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Litecoin’s Loafwallet to Participate in CP3 ‘Crypto Pay & Pension Plan’ via New Partnership

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  • Yuri Molchan
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    Litecoin’s Loafwallet partners with Cornerstone Global Management, LLC to participate in the CP3 employee payouts program

Litecoin’s Loafwallet to Participate in CP3 ‘Crypto Pay & Pension Plan’ via New Partnership
Cover image via loafwallet.org
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On October 22, Cornerstone Global Management, LLC announced that it had joined forces with Litcoin’s native Loafwallet.

Cornerstone Global Management is working on a program for paying out salaries and pensions in crypto and wants to use Loafwallet for that.

 

The new ‘Crypto Pay and Pension Plan’ (CP3) to be announced on October 26

By now, Litecoin’s native wallet, Loafwallet, has been downloaded more than 50,000 times. The program for paying salaries and pensions in crypto (CP3) will enable any officially working US citizens to choose what part of their salary they want automatically paid out it BTC, LTC or ETH. After the funds are converted, the crypto will be sent either to Loafwallet or to any other wallet employees choose for that purpose.

Cornerstone Global Management in their Medium post:

“The Loafwallet makes perfect sense as a partner in this capacity, as the Litecoin community is known as one of the most active and ‘real world adoption’ using groups within the entire crypto space.”

The founder of Litecoin, Charlie Lee, believes that the collaboration of Loafwallet with Cornerstone Global is “great for getting Litecoin and Loafwallet into the hands of as many people as possible”.

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Litecoin sponsors the San Diego Film Fest

Another positive event that happened to Litecoin recently is the collaboration with the San Diego Film Festival. The latter announced it on its official Twitter page.

As per the post, the Litcoin Foundation helped them to create a new award. All guests received free LTC and used it to vote for the movie they liked best.

 

What are your thoughts on these new Litecoin partnerships? Share them in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
Cover image via
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The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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