'There are already digital means of payment:' EU Commission gets 11,000 publi...
Less than two weeks after the consultation process' start, the prevalent mood in the comments section appears quite negative. In less than two weeks that passed since the European Commission opened its "Digital euro for the EU" initiative up to public consultation, more than 11,000 individuals and organizations left their feedback on the website. The feedback section will be open until June 14. Besides the open-ended comments section on the website, there is a targeted consultation questionnaire that aims to collect information from the industry representatives, authorities and experts....
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Thailand has announced that cryptocurrency will be regulated as a means of payment for goods and services “to avert potential impacts on the country’s financial stability and economic system.” The announcement was issued by the Bank of Thailand, the Thai Securities and Exchange Commission, and the Ministry of Finance. Cryptocurrency Will Be a Means of Payment in Thailand The Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC), and the country’s Ministry of Finance (MOF) jointly announced Tuesday their plan to regulate cryptocurrency as a....
The joint committee of BOT, SEC and MOF believes the current payment infrastructure is efficient and digital assets would add no extra benefits. The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF) have come together to review and issue guidelines on the use of digital; assets as a payment tool.In a joint press release on Tuesday, Thailand’s top regulatory bodies said that it has become necessary to review and regulate digital assets as a means of payment for goods and services. After careful consideration and assessing all the pros and....
The European Commission this week adopted a legislative proposal meant to bring virtual currency exchanges and custodian wallet providers under the scope of the EU's Anti-Money Laundering Directive. This step should have been expected, as it has been clear that the European Commission wanted the AML regulatory framework to be extended. However, the importance of the proposed laws still can go beyond AML regulations. Perhaps the most far-reaching consequences could be triggered through its introduction of a legal definition for "virtual currencies", the first under EU law.....
Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable to runs, top officials at the European Central Bank have pointed out in a new article making the case for a digital euro. The executives have marked key objectives for the project which should provide Europeans with “easy access to central bank money” in the digital era. Trend Toward Digital Money Creates Risks, Senior ECB Officials Warn Maintaining access to central bank money is crucial for financial stability when payments are becoming increasingly digital. The digital euro can....
According to a recent article in Belgian newspaper De Morgen, the government is setting plans in motion to target money laundering actions in Bitcoin. Similarly to any type of payment in the world, Bitcoin has become a tool wielded by internet criminals. However, the popular digital currency does not provide privacy or anonymity, and tracking down individuals using Bitcoin for money laundering purposes is a lot easier compared to when cash is involved. Money Laundering And Bitcoin Is Not Such A Big Issue. There is still a lot of confusion as far as Bitcoin and digital currencies are....