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Central Bank of Chile studies issuance of digital currency

The Central Bank of Chile revealed that it is studying how to issue a national digital currency, the digital peso. The bank issued a report entitled “Issuance of a central bank digital currency in Chile”, where it explores the possibility of creating a central bank digital currency (CBDC) in the future, the mechanism it could use and how it will consult. all sectors of the economy on this issue.

Central Bank of Chile considers CBDC issuance

More banks in Latin America are considering issuing their own central bank digital currencies (CBDCs) to take advantage of the different opportunities that may present themselves. The Central Bank of Chile has just released a new report studying the opportunities and disadvantages that issuing a digital peso can bring. The report, entitled “Issuance of a digital currency by the Central Bank of Chile”, also studies the different forms that this currency can take.

The document, prepared by the bank’s payments group, is “framed in a context of increasing digitalization of payments, which has been driven by rapid technological progress and the incorporation of new instruments and players in the payments market”. In this regard, the report concluded that:

Issuing a CBDC would make it possible to leverage the benefits associated with digital transformation, while mitigating some of its risks. In particular, a CBDC could contribute to the development of a more competitive, innovative, integrated, inclusive and resilient payment system.

The report also calls for a deeper analysis of the cost-effectiveness of issuing this currency.

More studies needed

While many central banks around the world are studying and researching the issuance of digital currencies, many have not moved on to the implementation phase. The document needs further analysis and study in this regard, since there are practically no norms or guidelines for good practices on how to proceed in the construction of a project of this type.

Currency digitization can also have unforeseen negative impacts on the national economy, so any future implementation would have to be “carefully scrutinized”. However, the central bank considers that this is the time to face this task and start working on its technical capabilities, and move forward in the development of projects aimed at testing different implementations of the currency.

The bank also indicated that it will continue to consult and maintain an open dialogue with all institutions in the economic area. Brazil and Mexico are other Latin American countries that are also working to establish their own CBDC.

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OK Coin Is Leasing a Large Office in San Jose, CA

OK Coin – a popular and large digital currency trading platform – has agreed to take up office space in downtown San Jose, part of the Silicon Valley in northern California. The region is known for hosting a wide array of many of the world’s leading tech companies including Apple, Facebook, and Google.
OK Coin Leases Large San Jose Office Space

The office address is 160 W. Santa Clara St. and consists of 35,000 square feet. In other words, it’s pretty darn big. OK Coin appears to be one of several crypto companies now looking to stage a physical comeback of sorts.

The coronavirus pandemic hit industries all over the world, and crypto was no exception. Many of the world’s leading digital currency platforms – including Coinbase, Kraken, and others – called regions such as San Francisco home, but were ultimately made to close their physical offices after the pandemic began. From there, several have worked to maintain physical presences, but this has been rather difficult. A lot of them now only employ remote workers.

This has caused several problems for these companies in that they no longer have valid customer service departments, and if they do, they are hard to get a hold of given the displacement situations surrounding those departments.

Coinbase, for example, is now being hit with a class-action lawsuit after a customer’s account was hacked. The client claims he tried very hard to get in touch with Coinbase, but its lack of customer service abilities made it nearly impossible to do so. He’s now filing suit against the crypto giant, claiming little was done to assist in the recovery of his stolen assets.

Mark Ritchie – president of Ritchie Commercial, a real estate leasing company – says that he’s excited by the presence of OK Coin in the downtown area. He says the whole region has looked like something of a ghost town given how many businesses have had to close their doors in the wake of COVID, and he’s hoping the area starts bouncing again soon. He said:

It’s good to get a fresh office tenant to move into downtown San Jose. This is a significant office lease for downtown San Jose. Hopefully it’s the first of many.

It’s estimated that OK coin will be able to employ close to 200 people with a lease this size. Bob Staedler – principal executive with Silicon Valley Synergy – explained in an interview:

The downtown San Jose office market is poised for a comeback. The improvement in the market is real and it is sustainable.

Is Crypto Making a Physical Comeback?

Already, OK Coin is moving into the office. Scott Knies – executive director of the San Jose Downtown Association – said:

This is great to see. What downtown San Jose needs more than anything is people, especially people back in the offices.

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More than 100,000 Cubans turn to cryptocurrencies to avoid sanctions

Strict US sanctions restricting Cuba’s ability to conduct international trade have led more than 100,000 Cubans to turn to cryptocurrencies as an alternative path to financial freedom.

Companies chose cryptocurrency

US sanctions imposed on the communist country of Cuba prevent the use of internationally accepted credit and debit cards. Online payment channels like Paypal, Revolut and Zelle are also banned in the country. Therefore, a significant part of the population, feeling the restrictions imposed by sanctions, chose cryptocurrency as an alternative means of transaction. These Cubans, who include many small business owners, have benefited from the advent of mobile Internet that arrived in the country just three years ago. The spread of smartphones and mobile internet in this island nation was quite expansive as it opened other payment channels and financial freedom to a largely unbanked population. Local entrepreneurs believe that thanks to digital currencies, their operations are no longer dependent on payment service providers, which ends up rendering all bans inconsequential.

