European Central Bank advisors have described the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January as “the naked emperor’s new clothes” in their latest blog post. The advisors, Ulrich Bindseil, ECB Director General for Market Infrastructure and Payments, and Advisor Jürgen Schaaf, criticized Bitcoin, outlining its unsuitability as a means...Read More
Christine Lagarde – president of the European Central Bank (ECB) said her son lost “almost all” of his investment in crypto despite her repeated warnings not to touch the asset class. Due to the losses, she claims her son has now “reluctantly accepted” that she was right. The Lagarde Family’s Crypto Investments Lagarde discussed her...Read More
On Sept. 4, Fabio Panetta, ECB Executive Board member at the Committee on Economic and Monetary Affairs of the European Parliament, said the central bank was nearing the end of its research and investigation phase. It will soon decide whether to move to the next phase of potentially developing and issuing a digital Euro. The...Read More
The latest critique came from the top leadership at European Central Bank (ECB), who stated that Bitcoin’s value “is likely to be artificially induced” while adding that the crypto-asset is on a “road to irrelevance.” In the blog post, ECB Director General Ulrich Bindseil and Analyst Jürgen Schaff went on to claim that the world’s...Read More
Arthur Hayes – co-founder of the crypto trading platform BitMex – published a lengthy blog post on Thursday arguing that central banks will be forced back into “money printing” due to various economic pressures. That money printing, he argued, will create inflation that drives up the price of alternative forms of money, like crypto and...Read More
In an attempt to fight the galloping inflation, the European Central Bank, similar to its counterparty overseas, raised the key interest rates by 75 basis points. Unlike the Fed’s interest rate hikes, though, this one has had no real impact on BTC’s price, at least for now. With the skyrocketing inflation across the Old Continent,...Read More
The European Central Bank unveiled a discussion paper this week on the pros, cons, and economics of implementing central bank digital currency (CBDC). It suggested that CBDCs could help stave off dominance from BigTech firms in the payments market due to “network externalities” surrounding the use of a medium of exchange. Ultimately, the paper posits...Read More
The European Central Bank (ECB) has voiced concerns about the significant carbon footprint of Proof-of-Work (PoW) mining while hinting at a possible ban on such crypto assets, including Bitcoin, by 2025. In a paper published earlier this week, the bank’s researchers argued that Bitcoin and Ethereum have a significant carbon footprint and consume similar amounts...Read More
Amid fears of recession and rising inflation, the cryptocurrency industry witnessed the entry of many new participants who bought digital assets to diversify portfolios. But the latest declines are hitting them hard as the space continues to move in lockstep with stocks and bonds. Increasing Correlation During Market Stress The European Central Bank (ECB) has...Read More
Big tech and stablecoins could disrupt the European financial system, says ECB Executive Board Member, Fabio Panetta. In a speech at the “Future of Payments in Europe” conference, Panetta stated, “While they could offer convenient and efficient payment solutions, they risk endangering competition, privacy, financial stability and even monetary sovereignty.” He also went on to...Read More
When Bitcoin was launched back in 2009, experts believed that it was launched to tackle the global financial crisis. The banking crisis was at the heart of it, and Satoshi’s vision may have been to decentralize what we know as money. Despite regulatory clampdown in the first 7 to 8 years of its existence, Bitcoin,...Read More
The much-anticipated digital Euro is in the news again as a member of the Executive Board of the European Central Bank, Fabio Panetta, announced in a blog today that Europe “must prepare to introduce a digital euro to complement its cash payments.” Acceptance of a digital euro by the public is crucial, writes Executive Board...Read More
President of European Central Bank, Christine Lagarde said that incoming data suggested that Europe’s economic recovery was uncertain and that introducing a digital Euro would strengthen the European payment system. The President said in a speech addressed to a joint meeting of parliamentary deputies from France and Germany on Monday. Lagarde said the “Eurosystem” was...Read More
Commercial banks should work out their own transfer systems as an alternative to Facebook’s Libra, urged Jens Weidmann, President of Bundesbank and member of the Governing Council of the European Central Bank (ECB). Euro Area Banks Should Not Rely on Facebook’s Libra Banks in the Euro area should explore tools for faster, cheaper transfers, but...Read More
The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro from 16.34% to 17.40%. The change could signal further disassociation...Read More
Reports have emerged depicting long lines in front of a physical gold sales location in Germany, in view of pending legislation which would once again lower the anonymous purchase limit, this time from €10,000 to €2,000. The last drop happened in 2017 when the limit was set at €15,000. A draft bill from the German...Read More
In this roundup, we cover a wide range of regulatory developments in the crypto space. Much has transpired in the U.S., including a new crypto bill, SEC’s proposal, lawmakers seeking answers from the IRS, and the state of Michigan signing several crypto bills into law. We also cover France’s first-approved initial coin offering, a proposal...Read More
Financial cryptographer. Cypherpunk. Inventor of Ricardian contracts and early utilizer of triple-entry accounting systems, which would later be exemplified in Bitcoin. Ian Grigg may have claimed that Satoshi was a team effort and is now dead, only living on in bitcoiners everywhere, but some seem to think it’s him. In this installment of “the many...Read More
On December 17, the European Central Bank (ECB) published a report that showcased its blockchain technology proof-of-concept. One particular feature the central bank digital chain holds is the ability to issue “anonymity vouchers.” Also read: Lagarde Sees Demand for Stablecoins, Plans to Put ECB ‘Ahead of the Curve’ ECB Report Explores Anonymity in Central Bank...Read More
China’s Hengfeng Bank is set to get a $14.2 billion bailout from both Chinese government and foreign investors. An emergency decree has been approved to bail out southern Italy’s biggest lender, Banca Popular di Bari. Germany continues to struggle with bailout pains, as regional bank Nordlb finds itself now depending on another capital injection. None...Read More
In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other notable regulatory developments in the crypto space. Also read: Regulatory Roundup...Read More
In the past month, European business hours became extremely active for bitcoin futures trading on BitMEX futures. European Traders Pick Up the Slack on BitMEX New data shows European bitcoin traders became active in the past month, making up the bulk of volumes on the BitMEX XBT/USD perpetual contract. European hours have been the most...Read More
A growing number of banks in Germany are charging retail customers negative interest rates, starting with the very first euro deposited into their accounts. At least three German banks are reportedly doing so, with more expected to follow suit in the near future. As the European Central Bank maintains a negative rate policy, more banks...Read More
Around half of European countries, over 20, now have 0% interest rates and a few are already in negative territory. Ukraine, which has the highest benchmark interest rate on the continent, has just reduced it again, for the fifth time this year. The race between central banks to cut rates, when there is inflation, has...Read More
At her first press conference as head of the European Central Bank (ECB), Christine Lagarde outlined her plans to lead the ECB “ahead of the curve” in the field of digital currency. “There is clearly a demand out there that we have to respond to,” she said, referring to stablecoins. Also read: Regulatory Roundup –...Read More
The European Central Bank (ECB) should determine objectives for its digital currency taskforce by mid-2020, ECB President Christine Lagarde said during her first policy meeting. What’s the Purpose of a Digital Euro? Earlier today, the ECB’s Governing Council met to decide the benchmark interest rate and the monetary policy. After the event, new ECB President...Read More
Going by recent headlines, it appears as though central banks around the world are planning to or in the process of creating their own digital currencies.The post appeared first on NewsBTCRead More
The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly Youtube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. Upon closer examination, though, current realities like Australia’s proposed cash transaction...Read More
Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark have been in negative territory for a while and a growing number of banks in the region are now charging depositors for keeping their money. Saving in fiat right now, unlike cryptocurrencies lately, leads to...Read More
