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Crypto Crime Victim Superfund Moves Forward – European Commission Accused of Ignoring Crypto Fraud

The European Union Parliament Petitions Committee is considering a Petition filed by lawyer, Dr. Jonathan Levy, on behalf of investors, organizations and companies seeking the establishment of a crypto industry supported Superfund to reimburse victims of crypto fraud and crime.   In a letter to the EU yesterday, Dr. Levy disputed the European Commission position that crypto fraud was not a problem. The European Commission (EC) in its initial October 12, 2020 response to the petition opposed the creation of a Crypto Victims Super Fund and stated:  “Furthermore, most losses suffered – through for example fraudulent initial coin offerings (ICOs)…

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ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. Eurozone’s Central Bank to Decide on the Digital Euro Project Within Months Occupied with planning a “cautious exit” from the social, economic and health emergency forced upon the European Union by the Covid-19 crisis, the ECB is also compelled to think about a digital version of the euro,…

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Cashaa Rolls Out The World’s First Global Crypto-Friendly Banking Platform

by Richard Kastelein UK Blockchain Banking company Cashaa has expanded its internet banking platform to serve businesses globally with a focus on the UK, Europe, and USA markets. The company says onboarding process for global companies is smooth since Cashaa has already onboarded a few big brands from multiple jurisdictions such as from the UK, Europe, Singapore, Hong Kong, UAE, Caribbean, and the USA during the BETA phase. Among the hundreds of companies that have already been onboarded include Paxful, Nexo, CoinDCX, and Unocoin. Mr Kumar Gaurav, Founder & CEO of Cashaa, revealed it was no easy feat. “We are…

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ECB to consider further digital euro study in 2021

The report is only the start of the discussion and raises more questions before officially studying the digital euro. The European Central Bank (ECB) could begin seriously considering and studying the digital euro by mid-2021, the bank said in a report released Oct. 2.  The report examined how a digital euro may impact retail payments and how it can protect payments in the future. It also looks at how virtual currencies could fit within the landscape of the entire Eurosystem. However, it does not specify what model the ECB should take when and if it designs its digital currency.  Based…

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European Central Bank Ramps Up It’s Work on Digital Euro

by Richard Kastelein A special Eurosystem task force from the European Central Bank (ECB) has published a comprehensive report, on the issuance of a European digital currency. They say a digital aka ‘crypto’ euro would be an electronic form of central bank money accessible to all citizens and firms to make payments in a fast, simple and secure way and would complement cash, not wipe it out and the ECB says they will continue to issue cash in any case. “The euro belongs to Europeans and our mission is to be its guardian,” said Christine Lagarde, ECB President. “Europeans are…

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ECB Says Europe Should Be Ready To Launch The Digital Euro

The ECB says Europe should prepare well and it should be ready to launch the digital euro to compliment cash so let’s see more in the crypto news today. The European Central Banks ECB says that Europe should be ready for a digital euro according to the latest reports which form the basis of the public consultation starting on October 12. A digital euro will not replace cash but will only compliment it. The bank president Christina Lagarde said: “The euro belongs to Europeans and we are its guardian. We should be prepared to issue a digital euro, should the…

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European Commission adopts digital finance package for crypto and blockchain

Europe is one step closer to getting a concrete legal framework for digital finance. The European Commission is moving to provide more legal clarity and certainty for the cryptocurrency industry in its member states. On Sept. 24, the EC officially adopted a new digital finance package including digital finance and retail payments strategies, as well as legislative proposals on crypto assets.  The EC said that the new package represents the first time that the authority proposed new legislation on crypto assets. As part of the new legislative proposals, the EC pays special attention to stablecoins — a type of cryptocurrency…

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EU Group Highlights Possible $900B Savings from Broad Crypto Adoption

Cryptocurrency acceptance is currently at a watershed moment, as several regions are currently working on ways to integrate these assets into their financial systems. Europe is one of the continents leading the charge, and a new report could serve as an additional incentive to improve crypto adoption. Earlier this week, the European Parliamentary Research Service (EPRS), the European Parliament’s in-house research department, published a study showing how much cryptocurrencies could benefit people within the economic bloc. The study, titled, “Emerging Risks in Crypto Assets,” highlighted the benefits and possible risks that cryptocurrencies could pose to the European Union member countries and…

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CBDCs Won’t Usurp Fiat Currency in EU: ECB President

