From Bat-Signal to Bitcoin: Projecting ‘Orange Pill’ on banks as EU drives crypto regulation

“The signal goes on, and he shows up. That’s the way it’s been. That’s the way it will be.” Whenever Gotham faces an existential threat, the Bat-Signal lights up the night sky. In the DC Comics universe, Batman always shows up to save the day when he’s called upon. Bitcoiners in Germany employed a similar tactic [...]

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European Parliament approves ban on anonymous crypto transactions

The European Parliament has a approved a proposed ban on anonymous crypto transactions executed through self-hosted wallets.

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If Bitcoiners Don’t Do More, CBDCs Will Win

As history has shown, incumbent powers can control the narratives around their inherently-inferior solutions.

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European Central Bank Follows US Fed’s Footsteps With 25 BPS Hike

On Thursday, the Governing Council of the European Central Bank (ECB) announced that it was raising “three key ECB interest rates” by 25 basis points (BPS) in a move similar to the one taken by the United States Federal Reserve.  The US Federal Reserve, on Wednesday, increased its fund rates by an additional 25 BPS, its highest interest rate in 22 years. European Central Bank In The Fight Against Inflation The European Central Bank, in its statement, admitted that although inflation continues to decline, it is “still expected to remain too high for too long.” In a bid to fight inflation and return it to its 2% medium-term target in a timely manner, the governing council has continued to hike the interest rates for some time now, and this has further raised concerns for investors in the financial market as to whether or not there will be hikes before year ends.  Related Reading: Lacoste Unveils Exclusive Ethereum-Based Virtual Store For NFT Holders For context, the ECB has raised rates by 4.00% since last year July, accounting for the fastest-tightening cycle in its history. It is projected that this rapid increase in rates could negatively affect the expansion of loans in the European region and economic activity also.  A quarterly poll released by the ECB on July 25 revealed that the companies’ demand for loans plunged to its lowest in the second quarter of this year. The eurozone has less developed and liquid capital markets than the United States, so there is an overreliance on banks in financing the economy.  And now, according to ECB Chief Economist Philip Lane, the tighter monetary policy is massively impacting bank loans. So such policies will undoubtedly cause a liquidity squeeze.  Bitcoin’s Role Although inflation continues to decline, it is evident that the ECB and US Federal Reserve aren’t getting the desired results as to the target to which they want to bring inflation down to. As such, these financial bodies may continue increasing the rates to as high as possible despite the dramatic economic slowdown.  Investors are aware of this position and are looking toward Bitcoin and other cryptocurrencies for succor. For a long time now, Bitcoin has been tagged as a ‘hedge against inflation,’ and it seems that many are realizing that this is more than a tag as Bitcoin has remained stable despite the growing rates, which many would have expected would send Bitcoin and the crypto market spiraling down.  Related Reading: Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch Unlike the United States, European investors are lucky to have more regulatory certainty in the region. The Markets in Crypto Assets (MiCA) regulation offers a sense of direction to stakeholders in the European crypto industry. This will help businesses and investors navigate their way when operating and dealing with crypto assets.  BTC price sitting at $29,300 | Source: BTCUSD on Tradingview.com Featured image from PYMNTS, chart from Tradingview.com

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US explores additional bank support, favoring First Republic's benefit: Report

Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.

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US contemplates ‘expanding’ emergency lending facility for banks: Report

United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address its balance sheet concerns, according to people with knowledge of the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials [...]

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European Central Bank Announces Digital Euros Are Widely Available!

The Committee on Economic and Monetary Affairs of the European Parliament has called ECB’s member in Brussels to comprehend the

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IMF Working on Platform to Support CBDC Cross-Border Interoperability

The International Monetary Fund (IMF) is working to develop a platform that would serve as an interoperability layer for central bank digital currencies (CBDCs), allowing for settlements among different countries. According to statements from IMF Managing Director Kristalina Georgieva, this would avoid the underutilization of CBDCs for domestic purposes. IMF Working on CBDC Cross-Border Integration

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US, Australia Make New Moves on CBDC

