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Tether’s $250 million USDTs, Coincheck cuts Zcash, Norway wants in on cryptocurrency – Daily News Roundup

May 21st 2018: In today’s news Tether has generated $250 million USD tokens and critics are having a field day because of it, Coincheck is cutting four privacy-focused coins from its listed currencies, and Norway’s central bank is considering creating its own cryptocurrency.

Tether unleashes millions of new USDT coins

Tether has generated $250 million USD worth of new USDT tokens.

Tether is an unusual cryptocurrency because of its “stablecoin” – the company boasts that each of its coins is supported at 1:1 ratio by US dollars.

The company has nearly full control of stablecoins but has been under critical fire for a number of reasons, including the absence of transparency in the incident when it cut ties with Friedman LLP before an authorized audit was to be conducted.

The recent surge in the issuance of Tether tokens could be correlated with the price increments of other mainstream cryptocurrencies.

Coincheck is checking out four coins – for good

Coincheck will cut the trading of cryptocurrencies MoneroZcash, Dash, and Augur.

The Japanese cryptocurrency exchange, which was recently the victim of a major hacked, has confirmed the removal of the four tokens which are all anonymity and privacy-focused. The tokens will be unlisted from the exchange on 18th June of this year.

Coincheck has explained that the removal of the coins comes in order to abide by new counter-terrorism and anti-money laundering regulations which have been ordered recently by Japan’s financial regulator.

According to the statement from Coincheck, the four cryptocurrencies will be sold at a market price and then will be converted to Japanese’s national Yen.

Norway looks to join the “we have a national cryptocurrency” team

Noway’s national bank is looking into creating its own cryptocurrency as an addition to cash for legal tender.

The bank, Norges Bank, is exploring different angles in an assessment of whether – or when – a central bank digital currency should be issued. Reports working for the team have identified three possible case uses for a national cryptocurrency:

  • to introduce a trustworthy substitute to cash deposits in private banks,
  • as a suitable and legal payment means in addition to cash
  • as a decentralized backup if electronic payment systems should fail

Governor Øystein Olsen of the Norges Bank said:

“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed.”