• Dirty money is as big as the EU's budget, and former EU Justice Commissioner Věra_Jourová wants a bigger cut (via Wikipedia, CC-BY-SA-2.0).
    Regulation

    Citing customer privacy concerns three EU cryptocurrency firms close

    Bottle Pay, Chopcoin, and Simplecoin shut down in December rather than enforce new European Union anti-money laundering rules

    Citing customer privacy concerns brought on by strict new European Union anti-money laundering laws, three cryptocurrency companies announced plans to shut down in December. The first was bitcoin gaming platform Chopcoin, which announced in November that it would close on Dec. 16. The company cited “regulatory concerns [that would] force KYC on our users.” KYC stands for “know your customer” banking regulations used to fight money laundering and combat the financing of terrorism (CFT). The other two firms planning to close up shop this month, Simplecoin and Bottle Pay, also cited moral principles. They refused to go along with the European Union’s Fifth Anti-Money Laundering Directive regulations, which come into force on…

  • digital yuan rollout
    Asia & Australia

    Controllable anonymity: China goes full Orwell on digital yuan

    The head of the People’s Bank of China digital yuan project promises the central bank is ‘not seeking full control of the information of the general public’

    Here’s a beautiful turn of phrase from a Chinese central bank executive talking about its forthcoming national digital currency: “controllable anonymity.”

  • All the most important people together: G20 Finance Ministers and Central Bank Governors meeting, Spring 2019 (via the Japanese Ministry of Finance).
    Cryptocurrencies,  Regulation

    Beware of central bankers bearing crypto

    Central bank digital currencies are all the rage, but a new report finds they pose serious risks to financial stability in bad times—and to privacy at all times

    Central bank digital currencies are all the rage, but making them work is far easier said than done, according to a new report. While there are many potential benefits from a central bank digital currency (CBDC), they also bring serious financial risks, according to IBM Blockchain and the Official Monetary and Financial Institutions Forum (OMFIF).

  • U.S. Court House and Post Office, 312 N. Spring St. Downtown Los Angeles
    Tether

    Bitfinex, Tether parent seeking court help with seized $880 million

    The company that owns cryptocurrency exchange Bitfinex wants a California federal court’s assistance in retrieving money taken by the U.S., U.K., Poland, and Portugal

    The parent of cryptocurrency exchange Bitfinex and stablecoin-issuer Tether has asked a federal court to help it get back $880 million lost to an alleged con man.

Subscribe to the
MODERN CONSENSUS Newsletter