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Bitcoin Daily: US National Banks To Hold Reserve Currencies For Stablecoins; Stripe To Pay Massachusetts $120K In PlexCoin ICO Role

PYMNTS

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. dollar or a currency from another nation. 21) press release.

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Today In Payments: California Proposes Financial Watchdog; Germany Launches Investigation Into Amazon

PYMNTS

California lawmakers are moving quickly to create a financial watchdog agency as a new department of their state government, as the coronavirus pandemic accelerates financial crime across the nation. The Federal Reserve is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing a digital currency.

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Bitcoin Daily: German Crypto Firm Shuttered After Pyramid Scheme Accusations; People’s Bank Of China Denies Bogus Announcement Of Stablecoin Launch

PYMNTS

Website DECPAPI.com spotlighted an API with a countdown that showed the national stablecoin would launch on November 20. Department of Justice announced that two Massachusetts men were arrested and charged with conducting a scheme to take over victims’ social media accounts and steal their cryptocurrency.

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Crypto 2020: One Step Up; Two Steps Back

PYMNTS

Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. The Federal Reserve said this year that its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Keeping An Eye On Fraud.

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Synchrony Says Erroneous Email Not Tied To Data Breach

PYMNTS

Senators Ron Wyden of Oregon, Chris Van Hollen of Maryland, Ed Markey of Massachusetts, Chris Coons of Delaware and Gary Peters of Michigan sent a letter asking whether the technology could be accessed by foreign entities or whether it posed a risk to national security.

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Regulatory and litigation risks to consumer financial services providers highlighted in Ballard Spahr webinar on COVID-19 crisis fallout

CFPB Monitor

Mr. Roddy discussed the emergency debt collection regulation issued by the Massachusetts AG and the possibility of state UDAP claims based on collection activities during the crisis. All of the speakers stressed the need for companies to identify potential sources of risk in their operations and attempt to address those risks in advance.

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School District Pays Hackers $10K In Bitcoin To Recover Data

PYMNTS

After hackers stole data from the computer system of a Massachusetts school system, they offered to return the information in return for a $10,000 bitcoin payment. s National Health Service. I told her what I knew: There are three ways to deal with cybersecurity,” Leominster Interim Police Chief Michael Goldman told ABC News.

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