Officials of the European Central Bank (ECB) are not convinced that Bitcoin (BTC) is a valuable financial asset despite the US approval of a spot exchange-traded fund (ETF) for the flagship cryptocurrency. The ECB is the central bank of European Union (EU) countries that use the euro as their currency. In a new blog post, […]
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Crypto analyst and trader Justin Bennett is warning that Bitcoin (BTC) still could undergo a massive market crash this cycle. Bennett tells his 110,700 followers on the social media platform X that the crypto king could decline by more than 74% from its current value if a black swan event triggers a severe correction. According […]
The post A Bitcoin Crash to $10,000 ‘Still in the Cards,’ Warns Crypto Analyst Justin Bennett – Here’s Why appeared first on The Daily Hodl.
The asset management arm of German financial services giant Deutsche Bank is collaborating with crypto firm Galaxy Digital and others to launch a new Euro-pegged stablecoin. In a new press release, DWS Group says it’s partnering up with Galaxy Digital and trading firm Flow Traders to form AllUnity, a company that plans to issue a […]
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AllUnity, a new joint venture by DWS, Galaxy and Flow Traders, plans to issue the euro stablecoin on all major public permissionless L1s and L2s, DeFi use cases.
Deutsche Bank’s asset management arm, DWS, is forming a new venture with Michael Novogratz’s Galaxy Digital and Flow Traders to jointly issue a euro-denominated stablecoin.
DWS Group officially announced on Dec. 13 the plan to form AllUnity as part of a new partnership between DWS, Flow Traders and Galaxy to launch a “fully collateralized” euro stablecoin.
AllUnity’s operations will be regulated by the German Federal Financial Supervisory Authority, or BaFin, the announcement notes. AllUnity’s longer-term focus will be to promote the acceleration of mass adoption of digital assets and tokenization.
One of the largest banks in France says it has issued the first-ever digital green bond as a security token on the Ethereum (ETH) blockchain. In a new press release, banking giant Societe Generale says it has issued the eco-friendly bond to increase transparency and traceability surrounding ESG (Environmental, Social, and Governance) data. “This transaction […]
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The euro-pegged stablecoin will be the first of its kind in the region and will be available to the bank’s wide customer base for trading use.
Société Générale, France’s third-largest bank, has debuted its native euro-pegged stablecoin, making it one of the first European banking giants to foray into the stablecoin market.
The euro-pegged stablecoin, EUR CoinVertible, will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported.
Jean-Marc Stenger, the CEO of Société Générale Forge, noted that the new stablecoin highlights the bank’s role in the evolving crypto domain while stressing the necessity for a stablecoin denominated in euros.
The private crypto stablecoin market is dominated by United States dollar-pegged stablecoins, with Tether and Circle being the only two key significant players.
The CEO highlighted that the new stablecoin has been developed with a focus on its usage in settling trades involving digital bonds, funds, and various assets.
Related: French financial markets ombudsman reports jump in crypto-related mediations
Axa Investment Managers used the native Eur CoinVertible stablecoin to invest in the bank’s digital green bond. The bond has a value of 10 million euros (around $11 million) and a maturity of three years.
The country’s government plans to accelerate the development of a European blockchain infrastructure during its presidency of the Council of the European Union.
Belgium plans to accelerate the development of a European blockchain infrastructure during its presidency of the Council of the European Union in early 2024, according to the country’s government. The proposal aims to facilitate the secure storage of official documents like driving licenses and property titles.
The development of a public blockchain for pan-EU infrastructure is among the four priorities of Belgium’s upcoming presidency, the country’s Secretary of State for Digitization, Mathieu Michel, told Science|Business on Nov. 21. The remaining three initiatives will take on the matters of artificial intelligence (AI), online anonymity and the skills necessary for the digital economy.
Related: German parliament member ’staunch opponent’ of digital euro, all in on Bitcoin
Michel suggests rebooting the European Blockchain Services Infrastructure (EBSI) project, which was established by the European Commission in 2018 in collaboration with the European Blockchain Partnership, comprising the 27 EU member states plus Norway and Liechtenstein:
“That is a technical project. If we want to build a common infrastructure, it has to become a European project and a political project.”
