01 Oct, 2020

SEC FinHub Staff Issues Statement Permitting U.S. Banks To Hold Stablecoin Reserves; Move Seen As Recognition Of Cryptocurrency's Role; 21st Century Technology Firms Such As iQS-TEL Inc. (OTC: IQST) Will Gain In New Settlements/Payments Marketplace

Oct 01, 2020

The Securities and Exchange Commission's (SEC) FinHub staff statement approving U.S. banks holding reserves for the stablecoin cryptocurrency not only reinforces the Office of the Comptroller of the Currency (OCC) opinion, it also represents a legitimization of the digital asset. As the FinTech world begins to accept cryptocurrency and digital blockchain-driven technology in the monetary sector, firms such as iQSTEL Inc. (OTC: IQST) which seek to bring global payments/settlements into the 21st Century benefit.

Media companies such as Stock Market Press are reporting on the fast growing telecommunications market. It keeps readers up to date on company stocks such as iQSTEL Inc. (OTC: IQST), amazon.com (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL), Telefonica SA (NYSE: TEF), Samsung Electronics Co. Ltd. (OTC: SSNLF), Motorola Solutions, Inc. (NYSE: MSI), China Mobile Limited (NYSE: CHL),Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), T-Mobile US (NASDAQ: TMUS),Ericsson (NASDAQ: ERIC), DISH Network Corporation (NASDAQ: DISH), Nokia Corporation (NYSE: NOK), Liberty Global (NASDAQ: LBTYA) and Vodafone Group PLC (NASDAQ: VOD).

 

SEC FinHub Staff Issues Statement Permitting U.S. Banks To Hold Stablecoin Reserves; Move Seen As Recognition Of Cryptocurrency's Role; 21st Century Technology Firms Such As iQSTEL Inc. (OTC: IQST) Will Gain In New Settlements/Payments Marketplace

In a letter dated September 21, the SEC's Strategic Hub for Innovation and Financial Technology Staff (FinHub Staff) issued its statement reaffirming the interpretation of the Office of the Comptroller of the Currency (OCC) interpretation addressing the authority of national banks and federal savings associations to hold stablecoin reserves. It defines a stable coin as having a hosted wallet and redeemable by the owner on a 1:1 basis for the underlying fiat currency.The crypto community cheered the news, with Kristin Smith, Executive Director of the Blockchain Association, tweeting "Public blockchains will upgrade our financial system, and @Blockchain Assn. strongly believe the U.S. should lead these innovations. Today's actions mark an important milestone in this journey." She added, "This is an important step toward the widespread adoption of 'digital dollars' without the need for a CBDC. (Central Bank Digital Currency). SEC FinHub Staff Issues Statement Permitting U.S. Banks To Hold Stablecoin Reserves; Move Seen As Recognition Of Cryptocurrency's Role; 21st Century Technology Firms Such As iQSTEL Inc. (OTC: IQST) Will Gain In New Settlements/Payments Marketplace.

Earlier, the European Commission was asked to adopt by 2024 a "Digital Finance Strategy" that will regulate cryptocurrencies in the digital financial world as well as blockchain-driven distributed ledger technology (DLT by the finance ministers of Germany, France, Italy, Spain and The Netherlands. The EU documents recognize the role of cryptocurrency and the advantages digital transactions offer to traditional banking in global payments/settlements.

SEC Letter On Cryptocurrency Great News For Technology-Driven Firms Such As iQSTEL Inc. (OTC: IQST)

That is all milestone news for firms such as iQSTEL Inc. (OTC: IQST), a 21st Century innovator, which is through its itsBchain LLC subsidiary is developing products, services and solutions in the digital finance world that lowers costs, speeds settlements, utilizes blockchain driven transparency and mitigates fraud, even after a transaction is completed in a new digital marketplace for payments/settlements. SEC FinHub Staff Issues Statement Permitting U.S. Banks To Hold Stablecoin Reserves; Move Seen As Recognition Of Cryptocurrency's Role; 21st Century Technology Firms Such As iQSTEL Inc. (OTC: IQST) Will Gain In New Settlements/Payments Marketplace.

