Federal Reserve Releases Discussion Paper On US CBDC Implementation

The Federal Reserve recently released its discussion paper examining the costs and benefits of CBDC implementation in the United States. While inviting questions from the public, it marks the first official discussion from the central bank on how such a technology could improve domestic payments. A United States CBDC As released on the Fed’s website yesterday, the paper does not favour any particular policy outcome. Instead, it simply weighs existing payment infrastructure against the emerging cryptocurrency sphere and analyzes how…

Europe Should Ban Crypto Mining, Top Regulator Says

A top European regulator called on European authorities to ban all crypto mining to reduce CO2 emissions. Vice-chair of the European Securities and Markets Authority Erik Thedéen said that crypto mining is a huge issue for Europe. In his native Sweden, Bitcoin mining has become a "national problem," he said in an interview. Mining could pose a risk for the country's climate change goals written out in the Paris Agreement. The solution? Steer the crypto industry away from the proof…

Spain To Crack Down On Crypto Influencers

Spain will crackdown on crypto influencers to protect investors and combat crypto scams. New regulations will require big influencers to notify authorities before promoting crypto. They will also have to warn of the risks associated with crypto investing. Moreover, influencers will have to disclose to their fans that they are getting money to promote crypto. Influencers that don't follow these rules will have to pay steep fines. New rules mean that influencers will have to disclose their affiliation with crypto…

Pakistan Central Bank Proposes Total Crypto Ban

Pakistan's authorities consider a complete ban on crypto after a scandal that cost thousands of investors $100 million. A committee headed by the bank's deputy governor recommended a complete ban on crypto. On Thursday, Sima Kamil, deputy governor of the State Bank of Pakistan (SBP), submitted the findings to the provincial court. After a careful risk-benefit analysis, it emerged that risks of cryptocurrency far outweigh its benefits for Pakistan. The committee cited concerns over the balance of payments, losses to…

US Congressman Introduces Bill Preventing Fed From Issuing CBDC To Individuals

With discussions for a US-based CBDC underway, forces are already acting to ensure it doesn’t mimic China’s digital yuan. For example, Tom Emmer – a Republican House member – recently introduced a bill preventing the Fed from issuing a CBDC directly to individuals. Stepping Away From Authoritarianism Emmer announced the bill in a tweet on Wednesday, attached to a thread explaining its purpose. He insisted that a United States CBDC must ensure financial privacy, cultivate innovation, and maintain the dollar’s…

Congress Will Reportedly Hold Oversight Hearing On Bitcoin Mining’s Environmental Impact

With network hash rate at all-time highs, energy-use concerns still plague Bitcoin’s reputation, including among government officials. According to familiar sources, a US congressional subcommittee is preparing a hearing on the environmental impact of Bitcoin mining. Bitcoin’s Energy Consumption The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is preparing the hearing, reported The Block on Wednesday. They are preparing a witness roster that can account for energy use as it pertains to proof-of-work Bitcoin mining. Proof-of-work…

Two Crypto.com Ads Banned By UK Regulators

While Crypto.com’s advertising spree sees no sign of slowing down, it hasn’t been sitting well with all parties. The digital asset exchange recently had two of its ads banned by UK regulators for containing misleading content. This comes following intense public scrutiny of another of the company’s ads featuring Matt Damon. Encouraging Risky Behavior The UK’s Advertising Standards Authority (ASA) reported the bans on Wednesday. The first of the ads mentioned appeared in the Daily Mail app on September 1st.…

IMF calls for a global crypto policy

Last year, we saw policymakers worldwide divided over the topic of crypto regulations. Overall, we have observed all sorts of legal treatments: from direct national bans to local adaptation as legal virtual currencies. It is not yet clear which path this debate will take in 2022. However, surprisingly, one of the leading representatives of the IMF has taken an essential step towards a crypto-friendly world. According to Gita Gopinath - chief economist at the IMF - the need for a…

South Korean Exchanges To Ban Transfers To Unverified Wallets

Anonymous crypto transfers might become history in South Korea. Major South Korean exchanges will ban transfers to non-verified wallets, following a decision by Coinone. The businesses are adapting to new regulations set by the government. Exchanges including Upbit, Bithumb, and Korbit, will follow a similar decision by a Korean crypto exchange, Coinone.  On Wednesday, Coinone announced it would no longer allow deposits and transfers from unverified private wallets. The decision came as a result of new stricter regulations in Korea. The…

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