Month: January 2023

ECB executive board member outlines plans for digital euro to European Parliament

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The digital euro, should it come into existence, will preserve the role of the central bank by extending payment options beyond those offered by cash, European Central Bank (ECB) executive board member Fabio Panetta told a European Parliament committee Jan. 23. Panetta expressed satisfaction with the progress of research on a potential digital euro. He told the European Parliament Economic and Monetary Affairs Committee: “The ECB is at the global forefront of the efforts by central banks to design state-of-the-art digital payment solutions for both retail and wholesale transactions.” Access…

European Banks Must Fully Cover Crypto Holdings With Capital, Draft Text Says

The amendments to the package, which is designed to ensure that traditional institutions issue enough capital to sustain lending levels, are set to be voted on by EU Parliament’s Committee on Economic and Monetary Affairs on Tuesday. The text seen by CoinDesk asks the European Commission to propose a bill by June 2023, and says banks should apply a 1,250% risk weight to crypto exposures until the end of 2024. Source

How They Do It in 37 Nations

“They’re experimenting, and they’re trying new things,” says Michael Piwowar, referring to Dubai’s launch of VARA, the Virtual Assets Regulatory Authority. “They want to be the leader not only in the Middle East, but also as a launching-off point for Africa and other places in the region,” says Piwowar. The UAE has set up zones that have common law jurisdictions, he adds, and “both Abu Dhabi and Dubai have been very successful at attracting businesses in financial services in general, and fintech in particular, and are now moving towards virtual…

NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

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The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”. In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris said crypto firms and exchanges operating under a BitLicense — required in New York state — should segregate corporate funds from users’ virtual currency holdings both on-chain and in the “internal ledger accounts” of the company’s custodian. According to the regulator, crypto firms are expected to hold users’ assets “only for the limited…

Crypto Analyst Says Bitcoin Price Could See Another 30% Rally

Bitcoin price has already had a good week. The digital asset already rallied to two-month highs above $23,000 and is still maintaining a good portion of its bullish momentum. Despite this already impressive growth over the last few weeks, a crypto analyst known on Twitter as Kaleo is not convinced that the best of the mini-bull run has passed. Crypto Analyst Says Another 30% Rally Is Possible Analyst @CryptoKaleo took to Twitter to share his thoughts on the current bull rally. According to him, the bitcoin rally might not be…

Economist Mohamed El-Erian Predicts ‘Sticky’ Inflation Despite Federal Reserve’s Efforts to Bring it Down – Bitcoin News

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As investors examine the next move of the Federal Reserve, analysts, economists and market participants are also closely monitoring inflation levels. In Dec. 2022, the annual inflation rate dropped to 6.5%, and many experts predict it will decrease further. However, economist Mohamed El-Erian of the University of Cambridge believes inflation will become “sticky” in midyear, around 4%. The central bank, on the other hand, is primarily focused on reducing inflation to 2%. 5% Is the New 2%: Tight Monetary Policy and Interest Rate Hikes Unable to Curb Inflationary Pressure Members…

Checks VV Rouses the NFT Community From a Sleepy Winter

Loosely inspired by Damian Hirst’s NFT project The Currency, Butcher has decided to introduce a burn mechanic that allows holders to remove their edition from circulation and trade it in for an on-chain original featuring unique art and a smaller number of checks. Burning two original NFTs featuring 80 checks will turn them into a 40-check NFT. Then, burning two 40-check NFTs would create an original 20-check NFT, and so forth. At the end of the experiment, there is a possible supply of three black check marks – which would…

XRP Jumps to 3-Month High as Crypto Markets Consolidate on Monday  – Market Updates Bitcoin News

Xrp moved to a multi-month high on Jan. 23, as market optimism grew regarding a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Following comments last week from Ripple CEO Brad Garlinghouse, many have bought the token in anticipation of the lawsuit ending in the coming months. Dogecoin was another notable gainer on Monday. XRP, formerly ripple, was one of Monday’s notable gainers, as the token rose to a three-month high in today’s session. XRP/USD hit an intraday high of $0.431 to start the week, coming…

Latin American Stablecoin Adoption Expected to Grow Amid High Inflation

“In Latin America, the countries with the highest levels of inflation are the ones that run the fastest towards cryptocurrencies,” said ​ Mauricio Di Bartolomeo, co-founder of Ledn, a Canada-based lending platform with more than 125,000 users, half of whom are based in Latin American countries. “In 2023 stablecoin adoption will hike because inflation is going to be much higher amid macroeconomic turbulence,” he added. Source