Xapo adds USDT payment option, Trust Reserve Core Team detained by police, Reserve Bank of India Deputy Governor urges all banks to use Blockchain & AI

Stay updated on the latest news about cryptocurrencies and blockchain. This digest covers stories that are not widely reported in the mainstream crypto news. __________

Banking News

  • Private bank Xapo Private Bank is the first bank in the world to integrate Tether (USDT) payment rails, according to a press release. The payment rails will be fully available to all members by the end of May, following a phased rollout. The bank is enabling members to use USDT for payments as an alternative to the time-consuming and costly SWIFT rails, building on its existing USDC rails launched in March.
  • The core team of Trust Reserve (formerly CNHC Group ), which issues two stablecoins backed by CNY and HKD, was detained by police in China on May 29, according to PANews. The project’s office in Shanghai was empty with a notice on the door that said “judicial seizure.”

Regulation News

  • Mahesh Kumar Jain, Deputy Governor of the Reserve Bank of India (RBI), recommended that all Indian banks adopt artificial intelligence (AI) and blockchain technology to ensure sustainable growth and stability. Speaking at a conference organized by the RBI for the directors of Indian banks, Jain advised banks to focus on digital transformation, improving customer experience, investing in cybersecurity measures, and adopting innovative technologies such as AI and blockchain to prepare for the future.
  • The Central Bank of the UAE (CBUAE) issued guidance on anti-money laundering (AML) and countering the financing of terrorism (CFT) measures for crypto businesses, outlining the risks associated with dealing with virtual assets and virtual asset service providers (VASPs). The guidance noted the recommendations of the Financial Action Task Force (FATF). The CBUAE expects licensed financial institutions to demonstrate compliance with the guidance’s requirements within one month of its issuance.
  • Saifedean Ammous, the author of ‘The Bitcoin Standard,’ has been appointed as the economic adviser to the National Bitcoin Office of El Salvador. A tweet on May 30 stated that “Dr. Ammous has declined any remuneration for the role and is interested only in supporting President [Nayib] Bukele’s bold policy of economic liberty and bitcoin.”

Exchange News

  • Binance is exploring partnerships with banks to allow some of its institutional clients to keep their trading collateral at a bank instead of with the crypto platform, which could help reduce counterparty risk, according to Bloomberg. Swiss-based FlowBank and Liechtenstein-based Bank Frick have been mentioned as potential intermediaries for the service. Under one version of the proposal, clients’ cash at the bank would be locked up through a tri-party agreement while the exchange lends them stablecoins to serve as collateral for margin trading. The cash kept with the bank could then be invested in money-market funds to earn interest.
  • Layer 1 blockchain XDC Network (represented by TradeFinex Tech Ltd) announced its partnership with SBI VC Trade Co. Ltd., a Japanese cryptocurrency exchange within the SBI Group. The strategic collaboration marks a significant milestone for XDC Network as it expands its ecosystem in the Japanese market.

Payments News

  • Financial company ZBX announced its arrival in Hong Kong and the planned launch of a ZBX Web 3.0 debit card. The card can be used for transactions in both cryptocurrencies and traditional fiat currencies. ZBX is actively seeking collaboration with key players in the Hong Kong Web 3.0 industry to ensure a flawless user experience and enhance the functionality of their debit card. These companies will be invited to participate in the first beta testing round, gaining early access to debit card programs and providing valuable feedback for further refinement.

Mining news

  • Tether, the company responsible for the USDT stablecoin, has declared that it will be investing resources into energy production and launching sustainable Bitcoin mining operations in Uruguay, in collaboration with a licensed local company. The press release stated that “With this, Tether has expanded its reach from finance and communications to include the energy sector,” and that the company is currently seeking to hire energy sector experts to augment its team.

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