Central Bank Digital Currencies(CBDCs) have continued to make news in the crypto industry, thanks to more countries’ desire to develop them. While many have committed to digitizing their currencies, there have also been questions about their future economic policy roles. Just a Complementary Currency Form Yesterday, Christine Lagarde, the President of the European Central Bank, recently shed some light on the forthcoming Digital Euro and its operation. Speaking at an online meeting of the Franco-German Parliamentary Assembly, Lagarde reiterated that the bank was exploring a possible CBDC that will serve the European Union entirely. Regardless of the digital currency’s prominence, however,…

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Digital euro will not be ‘a substitute for cash’: ECB President

"A digital euro could be a complement to, not a substitute for, cash," Lagarde said. Any digital currency released in the European Union may not fully replace fiat, said the President of the European Central Bank, Christine Lagarde. Speaking at an online meeting of the Franco-German Parliamentary Assembly on Sept. 21, Lagarde stated that the bank was exploring “the benefits, risks and operational challenges” of a European central bank digital currency (CBDC), but fiat currency would likely still play a role in this digital future.  “A digital euro could be a complement to, not a substitute for, cash,” Lagarde stated.…

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European Union Parliament to Consider Petition to set up Crypto Asset Restitution Fund

The European Union Parliament will consider a petition filed by a  consortium of victims, organizations, and companies seeking the establishment of a  restitution fund for victims of crypto fraud. The victims represented by their lawyer, Dr. Jonathan Levy, have suffered losses exceeding €40 million. The consortium includes: Disabled victims who were repeatedly preyed upon by crypto scammers posing as brokers; An American investor whose crypto wallet was hacked and nearly 1000 Bitcoins sent to a criminal “bitmixing” operation; Several European companies and individuals who were deceived into investing in illusory crypto asset funds, nonexistent crypto mining operations and ICOs (Initial…

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The EU Plans To Incorporate Comprehensive Crypto Regulation By 2024

The EU plans to incorporate comprehensive crypto regulations by 2024 according to the latest reports that we have in our crypto regulation news. The European Union or EU plans to incorporate blockchain and cryptocurrency regulation into the main procedures by 2024. Over the next four years, the economic union aims to create a fresh regulation framework that will promote the blockchain and digital asset usage for international money transfers according to the documents:  “By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector […] It…

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EU to see comprehensive crypto regulation by 2024

Crypto continues its trek into the mainstream. The European Union, or EU, plans to incorporate crypto and blockchain technology into its main processes by 2024.  Over the next four years, the economic union aims to firm up fresh regulations that will promote blockchain and digital asset usage for international money transfers, according to details from internal documents that Reuters published Friday.  The documents detailed: “By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector [...] It should also address the risks associated with these technologies.”

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Privacy laws might prove to be a blessing in disguise for crypto

With government agencies getting more savvy at tracing blockchain transactions, laws like the EU’s GDPR may play a role. Anti-establishment and counter-government sentiments fuelled the early days of crypto. More than a decade later, crypto is slowly moving away from its wild-west early days and into a more organized system that traditional financial institutions are reluctantly adopting.  Crypto has also managed to attract the no less reluctant attention of various regulators. With reactions ranging from a complete ban on crypto transactions to making authorities question the overall role of regulation, cryptocurrencies have wreaked havoc on policymaking everywhere.  So far, regulators…

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ECB President Confirms Research on Possible Region-Wide CBDC

Central Bank Digital Currencies (CBDCs) have continued to rule the crypto news cycle, with various governments and jurisdictions exploring the potential of digitizing their currencies. Joining the ranks appears to be the European Central Bank (ECB), in a move that could bring significant ramifications for the entire Eurozone. The Urgent Need for Better Digital Payments Earlier this week, Christine Lagarde, the President of the ECB, appeared at an online conference hosted by Deutsche Bundesbank. In a session focused on banking and possible digital payments, she confirmed that the agency is looking towards a possible CBDC and should reveal findings soon.…

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European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law

The European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor cryptocurrencies it considers “significant”, including asset-backed stablecoins like Facebook’s libra. Euractiv, a European news outlet, first reported the news on Sept.10, citing a leaked 167-page draft crypto proposal. According to the report, the regulation will seek to tackle bitcoin’s high volatility as well as “risks posed by systemic ones, like libra” by creating a “new college of supervisors” involving existing national and continental regulatory agencies – and one new additional body – all chaired by the European Banking Authority (EBA). The legislation will be…

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