• 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…

  • Cryptocurrencies,  Europe,  Libra,  Regulation,  United States

    Overwrought vs. overhyped: From France and America, dueling views of digital currencies

    Whether issued privately by Facebook’s or publicly by a central bank, digital currencies bring strong opinions and flights of rhetoric

    Flights of rhetoric surrounding Facebook’s Libra stablecoin and other digital currencies has reached impressive heights at times. But former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo took it beyond the stratosphere in an October 15 editorial, comparing the launch of an American central bank-backed digital currency to the Apollo 11 mission.

  • This is not really the flag of the European Union (via Pixabay).
    Europe

    EU study: blockchain can help meet data privacy rules

    While big hurdles remain, blockchains can likely be designed to meet and even support GDPR privacy requirements

    A new report by the European Parliamentary Research Service takes issue with the idea that blockchains are incompatible with the EU’s new data privacy laws.

  • The libra logo on a cellphone sitting on some coins. What else do you need to see? (via Shutterstock)
    Libra

    From privacy regulators to Walmart, Facebook’s Libra faces growing threats

    The US, EU, Canada, and Australia demand data protection guarantees; Walmart patents its own cryptocurrency

    In a joint statement on August 6, data protection regulators from the United States, United Kingdom, European Union, Canada, and Australia came head-on, issuing a joint statement slamming the Libra project and Facebook for failing to address the fledgling cryptocurrency’s privacy risks.