The renewed EBSI would be renamed Europeum and used for public administration tasks, such as verifying driver’s licenses and other documents across the EU. According to Michel, the project could also support the digital euro infrastructure.
The official said it is important to use a public blockchain developed by EU member-states, not the private alternatives:
“In terms of security, transparency, and privacy, the blockchain can give control back to the citizen of the data that belongs to them.”
At the moment, Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg and Romania have already signed up for the Europeum plan. The head office of the project will be in Belgium.
The process of regulatory consolidation around crypto and blockchain is moving steadily. In early November, 47 national governments issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF) — a new international standard on automatic exchange of information between tax authorities — into their domestic law systems.
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European Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushing back against the currency and fighting in favor of Bitcoin.
The European Union has been actively preparing for what it envisions as the future of money. In the past year, it finalized its landmark comprehensive crypto legislation, the Markets in Crypto-Assets Regulation (MiCA), which is due to take effect in 2024 after closing its second consultation in October.
It has also made progress in its plan to introduce a central bank digital currency (CBDC), which is coming to fruition as the “digital euro.” De Nederlandsche Bank, the central bank of the Netherlands, has described it simply as an “electronic form of public money - the coins and notes in our wallets.”
Many local regulators are embracing the digital euro and touting its potential benefits, though not everyone is on board. In a recent survey out of Spain, 65% of Spaniards said they were not interested in using the digital euro.
Slovakia’s parliament even passed a measure in June that amended its constitution to codify a citizen’s right to pay for goods and services with cash in the face of the impending digital currency.
In Germany, one local politician is not only against the digital euro but is offering another digital solution for a financial revolution: Bitcoin (BTC).
Cointelegraph spoke with Joana Cotar, a member of the Bundestag — the German federal parliament — and a Bitcoin activist, about her take on the digital euro and why she believes in the benefits of Bitcoin.
Cotar has been outspoken on her stance on the EU’s digital monetary solution, which she told Cointelegraph is that of “a staunch opponent of the digital euro.”
"Nobody needs the digital euro,” says Member of Germany’s Parliament while wearing a #Bitcoin T-shirt. pic.twitter.com/Rw4qdeKE0h
— Bitcoin Archive (@BTC_Archive) November 11, 2023
She said a digital euro could allow central banks to set an “upper limit” for payments and ownership, making citizens “helplessly at [their] mercy.”
The digital Euro would also mean that each and every one of us could be totally monitored. As a convinced libertarian, I emphatically reject this. Anyone who is against surveillance and for freedom does not need a digital Euro!
According to Cotar, the Chinese social credit system should serve as a warning of the possibilities of the absence of cash and state-controlled payment systems. “I don’t want the authorities to be able to spy on our private life and misuse this data,” she said.
However, in April the program director for the digital euro at the European Central Bank, Evelien Witlox, said that the “ECB has no interest in users’ personal data.” In October, the EU’s data protection regulators issued a joint statement regarding anonymity in digital euro transactions.
Related: EU finance chief: Don’t rush digital euro before new Commission in June 2024
Cotar is using her platform, among other things, to raise awareness among lawmakers of the potential dangers she believes to be associated with the digital euro.
While Cotar may not be on board for a digital euro, she is a champion of Bitcoin. She is behind the “Bitcoin in the Bundestag" initiative, which she told Cointelegraph is committed to raising awareness and educating members of the German Bundestag (MPs) about the potential and risks of Bitcoin.
“Establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and mainly deals with the importance of Bitcoin for our society is very important for us.”
She said her initiative serves as an information resource for members of the Bundestag and helps them make more informed decisions about Bitcoin specifically.
When she explained her greater vision for bringing Bitcoin into regulators’ consideration, one major change she’d like to see is the allowance to pay taxes and fees paid in Bitcoin and using Bitcoin mining farms to stabilize the power grid.
“We need to promote the freedom aspects of Bitcoin (permissionless access, individual sovereignty) - this includes protecting privacy, ensuring security standards and preventing excessive regulation to maximize the benefits of Bitcoin.
