 tax form is about to strip away excuses for ignoring the tax rules on bitcoin, ether or other digital currencies. Full article at The Wall Street Journal, Laura Saunders, Sep 25, 2020
2. A New Bill Proposes to Put US Crypto Exchanges Under a National Framework
The Digital Commodity Exchange Act of 2020, introduced Thursday by Rep. Michael Conaway (R-Texas), seeks to create a federal definition of “digital commodity exchanges,” putting them in their own legal category and charging the Commodity Futures Trading Commission (CFTC) with oversight. Full article at CoinDesk, Nikhilesh De, Sep 24, 2020
3. Cryptocurrency exchange Kraken obtains approval to launch a US bank
In an announcement last week, the cryptocurrency exchange said the US state of Wyoming has approved an application to form the first Special Purpose Depository Institution (SPDI), a bank which will "largely" be regulated in the same way as a standard bank, according to the company. Full article at ZDnet, Pete Schroeder, Sep 21, 2020
4. U.S. crypto, fintech firms to benefit from slimmed down regulatory process
Money transmitters like Western Union, PayPal, and cryptocurrency firms will be able to more easily expand across the United States, after 48 state regulators agreed to a single set of supervisory rules that should reduce their compliance costs. Full article at Reuters, Charlie Osborne, Sep 16, 2020
OTHERS - LATIN AMERICA
1. 13 startups in the Latin American crypto-exchange market
Source
Cryptocurrencies have been intermittingly stalling through muddy waters since they lost almost 80 percent of total market capitalization in the 2017-2018 period. But for Latin Americans, things have been on a “crypto-high” so far in 2019. Full article at ColombiaFintech, Patricio Ortiz, Sep 8, 2020
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