<p>The United States and Australia have both announced new updates on their efforts towards assessing the feasibility of a central bank digital currency (CBDC). While the United States says it is planning to establish a new Treasury Department-led working group to deliberate on the possible launch of a digital dollar, the Reserve Bank of Australia on Thursday unveiled 14 firms who proposed various CBDC uses cases to be tested in its limited-scale CBDC pilot that “will take place over the coming months.”</p><p>Nellie Liang, the US Department of Treasury Undersecretary for Domestic Finance announced the planned launch of the new senior-level working group on Wednesday, noting that the group will comprise top executives from the Treasury Department, the Federal Reserve, the National Security Council and other government agencies. Group members will meet often 'in coming months' to trash out the benefits of a CBDC to the US economy, she noted.</p><p>In addition, the group will discuss how a digital dollar can help the United States to maintain its position as a leader in global finance, preserve its national security and ensure privacy while stopping the illicit flow. However, Liang emphasized that the Treasury and the Federal Reserve have not yet decided on the importance of a digital dollar.</p><p>The planned launch of the working group comes almost a year after President Joe Biden <a href="https://www.financemagnates.com/cryptocurrency/unpacking-president-bidens-crypto-executive-order/" target="_blank" rel="follow">signed an executive order</a> that mandates a number of federal agencies to study the risks and benefits of cryptocurrencies and the possibility of a digital order.</p><p>Australia Makes Progress with CBDC Pilot</p><p>In August last year, the Reserve Bank of Australia <a href="https://www.rba.gov.au/media-releases/2022/mr-22-23.html" target="_blank" rel="follow">entered a partnership with</a> the Digital Finance Cooperative Research Centre (DFCRC), a $180 million research programme funded by financial industry participants and other stakeholders, to explore use cases for CBDC. The government later invited interested industry participants <a href="https://www.rba.gov.au/media-releases/2022/mr-22-31.html" target="_blank" rel="follow">to propose CBDC use cases</a> for the project.</p><p>Following a submission from industry participants, the central bank on Thursday disclosed that it has selected 14 use cases to be included in the project. These include the usage of CBDC for offline payments, nature-based asset trading, corporate bond and tokenized foreign exchange <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__main-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a>, CBDC custodial models and high-quality liquid assets securities trading, among others.</p><p>The selected firms include the Australia and New Zealand Banking Group Limited (ANZ), the Commonwealth Bank of Australia, facility and maintenance management firm Oban, the Australian Bond Exchange, and giant payment processor Mastercard. Others include Canvas Digital, electronic payment firm Digi Cash, custody services provider Fame Captial, and Unizon, among others.</p><p>CBDC Race Presses on in Europe</p><p>Meanwhile, in Europe, the race towards a digital euro is in progress. In November last year, <a href="https://www.financemagnates.com/fintech/spanish-banks-embark-on-new-digital-euro-test/" target="_blank" rel="follow">30 Spanish banks partnered</a> to carry out new proof-of-concept trials to measure the impact of issuing a digital euro by the European Central Bank (ECB). The partnership is being organized in collaboration with a mobile payment solutions provider, Bizum, the payment service firm, Iberpay, which also oversees the Spanish interbank <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a> infrastructure, and Redsys, a payment system services provider.</p><p>Earlier in September, <a href="https://www.financemagnates.com/fintech/ecb-selects-amazon-nexi-others-fordigital-euro-prototype-excercise/" target="_blank" rel="follow">the ECB selected five companies</a> including Amazon to participate in its digital euro payment prototyping exercise. The firms emerged from a pool of 54 payment providers that responded to the apex bank’s call for an expression of interest.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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ECB Board Member Urges Regulators To Treat Crypto Like Gambling Activities

Crypto community members are not pleased with the latest blog post from the ECB. Crypto community members yesterday and today took to Twitter to express their views on a blog post shared by the European Central Bank yesterday. The cost to society of an unregulated crypto industry is too high to ignore, writes Executive Board […]

The post ECB Board Member Urges Regulators To Treat Crypto Like Gambling Activities first appeared on The Crypto Basic.

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European Central Bank Exec Wants Unbacked Crypto Treated as Gambling

