With European Central Bank (ECB) President Christine Lagarde announcing in a video that a digital euro will be "decided in October," the covert goal of promoting central bank digital currencies (CBDCs) has reached a breaking point.

Which greatly increased social media attention. In it, Lagarde defended the switch to a digital euro by stressing that she does not want the #EU to be dependent on a friendly currency that is activated by a private corporate organization or depending on a friendly currency that is activated by a friendly country but dependent on a friendly corporate company. She gave Facebook and Google as examples.

Although she did not specify how the digital euro #cbdc would circumvent current payment systems, all transactions would be routed through an ECB-controlled ledger because it is a closed-loop system.

If implemented, the continent would transition to a hard digital currency system, further restricting its current paradigm of cash expenditure and transfers.

The original material for the movie was a fake tape from March 17 on which Christine Lagarde appeared to speak more candidly than usual because she believed she was speaking with Volodymyr Zelensky, the president of Ukraine.

Unexpectedly, the interviewer followed up with a question regarding a potential future job. Lagarde replies with a crooked grin, "I bought it (Bitcoin) when it started - I hope it... works as well."

Lagarde also addressed the instability that occurred in France about ten years ago, attributing it to a small number of anonymous credit cards that supported terrorists. She acknowledges that the digital euro might not have a mechanism to prevent small-scale financing (i.e., 300–400€), but she continues to accuse fiat money of supporting terrorists, which is why the #ECB tightened control.

Lagarde's comments, particularly her assertion that a digital euro will allow for more control over people and payments, have enraged the #crypto community.

Whatever happens next, the background and motivation are now clear. The countdown to the introduction of the digital euro has started.

In July 2021, the ECB began a two-year study on the digital euro, and has since kept the public informed of its findings.

European nations might only have a few months before the current fiat money paradigm undergoes a significant shift.

This news is republished from https://coinaquarium.io/

The European Union (EU) Council has agreed to amend the Data Law, which mandates a ‘kill switch’ for applications using smart contracts, according to local industry sources.

This comes after the EU Parliament passed the ‘Data Act‘ on March 14, which weakens the immutability of smart contracts. The bill includes regulations requiring smart contracts to have access control, transaction confidentiality protection, and suspend and reset functions.

However, the decentralized finance (DeFi) market is protesting that these functions required by the bill may undermine the original purpose of smart contracts, which are contracts that are automatically executed through code recorded on a public blockchain without an intermediary. The DeFi market argues that the bill could potentially compromise the public and immutable nature of smart contracts, which is a fundamental aspect of blockchain technology.

Popular decentralized exchange (DEX) Curve Finance has already spoken out against the bill, saying that it is impossible to implement. Other players in the DeFi market are likely to follow suit, as they consider the bill to be a significant threat to their operations.

The bill went to a three-way consultation in which the European Union Parliament, the Council and the Executive Committee discussed details. The first related meeting was held on the same day that the EU Council agreed to amend the Data Law. The final draft of the data law will be decided after negotiations between the Parliament and the Council through the mediation of the European Commission.

The passing of the Data Act and the subsequent amendment of the Data Law highlights the ongoing debate around the regulation of blockchain technology and its applications. While some argue that regulations are necessary to ensure the protection of users and to prevent abuse, others argue that excessive regulation could stifle innovation and compromise the core principles of blockchain technology. As the DeFi market continues to grow and evolve, it is likely that similar debates will continue to emerge in the future.

#EU #Data #smartcontract #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Post By: CryptosHeadlines.com

Online brokerage platform Robinhood has unveiled plans to introduce cryptocurrency trading in the European Union within the next few weeks, as disclosed in its third-quarter earnings report.

The report highlights a 26% decline in Robinhood’s cryptocurrency trading revenue for Q3 2023. Even as the platform expands its crypto offerings into Europe, its earnings from crypto slipped to $23 million, down from the previous quarter.
Additionally, the company reported a 55% year-over-year decrease in crypto revenue, falling from $51 million in 2022. This decrease coincided with an 11% drop in the number of crypto assets held on behalf of customers, which now stands at $10.2 billion. In response, Robinhood’s share price experienced a 7.5% after-market trading decline.
Vlad Tenev, CEO and co-founder of Robinhood, stated, “Looking ahead, we remain committed to delivering leading financial products that cater to a wider range of customer needs, expanding our international presence, and driving positive change in the industry.”
Robinhood Set to Extend Cryptocurrency Trading Reach to Europe
Following its earlier expansion into the U.K. this year, Robinhood is reportedly in the process of widening its cryptocurrency trading services into the European market. Despite a drop in revenue from crypto trading during the third quarter of 2023, the company remains resolute in its pursuit of further growth within the cryptocurrency space.
This move follows Robinhood’s introduction of a crypto wallet in 2022 and a reduction in its U.S. offerings due to regulatory actions from the Securities and Exchange Commission. The company’s foray into the European market signifies a bold strategic step in its quest to establish a stronger presence in the global crypto industry.
Robinhood Delists Tokens from Crypto Trading Platform Amid Regulatory Concerns
Recent reports indicate that Robinhood has removed certain tokens from its cryptocurrency trading platform. This move is seen as an attempt by the company to distance itself from market makers, including Jump Crypto, a major liquidity provider in the crypto market. The decision to terminate this business relationship follows heightened scrutiny by the SEC concerning Jump Crypto’s ties to Do Kwon, the creator of TerraUSD. Robinhood has refrained from making an official statement regarding the removal of these tokens from its platform.
Despite these challenges, Robinhood’s CEO, Vlad Tenev, remains optimistic about the cryptocurrency market. He views the expansion into Europe as an opportunity to introduce new assets to users. However, in the United States, the company is still awaiting regulatory guidance, which could potentially hinder innovation within the cryptocurrency industry.
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#CryptoMarket #Bitcoin #CryptoNews #Robinhood #EU

The European Union has announced the establishment of a new body focused on combating money laundering, which will oversee the cryptocurrency sector and other financial activities. This authority, consisting of representatives from all 27 member states, has chosen Frankfurt, Germany, as its headquarters.
Frankfurt Selected for New EU Anti-Money Laundering Office
By choosing Frankfurt as the headquarters for the new Anti-Money Laundering Authority (AMLA), the EU strengthens its capabilities in monitoring the cryptocurrency sector. This agency will collaborate with national authorities of member countries to ensure compliance with anti-money laundering and counter-terrorism financing rules.
Key EU Measures in the Fight Against Money Laundering
European Commissioner Mairead McGuinness highlighted a crucial measure in the form of a 10,000 euro limit on cash payments and emphasized the importance of cryptocurrency regulation to ensure financial stability and transparency. The newly established AMLA office is part of a broader legislative package aimed at harmonizing rules against money laundering and terrorist financing across the EU.
Frankfurt Outcompetes Rivals Including Rome and Paris
Frankfurt was chosen as the location for the new office following a joint vote by the European Parliament and the Council of the EU, outpacing eight other European cities, including Rome and Paris. This move will allow the EU to better oversee financial transactions and cryptocurrencies, which is key to preventing money laundering and terrorist activities on the continent.
#crypto #EU #AML  
 
 
 
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