Dr. Emily Morris, an economist at University College London, believes that the fact that Cuban citizens are turning to cryptocurrencies is not surprising. she said,

“If you can transact directly between two parties that don’t have to go through a bank, that would be interesting.”

Cryptographic Regulations in Cuba

The previous lack of regulation in the country has resulted in an increase in cryptocurrency activity, especially during the initial months of the pandemic. Local cryptocurrency exchanges have seen an influx of customers, nearly doubling on a monthly basis. In 2021 there was talk of the Cuban government investing in cryptocurrencies. Shortly after, it was announced that the central bank of Cuba would fulfill the mission of exploring the regulation of cryptocurrencies. The bank would also establish an action plan to register and license crypto service providers in the country. It was also revealed that cryptocurrency payment authorizations would only be granted in matters of “socio-economic interest” in order to monitor all cryptocurrency operations and prevent illegal and fraudulent activities.

Earlier this month, the Cuban central bank announced its intentions to implement a regulatory framework for digital assets, starting with a compulsory license for virtual asset service providers. The country’s central bank has already issued a Central Bank Digital Currency (CBDC). Cuban President Miguel Diaz-Canel has also expressed his favorable views on the sector and is reportedly studying the legalization of cryptocurrency payments. This has led to speculation that Cuba could be following in the footsteps of El Salvador, the Latin American country that adopted Bitcoin as legal tender.

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Gucci to Accept Crypto Payments in Retail Stores

High-end fashion house Gucci will begin accepting cryptocurrencies at some of its stores this month, including bitcoin, ether, dogecoin, and shiba inu. The company plans for all of its directly operated stores in North America to accept crypto by this summer.
Gucci to Start Accepting Crypto Payments

Italian high-end luxury fashion house Gucci will start accepting cryptocurrency payments in five stores later this month, Vogue Business reported Wednesday.

The five stores are located in New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).

Gucci will accept bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, dogecoin, shiba inu, and five stablecoins pegged to the U.S. dollar, the publication conveyed.

These coins are the ones supported by popular crypto payment service provider Bitpay, which also supports GUSD, USDC, USDP, DAI, and BUSD stablecoins.

Marco Bizzarri, the president and CEO of Gucci, commented: “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.” He added:

Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

The publication added that the fashion house plans for all of its directly operated North American stores to accept crypto payments by this summer.

Gucci has been ramping up its non-fungible token (NFT) and Web3 efforts. The company recently established a Web3-focused team and released a few NFTs.

The fashion house is also establishing a presence in the metaverse. It is developing digital real estate in The Sandbox. The two companies “will collaborate to create an interactive fashion experience based on Vault, Gucci’s conceptual space and meeting place inspired by childhood memories of the search for beauty,” they previously announced.

This Article Copy from https://news.bitcoin.com/gucci-to-accept-crypto-payments-in-retail-stores/

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California Governor Signs Executive Order Encouraging Bitcoin, Cryptocurrency Business

The governor of California signed an executive order to drive innovation for bitcoin and other cryptocurrency-based businesses with transparent regulation.

California Governor Gavin Newsom today signed an executive order creating a regulatory framework for companies operating in bitcoin and other cryptocurrencies.

The EO combines a multitude of established regulatory agencies to define regulatory practices through a public process based on stakeholder feedback.

The order also initiates the creation of a career path and educational opportunities for those looking to enter the cryptocurrency space.

California Governor Gavin Newsom today signed an executive order (EO) creating the legal framework for companies working in bitcoin and other cryptocurrencies, according to a press release from the governor’s office.

The EO states that one of its top priorities is “GovOps will explore opportunities to implement blockchain technologies to meet emerging and public service needs.”

If the state is looking to determine whether a company is a good fit for a particular vendor’s needs, the state will look at each company’s specific use cases and determine whether or not to accept vendors based on factors such as environmental impact and relevance.

Members of the Governor’s Council for Postsecondary Education are expected to create a research and work environment to strengthen cryptocurrency innovation designed to expose students to new opportunities in the space. The aim is to develop a pathway for the workforce and generate pathways for continuing education “to ensure a flow of talent”.

The EO sets several state priorities in creating this regulatory framework, but one in particular is creating a consistent and transparent business environment for any company operating in bitcoin or the broader cryptocurrency ecosystem.

The order signifies the creation of a stakeholder feedback system run by the Governor’s Office of Economic and Business Development (GO-Biz) and the Agency for Business, Consumer Services and Housing (BCSH) and the Department of Financial Protection and Innovation. (DFPI). The purpose of this coalition is to harmonize state and federal authorities for regulatory action.

These regulatory agencies will work together gathering feedback on how to properly operate in the space, gathering data from a wide range of stakeholders, including companies inside and outside California, lower economic communities unaffected by technological growth, experts, venture capital firms and many others. .

DFPI is ready to engage in a public development process towards comprehensive regulation under the direction of federal guidelines. The DFPI is expected to solicit public comment on regulation under the California Consumer Financial Protection Act (CCFPL), while making a voluntary request from companies already working in the space about their financial products. The Governor seeks open and transparent regulatory practices that lead to innovative practices that promote a healthy economy.

“California is a global hub of innovation and we are setting the state up for success with this emerging technology by spurring responsible innovation, protecting consumers and leveraging this technology for the public good,” said Governor Newsom.