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The European Central Bank Releases Digital Euro Report

The European Central Bank Releases Digital Euro Report

So far, several countries have expressed tangible interest in the idea of developing central bank-backed digital currencies (CBDCs). The European Union has also talked about the potential release of a digital euro, although no actual plans were publicly announced. 

Recently, the European Central Bank (ECB) published a 50-page report highlighting the main challenges that the institution would have to deal with, in order to make the digital euro a reality. 

According to a statement made by the President of the ECB, Christine Lagarde, “Europeans are increasingly turning to digital in the ways they spend, save and invest (...) Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”

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The European Commission Is Drafting a Crypto Regulatory Framework

The European Commission Is Drafting a Crypto Regulatory Framework

At this point in time, most of the world’s countries have issued some form of regulatory framework for digital currencies. Research on the matter has shown that there’s an overall lack of standardization in terms of cryptocurrency and blockchain regulation, thereby giving way to uncertainty, especially for crypto-related business ventures operating globally.

Recent reports indicate that a standardization of cryptocurrency regulations for EU member countries is on the agenda of the European Commission. A copy of a legislative draft was recently leaked on the internet, thus showcasing the institution’s vision concerning crypto regulation.

The main point worth keeping in mind is that crypto assets will be regulated in a similar manner to most other financial instruments. Most of these rules are centred towards service providers and token issuers, rather than users. The regulatory draft kicks off with a definition of crypto-based assets and highlights the main regulations that EU companies should respect. Emphasis is placed on stablecoins, which have been actively gaining popularity over the last couple of years.

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Study Shows that Private Blockchains Might be Compatible with EU GDPR Privacy Rules

Study Shows that Private Blockchains Might be Compatible with EU GDPR Privacy Rules

As you may already know, blockchain technology has massive potential to disrupt numerous industries throughout the world. However, the worldwide adoption of the technology is only possible with a supportive regulatory framework.

A study carried out by the University of Cambridge in partnership with the Queen Mary University of London, discusses whether private blockchains are compatible with the recently-adopted European Union GDPR privacy law.

To put things better into perspective, the GDPR law is responsible for regulating how personal data of EU citizens is stored and processed. As such, all companies that control personal data operating within the EU must respect a set of rules concerning the storage, transfer and use of personal data. Failure to do so leads to a fine as large as €20 million EUR, or a percentage of the global revenues obtained by the company breaching the law.

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European Parliament Votes for Stricter Regulation for Cryptocurrency Market

European Parliament Votes for Stricter Regulation for Cryptocurrency Market

During the last couple of months, the European Parliament (EP) and Commission (EC) have been actively involved in discussion of appropriate regulation for the digital currency market. Now, recent reports indicate that the EP has voted for a stricter array of regulations for the crypto market.

With this in mind, once the legislation is applied at the European Union level, crypto exchanges alongside wallet providers will be required to introduce specific due diligence procedures for their customers. In other words, wallets and exchanges may soon have to begin verifying user identity. Additionally, the measures also point out that crypto wallets and exchanges will need to register before being allowed to offer their service.

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European Commission announces Blockchain Observatory & Forum

European Commission announces Blockchain Observatory & Forum

While digital currencies seem to be losing value given the massive bear going on at this moment in time, institutions, governments and international organizations throughout the world are showcasing an increased interest towards blockchain, the underlying technology of bitcoin and many other cryptocurrencies.

With this aspect in mind, recent reports indicate that the European Commission has decided to launch their very own EU Blockchain and Observatory Forum, in order to boost blockchain-related projects within the European Union. For those who do not know, the European Commission is the executive body of the EU, in charge with legislative initiative, budget management and control over other EU institutions.

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South Korea Plans to Introduce More Digital Currency Regulations

South Korea Plans to Introduce More Digital Currency Regulations

During the last couple of months, South Korea’s attitude on bitcoin and other digital currencies has begun to change, and recent reports now indicate that the country is considering new regulation. Before anything else, it is important to point out the fact that following China’s ban on ICOs and cryptocurrency exchanges, numerous companies affected moved abroad to countries such as South Korea and Japan, where regulation was more lenient.

However, according to recent reports, there have been several proposals in South Korea, meant to prevent those who are underage from opening accounts on digital currency exchanges, while also taxing capital gains made from trading.

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Ethereum Reaches new All-Time High of $750

Ethereum Reaches new All-Time High of $750

The last few months have been truly kind to the world of digital currencies, considering the fact that all major cryptocurrencies have reached unbelievable new all-time highs, thanks to increasing investor interest, bitcoin futures, and new blockchain and crypto-based platforms revolutionizing our current financial system from the ground up.

With this in mind, Ethereum, which is the world’s second biggest digital currency in terms of market capitalization has reached a new all-time high on Thursday, the 14th of December, with values first breaking the $600 threshold, and then surging even higher to $750. At the time of writing, the value of Ether, has decreased a bit, as it is currently trading at approximately $670.

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European Commission Pushes Forward Proposal To Track Bitcoin Users

European Commission Pushes Forward Proposal To Track Bitcoin Users

During the last couple of months, the position of the European Commission concerning digital currencies has gradually changed. To fulfil their goal of preventing terrorism financing and money laundering, the legislative body has decided to create a database of digital currency users and record bitcoin transactions.

Not only is this against the principles of anonymity and transparency that bitcoin and other digital currencies strive for, but many believe that the decision is also morally wrong. According to recent reports, the Commission believes that a regulatory framework for digital currency platforms must be formed as soon as possible, as they aren’t monitored nor observed by the European authorities.

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European Commission Directive Could Harshly Affect The State Of Digital Currencies In The EU

European Commission Directive Could Harshly Affect The State Of Digital Currencies In The EU

During the last couple of months, Bitcoin has been the subject of discussion for numerous government meetings, looking for new ways to regulate the digital currency.

According to recent reports, last week, The European Commission published a directive draft including a couple of proposals for the future of Bitcoin. With this in mind, it means to extend anti-money laundering regulation to exchanges and bitcoin wallets. The reason behind this is to help counter tax evaders, fraudsters, terrorists, money launderers, drug dealers and other criminals.

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Was Bitcoin as Good as Gold during the Brexit?

Was Bitcoin as Good as Gold during the Brexit?

During the last couple of years, it was proven that the stability of digital currencies such as Bitcoin can best be analysed during moments of crisis. Due to the fact that the United Kingdom has recently voted to leave the European Union, the British Pound has collapsed in terms of value, thus proving that bitcoin is a safe haven asset.

Economic analysts from all around the world and supporters of the digital currency movement claim that bitcoin represents the ideal form of protection against most of the world’s major economic events, as it is independent from political moves, government regulations and economic crises. This led analysts to compare the currency to gold, thus making a strong statement that bitcoin is in fact, as ‘good as gold’.

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