Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency

Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India's PresidencyThe Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that “turmoil in crypto assets market” is among “the major risks that can […]
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France Plans To Become “The European Hub Of The Crypto-Ecosystem,” But There’s A Catch

Binance Eyes France As Spot For A Global Headquarters Amid Regulatory Thunderstorms

Bruno Le Maire, France’s Minister of Economy and Finance says his country is committed to supporting the fast-evolving cryptocurrency landscape but warns they are nowhere close to making Bitcoin a means of payment. Speaking during an Interview with BFMTV Monday, Bruno, who has served in the capacity since 2017, noted that their goal was to […]

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French central bank head announces beginning of wholesale digital euro project phase 2

French central bank head announces beginning of wholesale digital euro project phase 2

The French presidency of the European Union winds down with the completion of wCBDC experiments, design of proprietary blockchain and automated market maker platform.

The first phase of experiments with a wholesale digital euro has been completed, and phase two experiments will begin this year, Banque de France governor François Villeroy de Galhau said Tuesday. Four or five new experiments are expected to be launched. 

Speaking at the Paris Europlace International Finance Forum, the French central banker summed up the European Union’s achievements in crypto-asset regulation under the French presidency, mentioning Transfer Fund Regulation (Travel Rule) and Markets in Crypto-Assets (MiCA), specifically.

The Eurosystem is looking at the scope and design of a digital euro central bank digital currency (CBDC). The main rationale for a retail digital euro is to maintain the role of central bank money in the economy even as it is “threatened by the digital revolution,” Villeroy de Galhau continued. He spoke in favor of maximum intermediation in the design, noting that intermediaries have more experience than central banks with customer relations and Know Your Customer/Anti-Money Laundering (KYC/AML) measures. He said:

“I believe that the Eurosystem should not have the role of managing digital euro holdings: the Banque de France closed its last private customer accounts over 20 years ago, and does not intend to reopen any.”

A wholesale CBDC, to be used for interbank transfers and similar transactions, will be no less important than the retail, Villeroy de Galhau said. He cited the critical use cases of settlement of securities issued with digital ledger technology (DLT) and cross-border and cross-currency payments. The Banque de France designed a proprietary digital ledger technology, called DL3S, for a potential future system. It also produced an automated market maker platform based on a decentralized finance model, where settlements of multiple CBDCs could be carried out.

Related: ECB officials prepare for ‘harmonization’ of crypto regulations: Report

New experiments will involve testing a prototype digital euro with private actors and other central banks in preparation for the 2023 implementation of the pilot regime. Villeroy de Galhau stressed the importance of interoperability between DLT and the traditional system. DLT will complement rather than replace traditional infrastructure, he said.

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Study: Switzerland Has ‘the Most Profitable Bitcoin Traders’ Worldwide, While France ‘Is the Best Bitcoin Trading Nation’

According to a recent study published by the online investing news and education platform Invezz, Switzerland currently has the most profitable bitcoin traders worldwide. That’s according to data stemming from Chainalysis, Worldometers, and Triple A, which helped Invezz assign each country a score in terms of the most profitable bitcoin trading by country. Researchers Rank […]
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