#fiat

In a span of two months, the Hong Kong Monetary Authority (HKMA) collected 108 responses from industry players and financial institutions about regulations for fiat-referenced stablecoins. Government officials see these assets as the most promising, which is why the new bill will focus on them.

A new product named Ether․fi Cash is designed as an alternative to the often complex and costly off-ramp process of converting cryptocurrency to fiat money. The developers hope that this innovation will allow cryptocurrency holders to operate entirely within the blockchain ecosystem.

SafePal, a decentralized crypto wallet, has launched a Visa virtual bank card, teaming up with Swiss bank Fiat24. This initiative promises decentralized and confidential asset storage, though the bank will maintain custody of user credentials.

The bankrupt crypto company Celsius has announced the conclusion of its bankruptcy proceedings. They are set to begin distributing over $3 billion in both crypto and fiat currency to their creditors.

Elon Musk has shared his relatively indifferent stance towards cryptocurrencies, considering money primarily as a database for resource distribution. He opined that fiat currencies are quite capable of serving this purpose effectively, provided that governments don't abuse the system and fuel inflation.

Wintermute, an algorithmic trading firm in digital assets, accuses NEAR Foundation and Aurora of failing to uphold their agreement involving the conversion of $11 million worth of the now-defunct USN stablecoin to USDT. These tokens originated from the now-defunct FTX exchange and were acquired by Wintermute in exchange for fiat currency with the assurance of a complete conversion.

Bridging the gap between fiat and the stablecoin USDC, MoneyGram has unveiled its non-custodial crypto wallet. The payment solution ensures compliance with all KYC norms and maintains adherence to sanction regulations. “We’re turning MoneyGram into a global ATM concept using blockchain,” shared CEO Alex Holmes.

The mining firm has purchased its rival for $92.5 million, paying $18.5 million in fiat and the remainder in Riot common stock valued at $74 million.

At a parliamentary committee session, New Zealand central bank governor Adrian Orr voiced his skepticism towards stablecoins, labeling them as inherently unstable. He argued that their reliability is solely contingent on the financial reserves of the issuing entity. The governor also dismissed the notion of Bitcoin or any similar cryptocurrency as a viable substitute for fiat money or a store of value.

Despite restrictions, Chinese cryptocurrency enthusiasts are keeping the trade alive. Users are covertly meeting in public places like cafes, parks, and even laundromats to swap wallet addresses, trade assets, and exchange bank information for converting their crypto into fiat currency.

Leading Italian automaker FIAT, in partnership with the Zealy platform and Arbitrum blockchain, is set to release 55,000 exclusive FIAT Pass NFTs today at 11:00 a.m. ET. These NFTs will be distributed from November 21 to November 30, 2023, on a first-come, first-served basis to users on the whitelist.

The fiat gateway from Advcash made it possible for users to transfer their money stored in Russian banks, which have fallen under sanctions, to the exchange. The user base is spreading this news, having gotten notifications from the exchange about it. Nevertheless, Advcash representatives assert that they haven’t received any communications from Binance concerning updates to their partnership.

MetaMask Portfolio now lets users cash out crypto to fiat currencies like USD, EUR, and GBP. Users can quickly convert crypto to fiat, sending it directly to preferred destinations like bank accounts or PayPal. Instead of relying on one provider, MetaMask aggregates multiple vetted providers, presenting real-time conversion options. Currently, this feature supports ETH on Ethereum Mainnet in the US, UK, and parts of Europe. Expansion plans include more regions and layer 2 network gas tokens.