Cotar would also like to initiate a “preliminary examination” for a legal framework that would recognize Bitcoin as a legal tender in Germany. “This includes ensuring the legal security for companies and citizens,” she said.
Wenn einem eine 72 Jahre alte Dame schreibt, dass sie #Bitcoin für ihre Enkel spart. Wie großartig kann man bitte sein? Mit über 70 mehr Durchblick als so manch Jungspund.
— Joana Cotar (@JoanaCotar) November 13, 2023
“We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin,” she said. "But without stifling innovation and the freedom aspects of Bitcoin.”
The Bitcoin-savvy lawmaker said her ideas for Germany could “easily be transferred” as a framework for other countries. She urges international cooperation to develop a blanket standard for Bitcoin and its cross-border use.
When asked if she feels similarly impassioned for other cryptocurrencies currently available on the market, her response was simply:
“My initiative is Bitcoin only.”
On Oct. 18 he European Central Bank (ECB) has announced it will begin the ”preparation phase” for the digital euro project following a two-year investigation into the potential EU-wide digital currency.
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The country’s population doesn’t demonstrate as high a confidence level in the European Central Bank’s digital currency project as the government does, according to the survey.
As the Bank of Spain embraces the potential adoption of a digital euro, the country’s population doesn’t appear to have the same strong appetite for the European Central Bank’s digital currency project.
This emerges from the results of a survey published by the Bank of Spain entitled “Study on the habits in use of cash.” The survey was conducted by Ipsos on two groups, totaling 1,600 respondents: the general public and the representatives of small businesses. It also included questions on the digital euro, a potential pan-EU central bank digital currency (CBDC).
The study revealed that only 20% of the general public knows about a “digital euro.” The number among small businessmen is roughly the same, 23%. However, this question was posed in 2022.
Related: EU data protection regulators urge anonymity for smaller transactions in digital euro
In 2023, only 20% confirmed that they would use the digital euro to complement their regular payment methods, while 65% said they would not. A year ago, these numbers favored the CBDC more: in 2022, only 58% responded with a “No” to that question.
The age group showing the most enthusiasm for the digital euro is the youth (18-24) — 36% of this cohort said they would use the currency. This proportion gradually declines in age progression: 31% among the age 25-34, 24% among the age 35-44, 18% among the 55-64, and only 7% for those older than 65.
In October, the Bank of Spain published a text explaining the nature and uses of the digital euro. The bank claimed that the physical cash format “does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.” However, the digital euro will make electronic payments a vital piece of the financial system.
Spain has recently demonstrated its firm commitment to the EU cause regarding the digital economy, and has decided to implement the Markets in Crypto Assets (MiCA), a pan-EU crypto framework, six months earlier than the general deadline demands.
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The digital euro will make electronic payments a vital piece of the financial system, the statement claims.
Banco de España, Spain’s central bank, has joined a chorus of European banking institutions preparing their customers for the potential benefits of a digital euro. The central bank published a short text on Oct. 19 explaining the nature and uses of the European Union’s potential central bank digital currency (CBDC).
The bank claims that the physical cash format “does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.” However, the digital euro will make electronic payments a vital piece of the financial system.
The authors highlight the possibility of offline payments within the digital euro, emphasizing its level of privacy, equivalent to cash. They also make reservations that in the online form, users’ data would still be visible only to their particular financial institutions and not the CBDC infrastructure provider, Eurosystem.
Related: EU data protection regulators urge anonymity for smaller transactions in digital euro
According to the project calendar published in the text, the current “preparation phase,” launched on Oct. 18, will finish by 2025. However, the final decision on the issuance of the pan-EU CBDC still wasn’t made.
The Bank of Finland recently expressed the same amicable sentiment towards the digital euro. Its board member, Tuomas Välimäki, called it “the most topical project” in the European payment sector.
On Oct. 25, the European Central Bank (ECB) shared a link to the landing page dedicated to basic information about the digital euro. It promises to deliver an “easier life” and a “stronger Europe.”
Earlier this month, the governing council of the ECB announced the beginning of the ”preparation phase” for the digital euro project. It will last two years and focus on finalizing rules for the digital currency and selecting possible issuers.
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