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Future for State-Backed Brazilian Token Issuance Unclear as Bank Sees Leadership Reshuffle

Turmoil over the leadership of the Brazilian Development Bank may pose challenges to cryptocurrency trials. On June 18, Brazil’s National Bank for Economic and Social Development (BNDES) announced the election of Finance Director José Flavio Ferreira Ramos as its interim president. Ramos will serve as the BNDES head until the inauguration of 38-year-old Gustavo Henrique Moreira Montezano, a former economist and the current deputy secretary of privatization and disinvestment. Montezano’s appointment followed two meetings on June 17 between Brazilian President Jair Bolsonaro and the country’s minister of the economy and former economic advisor to Bolsonaro’s presidential campaign, Paulo Guedes.…

First Stablecoin Trading Pairs Listed on Binance DEX

Binance exchange lists two new stablecoin trading pairs USDSB/USDT and USDSB/USDS. Major global crypto exchange Binance has listed trading pairs for USDSB, a Binance Chain-based version of StableUSD (USDS), the firm announced on June 24.As noted in the statement, Binance has launched trading for two trading pairs, including USDSB against major stablecoin tether (USDT), as well as the USDSB-to-USDS trading pair today at 10:00 AM UTC.Derived from StableUSD, a stablecoin pegged 1:1 to the United States dollar and developed by crypto startup Stably, USDSB was issued on Binance’s BEP2 token standard in early June 2019.…

Ethereum Co-Founder Criticizes Facebook’s Libra Token for Centralization

Ethereum co-founder Joseph Lubin said that Facebook’s Libra is “like a centralized wolf in a decentralized sheep’s clothing.” Ethereum co-founder Joseph Lubin said that Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing” in an article published on tech news outlet Quartz on June 21.The social media giant released the white paper for a its cryptocurrency dubbed Libra earlier this month to mixed reviews from experts in the cryptocurrency and blockchain industries and concern from government regulators.In his article, Lubin notes that Libra’s white paper describes feelings common among many in the cryptocurrency community.…

Facebook Has Not Applied for RBI Approval to Operate Libra in India: Report

Facebook has reportedly not applied for approval to operate its cryptocurrency in India with the RBI Facebook’s newly announced cryptocurrency, libra, may not be available in India due to the current ban of blockchain-based currency transactions, as stated in a report by local publication The Economic Times on June 20.Citing people familiar with the matter, the report says that the social media giant has not applied for approval with the Reserve Bank of India (RBI) to operate its digital currency in the country.As Cointelegraph reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” potentially preventing its use in some of Facebook’s largest markets, including India.The Economic Times notes that RBI has not confirmed or denied the allegations.Anirudh Rastogi, founder at local tech-focused law firm Ikigai Law, suggested that the RBI would not be concerned about Facebook’s Libra if the project was operating in a closed peer-to-peer (P2P) system.…