Episode Details

27th Sep :  Crypto & Coffee at 8
🟥 Stablecoins = money market funds. ❗ Ethereum wallet sanctioned❗ 🏆Kraken license registrations in Spain and Ireland ❌J.P. Morgan subsidiary Chase UK to restrict crypto transactions

🟥 Stablecoins
❗ The Federal Reserve Banks of Boston and New York published a staff report on Sept. 26 comparing stablecoins, such as Tether USDT and Circles USDC to money market funds.

📊 The report titled “Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? is here https://lnkd.in/d9c2DSEe In the report they investigate similarities and differences between the two, comparing investor behaviour during the stablecoin runs of 2022 and 2023 to investor behaviour during the money market fund runs of 2008 and 2020. The report acknowledges that similarly to money market fund investors, stablecoin investors engage in a flight to safety.

👀 See slide 2 to get a detailed breakdown of stablecoins. Also, check out Blockchain DXB Crypto & Coffee on the podcast to listen to our commentary on it.

🔴 Cointelegraph has reported that U.S. Department of the Treasury sanctions Ethereum wallet tied to cartel over ‘illicit fentanyl trafficking’ An ETH wallet tied to Mexican national Mario Alberto Jimenez Castro was allegedly used for illicit fentanyl sales in the United States. The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has added a crypto wallet allegedly connected to a major international crime syndicate to its list of Specially Designated Nationals. Info here https://lnkd.in/dhmgfqjW

❗ The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 10 individuals, including several Sinaloa Cartel affiliates and fugitives, pursuant to Executive Order (E.O.) 14059.

❗ According to data from Etherscan, the wallet had a balance of roughly 0.018 Ether $28.22 at the time of publication, with the latest activity more
than 200 days ago.

🔹 Kraken Digital Asset Exchange the oldest cryptocurrency exchange in the world mentioned via Twitter The Central Bank of Ireland has granted Kraken an EU e-money license. And that they have also secured a VASP registration with the Bank of Spain. https://lnkd.in/dDsDFkEK
 

❌ Crypto banned by Bank
⚡ Cointelegraph is reporting that Chase Bank customers in the United Kingdom will no longer be able to make crypto transactions starting Oct. 16. Chase Bank, a subsidiary of financial services company JPMorgan Chase & Co. Chase, will restrict all cryptocurrency-related transactions for its customers in the United Kingdom. Article here https://lnkd.in/dq8aJjBR

🟠 Two UAE news (See slides)
⚡ UAE unveils 100 cutting-edge AI applications revolutionising media workflows
⚡ Bank ABC introduces JPM Coin payments in Bahrain

For slides click here: https://tinyurl.com/nhkaas9t

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