<p class="MsoNormal">Fabio Panetta, a Member of the Executive Board of the European Central Bank (ECB) has argued in favor of regulation that recognizes “the speculative nature of unbacked cryptos and treat them as gambling activities.” </p><p class="MsoNormal">Panetta believes that “vulnerable” users of unbacked digital assets can be protected through the application of rules similar to the European Commission-recommended principles for online gambling. The ECB executive stated these in <a href="https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230105~75d5aee900.en.html" target="_blank" rel="follow">a blog post</a> posted on the ECB’s page on Thursday. </p><p class="MsoNormal">The European Commission recommendations of 2014 <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014H0478" target="_blank" rel="follow">published</a> in the Official Journal of the European Union (EU) seeks to protect consumers and players of online gambling services. In addition, it seeks to prevent minors from gambling online. </p><p class="MsoNormal text-align-justify">ECB's Fabio Panetta Criticizes Unbacked Crypto Assets</p><p class="MsoNormal">In the post, Panetta described unbacked digital assets as “a gamble disguised as an investment asset,” adding that “they do not perform any socially or economically useful function.” </p><p class="MsoNormal">“As a form of investment, unbacked cryptos lack any intrinsic value, too. They are speculative assets. Investors buy them with the sole objective of selling them on at a higher price,” the <a href="https://www.financemagnates.com/tag/ecb/" target="_blank" rel="follow">ECB</a> executive explained.</p><p class="MsoNormal">Meanwhile, Panetta noted that the European Union’s Regulation on Markets in Crypto-Assets (MiCA) “is an important step” towards cryptocurrency regulation. However, he called for more efforts to regulate other segments of the cryptocurrency industry such as decentralized finance.</p><p>Check the recent FMLS22 session on how the market structure of digital assets is changing.</p><p class="MsoNormal text-align-justify">CySEC, MiCA and Crypto Speculation</p><p class="MsoNormal">In October last year, Dr George Theocharides, the Chairman of the Cyprus Securities and Exchange Commission (CySEC) <a href="s" target="_blank" rel="follow">warned against the risks</a> associated with cryptocurrency investments and endorsed MiCA. Moreover, the CySEC boss decried the speculative nature of digital assets in <a href="https://www.cysec.gov.cy/en-GB/investor-protection/financial-education/news-publications/93338/?uuid=18102022115542" target="_blank" rel="follow">a piece</a> published on the regulator’s website.</p><p class="MsoNormal">“Many crypto-assets have no tangible value – contrary to traditional securities, such as stocks or bonds – resulting in their value and price depending exclusively on supply and demand which in most crypto-assets can be highly speculative. This may lead to high volatility of prices and investors suffering large losses,” the CySEC Chairman wrote.</p><p class="MsoNormal">Meanwhile, Finance Magnates reports that while MiCA seeks to put an end to the ‘crypto wild west’ in Europe, the proposed regulation, when finally passed, must first drive uniformity across <a href="https://www.financemagnates.com/cryptocurrency/can-mica-take-europe-to-the-crypto-promised-land/" target="_blank" rel="follow">Europe’s fragmented digital asset landscape</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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“Bitcoin Should be Treated as Neither in Regulatory Terms and Thus Should not be Legitimized”: Europe Central Bank Officials

According to ECB officials, Bitcoin's decline from $69,000 to $20,000 is an "artificially induced last gap before irrelevance."

Continue reading “Bitcoin Should be Treated as Neither in Regulatory Terms and Thus Should not be Legitimized”: Europe Central Bank Officials at DailyCoin.com.

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ECB Blasts Bitcoin (BTC), Says It’s on Road to Irrelevance

Ulrich Bindseil and Jürgen Schaaf said that Bitcoin has failed at replacing or even improving traditional monetary and financial system.

Continue reading ECB Blasts Bitcoin (BTC), Says It’s on Road to Irrelevance at DailyCoin.com.

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Bitcoin’s current stability stems from market manipulation, ECP report

According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings.

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Bitcoin’s current stability stems from market manipulation, ECB report

According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings.

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Digital Euro Gains Support From Netherland’s Queen Máxima

The work the European Central Bank has accomplished in its efforts to introduce a digital euro has been commended by Queen Maxima of the Netherlands. On 7 November 2022, the queen gave a virtual speech at a European Commission conference with the theme “Towards a legislative framework enabling a digital euro for citizens and for businesses.” […]

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The Bitcoiner’s Guide To Yield Curve Control And The Fiat End Game

Yield curve control is the next saga in the global monetary policy experiment. What does it mean for the economy and what are the future consequences?

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Amazon Contributing to EU’s Digital Euro Prototype Tests

The European Central Bank (EBC) has partnered with five companies, including Amazon, to test its digital euro. Digital Euro Testing Amazon is one of five companies testing a digital euro....

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Amazon Is Testing Digital Euro Prototypes

The European Central Bank (EBC) has partnered with five companies, including Amazon, to test its digital euro. Digital Euro Testing Amazon is one of five companies testing a digital euro....

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ECB Publishes New Guideline on Regulated Digital Asset Licensing

The European Central Bank (ECB) has issued new licensing guidelines for regulating digital assets, although it currently does not have a unified regulatory framework governing crypto-asset activities and services. (Read More)

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