France Calls for EU Crypto Rules
The French government has called for cryptocurrency rules at the European Union (EU) level, as well as for the creation of a “public digital currency.”
France’s Minister of the Economy and Finance, Bruno Le Maire, at a meeting of EU finance ministers in Finland has said that “a common framework” on cryptocurrencies is needed.
For the creation of a European “public digital currency,” the minister did not provide specific details, though there is a possibility he meant on a central bank digital currency (CBDC).
Moreover, former French minister and former International Monetary Fund (IMF) chief, Christine Lagarde, also recently encouraged the “exploration” of CBDCs because of slowing demand for cash and rising preference for digital money. Also Lagarde is one of the candidates for the European Central Bank’s (ECB’s) next president, which raises the chances for a European CBDC even higher. (Neutral)
Germany’s Largest Bank Joins JPMorgan’s Blockchain Network
Germany’s largest bank, Deutsche Bank, has joined JPMorgan’s blockchain-based network, the Interbank Information Network (IIN).
Launched as a pilot in 2017, the JPMorgan-led blockchain initiative now has a network of 320 banks that have entered the platform to swap global payments data using the Ethereum network.
Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other large banks to join IIN. According to the report, Deutsche Bank is the world’s biggest clearer of euro-denominated payments.
IIN will enable Deutsche Bank to offer better client services, according to the bank’s global head of cash management Ole Matthiessen. Matthiessen, who occupied the position in March 2019, explained that the bank expects IIN to reduce the cost of processing difficult payments.
The IIN network is based on the JPMorgan-developed Quorum platform and intends to tackle the major challenges of sharing information between banks and speed up transactions to recipients. Quorum is based on the Ethereum blockchain, which was recently reported by co-founder Vitalik Buterin to be almost full as it is the most popular public blockchain network for decentralized apps.
According to Georgakopoulos, JPMorgan aims to reach 400 agreements with banks by the end of 2019 and is also expecting to announce other large banks in the near future. (Positive)
OKEx Will Delist 5 Privacy-Cryptos Over FATF Demands
The South Korean arm of cryptocurrency exchange OKEx is removing support for five major altcoins due to new international regulations.
OKEx’s Korea unit will halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on October 10.
The reason, says the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force (FATF).
Transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design. (Neutral)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima