Global Crypto Consortium is created at the World Economic Forum, while Tether introduced Tether Gold. News of the week of January 20-26 by BTCMEX.

Digital assets unified WEF members

Blockchain technology and digital assets were the hot topics discussed during the World Economic Forum 2020 in Davos.

The Global Consortium for Digital Currency Governance was created during the event. The organization aims to design a framework for the transnational governance of digital currencies, including stablecoins.

During the Forum it was acknowledged that transparent and well-designed regulations and policies in the digital currencies field are much needed on a global level. The consortium will convene international enterprises, traditional financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the WEF’s communities.

Gold-backed stablecoin released by Tether

Tether announced its new product – a gold-backed stablecoin – Tether Gold (XAU₮). One token equals the price of an ounce of physical gold and is currently worth $1,550.

The digital asset is available on both Ethereum and Tron networks. The funds are said to be backed by physical gold held in a “Switzerland vault”. Tether Organization is actively engaging exchanges to support and list their digital gold product.

Japan joined the national crypto marathon

The ruling party officials revealed the government is working on a Japanese national digital currency. The government is now collaborating with private organizations to facilitate the project.

The government is now collaborating with private organizations to facilitate the project. The Central bank of Japan, which saw “no demand” for a digital currency appeared to change its course in response to fears of a Chinese digital yuan.

Pornhub to support Tether

After PayPal – the biggest online payment processors – suspended its services for Pornhub, the website added a new cryptocurrency payment option.

Pornhub now supports payments in Tether (USDT) – a major United States dollar-pegged stable coin – on a Tron blockchain. Tron’s CEO Justin Sun supported the website earlier saying his network will always support “victims of centralized payment platforms like PayPal.”