Banks See The Importance And Merit Of Digital Ledger Technology And Cryptocurrency

Global banks are beginning to see the merit of blockchain transparency and digital ledger technology (DLT) and cryptocurrency. The EU letter combined with the U.S. SEC's Fin Hub Staff's reaffirmation of the Office Of The Comptroller of the Currency's (OCC) opinion on stable coin and digital assets is a major step toward recongition of the role of cryptocurrency.

iQSTEL Inc. (OTC: IQST) has long been an advocate of digital finance, a 21st Century telecommunications company that sees itself turning the global payments/settlements industry upside down. Its subsidiary itsBchain LLC is finalizing its Settlement and Payment Project platform designed for Tier-1 and Tier-2 telecommunications carriers. The platform offers in its new settlements/payments marketplace real time daily payment settlements for VoIP, SMS and data.

Carrier Market Exchange A $900 Billion Market In U.S. SEC FinHub Staff Issues Statement Permitting U.S. Banks To Hold Stablecoin Reserves; Move Seen As Recognition Of Cryptocurrency's Role; 21st Century Technology Firms Such As iQSTEL Inc. (OTC: IQST) Will Gain In New Settlements/Payments Marketplace.

Carrier Market Exchange A $900 Billion Market In The U.S.

It is in a carrier market exchange estimated as a $900 billion market in the U.S. Rather than a 30-45 day payment/settlement process, these transactions can be settled in a single day under the itsBchain LLC project, the subsidiary said. Moreover, digital settlements/payments save costs, are blockchain-technology accurate and conducted in real time. The platform also addresses the issue of fraud - and mitigates it — an important issue in global cross-border transactions.

The itsBchain LLC Innovation Reduces Costs, Time And Mitigates Fraud And Uses Blockchain Distributed Ledger Transparency In A New Settlements/Payments Marketplace

The new digital settlement and payment marketplace platform being finalized by subsidiary itsBchain LLC and and the new interest by banks in blockchain's distributed ledger technology and cryptocurrency would result in reduced costs, quicker speeds for transactions and blockchain-quality transparency into movements of large sums.

Digital Currency A Vehicle Currency For Payments/Settlements

Digital currrency is gaining the confidence and increased usage by major financial institutions globally to effectively serve as a vehicle currency for payments/settlements. In telecommunications, iQSTEL Inc. (OTC: IQST) itsBchain LLC subsidiary is finalizing this payments/settlements carrier grade marketplace solution for Top Tier providers globally. It reinvents the world of cross-border payment transactions

iQSEL, Inc.'s (OTC: IQST) Sees Strong Q3 And Q4 Performance

As it grows and innovates in new technology, iQSTEL, Inc. (OTC: IQST) shows promise of an even stronger fiscal future. Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), said the Company's first half 2020 financials represent "further proof that our business model, a combination of corporate growth and acquisitions, is working very well. All of our operating subsidiaries just reached a major milestone, going Net Income positive. Our management experience in Telecom Operations has been key in the achievement of these results. We look forward to fantastic Q3 and Q4's as we anticipate further corporate and subsidiary developments leading in to 2021."

iQSTEL, Inc. (OTC: IQST) reported all operating subsidiaries of the 21st Century enhanced telecommunications service provider generated positive net income for the parent Company. These subsidiaries include: Etelix, SwissLink, QGlobal and IoT Labs. All showed a positive net income for the Q2 2020 reporting period.

 

iQSTEL, Inc. (OTC: IQST) Expands List Of Subsidiaries

The parent company owns a 75% stake in blockchain subsidiary itsBchain LLC, iQSTEL Inc. (OTC: IQST) wholly owns Miami-based subsidiary, Etelix.com USA, LLC, an American-based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It owns 51% of SwissLink Carrier AG. SwissLink Carrier AG provides international VoIP connectivity worldwide and more. It owns 51% of QGlobal SMS LLC, a U.S.-based company which has international interconnection with Tier 1 SMS aggregators to more than 100 countries worldwide. It has acquired 51% of an Austin, Texas-based SMS U.S.-Mexico Service provider. Most recently it acquired IoT Labs MX SAPI. This Internet of Things (IoT) company is the creator of the "IoT Smart Gas" platform and application.

Source: Stock Market Press

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