1. Swiss National Bank President fears stablecoins
According to Thomas Jordan, President of the Swiss National Bank of Switzerland (SNB), stable cryptocurrencies can violate Swiss monetary policy in certain circumstances.
At a speech at the University of Basel, Jordan emphasized that the use of cryptocurrencies as a payment instrument or means of accumulation is very limited due to the volatility of these assets.
“Cryptocurrencies are more like speculative investment instruments than“ good ”money in terms of their characteristics. Users usually describe money as “good” if they have a stable value over a period of time, are widely accepted, and provide efficient payments. Given these parameters, it is unlikely that cryptocurrencies will be widely used as money in Switzerland, ”said the president of SNB.
At the same time, he emphasized that stablecoins tied to foreign currencies could undermine the monetary policy of Switzerland. Of course, only if they will be massively accepted in stores, and companies will make payments in such cryptocurrencies.
According to Jordan, the cryptocurrency secured by the Swiss franc will not particularly affect the monetary policy of the Central Bank of Switzerland. But if such a cryptocurrency is issued by the Central Bank of the country, then this will put Switzerland’s entire financial stability at risk.
Note that the Swiss regulator recently issued banking and securities trading licenses to two blockchain companies – SEBA Crypto and Sygnum. This is the first such case for companies working exclusively in the field of blockchain.
2. Malta plans to more actively monitor cryptocurrency companies
The Malta Financial Regulator (MFSA) has published a strategic plan according to which the government body will be much more active in monitoring cryptocurrency companies than before.
According to the document, the MFSA will work closely with the financial intelligence analytical department and other national and international organizations in order to prevent cryptocurrency crime.
“Despite the fact that Malta has taken unprecedented steps to introduce blockchain and cryptocurrency technologies into the regulatory environment, we understand that such innovations pose problems to prevent money laundering and terrorist financing,” the regulator emphasized.
It is also noted that Malta will closely monitor and manage the risks associated with blockchain companies and cryptocurrency firms. This will help reduce risks for clients of such organizations.
“To monitor and manage the risks associated with digital asset companies, MFSA has invested and is already implementing SupTech surveillance tools. They will make it possible to detect fraud much faster, better fight money laundering and terrorist financing, and protect consumers and investors, ”the agency said.
Note that in the spring of this year, the Malta regulator warned about the risks associated with investing in cryptocurrencies. He also issued a guide on how to recognize fraudulent schemes in this new market.
3. Telegram launched a test network of its blockchain
Telegram messenger launched a test network of its TON blockchain, on which tokens worth $ 1.7 billion will be issued after the official launch.
Developers and interested users will be able to independently launch network nodes and validation nodes or view information about blocks created in the blockchain. Earlier it was reported that the launch of the TON test network will take place on September 1, but for unnamed reasons, the start of testing was delayed.
According to Mitya Goroshevsky, technical director of TON Labs, a developer of developer tools, now there are about 100 nodes supported by Telegram in the TON test network. A few more nodes are supported by a startup, which at the beginning of 2018 raised more than $ 1.7 billion during the ICO.
“The source code has been released for a complete node that can access the test network, create and test blocks. The light client was released a few months ago. TON Labs will release a demo version of its developer tools on Monday, ”said Goroshevsky.
It is expected that the launch of the main Telegram Open Network will take place no later than October 31 this year. Blockchain validators will be node holders with a large number of TON tokens. In this case, the blockchain will be compatible with applications created on the basis of Ethereum.
Recently, the research non-profit organization The Middle East Media Research Institute (MEMRI) reported that the Telegram messenger is often used by terrorists to raise funds in cryptocurrencies.
4. Activation of Istanbul hard fork in Ethereum testnet is scheduled for early October
Hudson Jameson, Ethereum Foundation Community Manager, said Istanbul’s hard fork will be activated on the test air network on October 2
Initially, the testnet upgrade was planned for September 4. Nevertheless, the update had to be postponed due to the large number of proposals for improving Ethereum (EIP), as well as the unavailability of the Parity team. To date, the developers have already decided on the block number on which Istanbul will be activated in the test network.
“However, this can happen a day or two earlier or later than the designated date, depending on how quickly the blocks are created,” Jameson said.
Of the approximately 30 proposals discussed by developers, only six are approved for inclusion in the upcoming Istanbul hard fork. The implementation of eight other EIPs will take place later, during a major upgrade of the system called Berlin.
Activation of Istanbul in the Ethereum core network should take place before November, after the Devcon conference, which will be held October 8-11 in Osaka, Japan.
“One of the lessons learned from the previous Byzantium hard fork is that you should not try to focus on the test and main networks at the same time. Let’s start with the hard fork in the testnet and see how this happens, ”said one of the representatives of the Ethereum startup Infura.
According to Jameson, given the results of the audit conducted by Least Authority, the implementation of the new ProgPoW mining algorithm will take place later, during the Berlin hard fork. This will happen no earlier than the first quarter of 2020, if the next security problems are not found.
Recall, Istanbul will be the eighth hard fork in the Ethereum network. The first part of the hard fork is expected to expand the possibilities of interacting with the Zcash cryptocurrency, help protect the network from replay attacks, and also contain other important updates. The second stage of the update includes changes that at the current stage still require refinement and testing.
5. Buffett’s charity dinner!
The charity dinner of Justin Sun with Warren Buffett was still postponed, now a date convenient for all participants is being selected. This was told by the head of communications at TRON, Cliff Edwards.
Edwards explained that the company is negotiating the day of the meeting with 9 invited guests who will come to San Francisco for a 5-hour conversation with the largest American investor and entrepreneur Warren Buffett.
According to the PR director, it took two months to get the approval of all the participants, due to which the exact date will be announced soon.
Well, this story takes on the characteristics of a soap opera. The dinner scheduled for July 25 was canceled just a few days before the event, the reason for this was Justin Sun’s alleged illness. This situation amazed crypto enthusiasts and gave a lot of reasons for trolling, especially when you consider that £ 4.6 million was paid for lunch.
It is noteworthy that 20 years have passed since the first such dinner, and so far no one has canceled it. In recent months, the TRX token has lost most of its value, falling from an annual maximum at the end of June at $ 0.04 to its current $ 0.015.
This suggests that the company has more serious problems than setting a lunch date for unclear purposes.