JPMorgan begins digital currency test 

JP Morgan Chase has begun commercially testing its digital currency, JPM Coin, for use in cross-border payments by a large technology client. In beginning the testing phase, JPMorgan also decided to create a new business to house its blockchain and digital currency efforts called Onyx. The goal would be to have banks confirm payments have the proper account information and regulatory format before they are sent, preventing expensive rejections. 

The Global Head of Wholesale Payments, JPMorgan Chase said that they are launching Onyx because they believe a strong change on commercialisation of those technologies, moving from research and development to something that can become a real business. 

JPMorgan's move could encourage greater interest in digital currencies. Cryptocurrencies enjoyed a great deal of attention lately when PayPal announced that users could soon buy, hold, and sell crypto directly from their PayPal accounts.(1) 

EU shoots down petition for digital currency crime victim fund 

The European Commission shot down a petition to have a special fund that receives tax contributions from all European digital currency nodes and compensates victims of fraud, hacks, and theft. The petition was submitted earlier this year and it was proposed the creation of a fund that would receive a small contribution from each node in Europe, 0.00001 cents per euro. This fund would compensate victims of digital currency fraud, theft, and extortion in Europe. 

The Commission pointed to the recent proposal on digital assets regulation in the European Union which it believes will protect European users. In addition, the region already has the 5th Anti-Money Laundering Directive (AMLD5) that creates legal certainty for users. The Commission also pointed out that it will be making more substantive changes to the anti-money laundering framework in 2021.(2) 

22 Indian Bank Branches to Begin Offering Crypto Banking Services 

Cryptocurrency users in India will be able to visit physical bank branches for crypto banking services as well as learn about cryptocurrency investing. This is due to a partnership between crypto banking platform Cashaa and The United Multistate Credit Co. Operative Society (United), as part of Cashaa’s expansion plan in India. Initially account holders will be able to buy and sell bitcoin (BTC), cashaa (CAS), ethereum (ETH), binance (BNB), bitcoin cash (BCH), EOS, litecoin (LTC) and ripple (XRP) in cash or with the account balance in Indian rupees. By increasing the exposure to emerging technologies, joint venture aims to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India. (3) 

Coinbase launches its cryptocurrency Visa debit card in the US 

Coinbase has announced that US customers can now join the waitlist for its Coinbase Card, a debit Visa card that allows customers to spend cryptocurrency anywhere Visa cards are accepted. Coinbase claims it is “the easiest, quickest way to spend your crypto worldwide.” Previously, the card was only available in Europe. 

There are several debit cards around the world that allow you to spend. But many platforms require you to load funds onto the card to spend them. The Coinbase Card eliminates the middleman, instead pulling funds directly from your Coinbase account. Other cards are limited to one or a few currencies; the Coinbase Card supports more than 30, according to the company and converts everything to US dollars before completing purchases and ATM withdrawals. There is an optional reward program as well which is only available to US customers for now. The customers can choose to earn 4 percent back in Stellar Lumen or 1 percent back in bitcoin. There is no issuance fee. In Coinbase’s app, you will be able to keep track of recent transactions and rewards earnings. You can manage your rewards currency there, as well as the currency you are spending with.(4) 

DBS Bank Is Launching Crypto Exchange with Multi-Fiat Support 

Singapore’s largest lender DBS is launching a digital currency exchange allowing both institutional and retail customers to trade cryptocurrencies against multiple fiats. Apart from crypto trading services, the bank will additionally offer proprietary crypto custodian services and security token offerings. Through DBS Digital Exchange, SMEs and large corporates alike can also tap on a Security Token platform to raise capital efficiently through the digitisation of their securities and assets, enabling issuers to reach a wider base of investors that might not traditionally have access to such tokens.(5) 

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