Despite crypto regulation gaining a lot of attention these days, this article is following the recent ECB statements of their future plans concerning cryptocurrencies.
The European Central Bank stated that it has no plans to issue its own digital currency.
The president of the ECB told the European Parliament that a lot more substantial development is needed in order for the Central Bank to even take into consideration using them. He said:
‘’Nonetheless, we are carefully analyzing the potential consequences of issuing such a currency as a complement to cash’’.
Draghi explained that the technology that can be used to issue a central bank digital currency, isn’t really been tested and before using it, the Central Bank has to set these assets through multiple different tests. These tests will eventually lead to a few more developing steps for cryptocurrencies which may potentially change the face of the technology as we know it.
‘’With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potential substantial operational costs and risks.’’
Following this statement, he concluded that right now at this time there is no need to issue a specific Euro digital currency because there is a high demand for cash banknotes in Europe. The countries there are strongly keeping their hands on state-issued money despite the seemingly growing number of crypto users.
Make sure to keep up with the information about further plans of the European Central Bank because a lot can change in the near future.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
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