EU finance ministers to consider legislative proposal for the release of a public digital currency and unified regulation of the crypto market.
In the text of the preliminary version of the document, the countries included in the block are invited to develop a common approach to cryptocurrencies, including the possibility of banning high-risk projects. EU finance ministers can discuss this project on Friday, which will allow it to be adopted at the next meeting on December 5.
The main provisions of the bill relate to the issues of strengthening the regulation of cryptocurrencies throughout the European Union, which may contribute to toughening countries’ policies in relation to them. In addition, the text of the document invites the ECB and other EU central banks to study the prospects for issuing their own digital currencies, including by considering specific steps in this direction..
However, in the future, the possibility of making amendments and changes to the existing edition is not excluded..
This bill became a consequence of the fact that many EU countries expressed their negative attitude to Facebook’s plans to release Libra, and the French government and Germany supported the development of their own alternative.
Turkey’s new economic development plan contains a number of points related to the blockchain, including the development of a central bank digital currency based on this technology..
The official document presented this week describes the main directions of the country’s economy until 2023. In addition to the basis for the national digital currency, the technology is planned to be integrated into the transport and customs sphere. For this, the authorities will create the necessary legal and technological infrastructure..
Blockchain, combined with artificial intelligence and IoT devices, will also be used to improve social services. How it is not yet known exactly.
Additionally, the government describes a number of initiatives that are not directly related to cryptocurrency and distributed ledger, but will have an impact on the activities of companies associated with them. Among them, the creation of a regulated «sandboxes» and an association specializing in electronic money.
Turkish officials began discussing the idea of launching a central bank digital currency in early 2018, but there has been no previous official confirmation of such plans.. While some government officials are still skeptical about cryptocurrencies in general, a recent Statistica poll showed that around 20% of Turkey’s population had already invested in virtual currency in 2019..
Such development plans are already becoming common practice. According to a recent IMF study, many central banks are considering introducing some form of digital currency to partially replace cash and improve the efficiency of the financial system..
How China’s New Cryptocurrency Could Challenge Facebook’s Libra | WSJ
The digital yuan can be transferred without the Internet, an account and even without the knowledge of the bank, almost like cash.
Changchun Mu, the new head of the People’s Bank of China’s digital currency division, spoke about some of the technical features of the future currency and said that in this regard, it will surpass Facebook’s cryptocurrency. Libra.
According to him, the Internet, a mobile network or a special account will not be needed to transfer the digital yuan. Operations can be performed by physical contact of two phones on which a suitable wallet is installed. Presumably we are talking about near-field communication technology (NFC).
In addition, you will not need a bank account to work with digital currency, so the traditional financial system will not be able to control transactions, which will allow users to maintain confidentiality..
However, high-tech yuan will only be distributed through commercial banks, which will have to buy them. at Central Bank of China at the rate of 1: 1 to fiat. To open a wallet, you will also need to contact a financial institution or commercial organization..
An incentive to accelerate development digital yuan has become the official Facebook announcement of work on Libra, but the CEO of Huawei believes that the Celestial Empire will launch its project before the social network.