“G20 Countries Start Implementing Unified Crypto Standards”
As the G20 summit approaches, member countries have been discussing how to implement the standards set by intergovernmental organizations such as the Financial Action Task Force. While there may be some challenges in complying with the standards, the European Central Bank says the risks crypto assets pose to the euro area’s financial stability are manageable.
“EY’s Nightfall Project Outsourced”
One of the world’s largest consultancy firms has released a new set of protocols for enabling private transactions atop the ethereum blockchain. The project, dubbed “Nightfall,” by Ernst & Young (EY) was released on GitHub Friday. The goal, according to the code’s description on GitHub, is to provide a means for transacting on ethereum with “complete privacy.”
“Bitfinex Plans To Launch USDT on Lightning Network”
As the stablecoin wars continue to heat up, Bitfinex is looking to bring USDT to more blockchains, announcing earlier today that it will launch its stablecoin on EOS’s blockchain. Currently, Tether is issued on the Omni Layer, Ethereum, and TRON. In the next couple of weeks, the company is also planning to issue USDT on Blockstream’s federated sidechain Liquid. But chief technology officer Paolo Ardoino told The Block that the firm has ambitions to bring the stablecoin to other blockchains, saying that it will launch the coin on Lightning Network sometime this year. As part of those efforts, Bitfinex has joined a group of developers and companies called RGB, which is working to put more assets on the Lightning Network.
“Japan Agrees To Amend Laws Governing Crypto”
The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation, Cointelegraph Japan reported on May 31. The bill — which had been prepared by Japan’s Financial Services Agency (FSA) and accepted by the House in mid-March of this year — has been passed by a majority in the House of Councilors plenary session, according to an update today on the FSA’s website. The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on Settlement of Funds and the Financial Instruments and Exchange Act.