Market Watch | Bitcoin | $12,749 | 7 day: +12.1% | | Ethereum | $405 | 7 day: +10.2% | | All crypto | $388b | 7 day: +9.3% | | Bitcoin dominance | 61% | 7 day: +2% | Prices as of 1 p.m. EDT
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 NYDFS BitLicense info page Regarding the relationship between Paxos and the first-ever "conditional BitLicense" granted to PayPal from the New York State Department of Financial Services (NYDFS). - We covered PayPal's initial listing of four cryptocurrencies here.
- NYDFS made PayPal's listings possible with a never-before issued "conditional BitLicense."
- The cryptocurrencies will be available for purchase by PayPal customers "within weeks," according to a company spokesperson.
- A BitLicense is required to store, hold, or control cryptocurrencies on behalf of New York residents.
- PayPal has named Paxos Trust Company, a regulated crypto services provider, as its partner in the listing of four cryptocurrencies: bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
- According to NYDFS, Paxos, as an authorized partner, would permit the conditional BitLicensee, PayPal, to allow cryptocurrency trading and storage.
- NYDFS says that the licensee (PayPal) must eventually apply for its own BitLicense, independently.
- This story continues in part 2, below.
Law360 
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What is Paxos? - Paxos provides API solutions, a regulated entity, and offices in New York, Singapore, and London that will allow PayPal to tap into cryptocurrency liquidity.
- Paxos Crypto Brokerage will allow PayPal's customers to buy, sell, and hold cryptocurrencies. PayPal will merely facilitate that relationship.
- In an interview with The Block Crypto, Paxos CEO Charles Cascarilla hinted that Paxos is prepping its internal exchange, itBit, to match orders.
Paxos' relationship with Binance: - Paxos Trust Company launched a service called Fiat Gateway that enables customers to swap fiat (including, importantly, USD) for stablecoins.
- Binance was the first exchange to incorporate Paxos' Fiat Gateway as a USD onramp.
- Binance subsequently announced a partnership with Paxos to launch a Binance-branded, USD-denominated stablecoin called Binance USD (BUSD), after securing approval from the New York State Department of Financial Services (NYDFS).
- Paxos is the issuer of BUSD, not Binance.
- Paxos Trust also issues its own stablecoins: Paxos Standard (PAX) and Paxos Gold (PAXG).
- Paxos Co-Founder Rich Teo also announced an integration with the U.K.-based, Robinhood-like digital banking app, Revolut.
Paxos
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 Hong Kong China's Digital Currency/Electronic Payment (DC/EP) will "further promote the mutual connectivity" between China and Hong Kong, according to Hong Kong Treasury Secretary Christopher Hui. DC/EP is the name that China prefers for its central bank digital currency (CBDC). - Hong Kong's Financial Services Development Council has formed a working group to study how Hong Kong can "seize the opportunities from DC/EP's development."
- They aim to increase Hong Kong's position as "a global hub for offshore Renminbi (RMB) business."
- Hong Kong has been researching CBDC issuance since 2017 under code names "Project LionRock" and "Project Inthanon."
- China's push to increase yuan-denominated global trade settlements via CBDC marketing is one of the most important stories in crypto. With Hong Kong onboard, China's aggressive timeline to win the global competition for CBDC provenance accelerates.
- This year, China's parliament passed the most important national security legislation in 23 years, allowing extradition of Hong Kong residents to mainland China.
Hong Kong Legislative Council
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 Paulo Guedes, Brazil's Minister of the Economy Brazil's economy minister is planning an IPO of a state-run "digital bank." - The bank is six months old, incubated within Brazil's state-owned Caixa Economica Federal.
- Caixa Economica Federal is the largest 100% government-owned financial institution in Latin America.
- Brazil is planning to issue a CBDC as early as 2022.
Also trying to join the OCED: - Minister Paulo Guedes claims to have completed "two-thirds" of the paperwork needed to join the Organisation for Economic Cooperation and Development (OCED).
- U.S. Secretary of State Mike Pompeo supported the move toward OCED inclusion.
- Guedes made the dual announcements during a live event held by the Milken Institute on Oct. 2.
- Guedes forecasts Brazil's economy shrinking by 4% this year. He expects to launch the digital bank IPO within the next six months.
Reuters
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Quick Hits: - China proposes a ban on all yuan-pegged cryptocurrencies, except for its own CBDC.
- Vladimir Putin's administration wants full visibility into cryptocurrency purchases of Russian government officials.
- Paypal is in talks to acquire BitGo.
- The Bank of Japan pushes back its timeline for a possible CBDC issuance.
- A Japanese soccer celebrity is launching another ICO.
- MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor continues to parlay his purchase of bitcoin into an elaborate marketing strategy, now saying that he plans to hold bitcoin for "100 years," neither tenure nor authority for which he possesses. Saylor has masterfully promoted MicroStrategy's otherwise moribund stock price from $124 before the purchase of bitcoin, to $135 the day after, and to $182 today.
- Chargebee's virtual summit gathers the biggest market disruptors from Apple, Slack, Drift, Zendesk and the likes to empower SaaS businesses. Join the summit for free.*
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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