The Winklevoss twins have won regulatory approval for a new cryptocurrency that’s pegged to the US dollar. The “Gemini dollar” is a bitcoin-like digital currency that allows users to trade dollars on blockchain-based networks, maintaining a one-to-one parity with the greenback. As such, it aims to sidestep the volatility that has made cryptocurrencies impractical for buying and selling goods — from a cup of coffee to a vacation home — and recently tanked the value of the Winklevoss twins’ massive store of bitcoins. Cameron and Tyler Winklevoss’ new “stablecoins” —a new class of digital currencies whose prices are fixed to the price of a currency or a commodity like gold — were among the first to win approval from New York’s Department of Financial Services, according to a Monday statement on the regulator’s site. After trading as high as $20,000 last December, bitcoin recently has plunged as low as $6,000 amid worries about hype, fraud and regulatory crackdowns. “If you buy something with bitcoin or ether you could be dramatically under- or overpaying,” Tyler Winklevoss said in a Monday interview with CNBC. A similar stablecoin product — backed by Paxos Trust Company — also got a regulatory win from the… Read full this story
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