A Deutsche Bank report has warned that central bank digital currencies (CBDCs) will replace cash in the long run—and unless the U.S. and Europe step up their game, they could be forced to rely on digital assets rolled out by the likes of Sweden and China.
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EU blasts German regulators over the failure of crypto debit card issuer Wirecard
The high flying fintech collapsed this summer after an audit revealed massive fraud, including more than $2.2 billion missing from its accounts
A major issuer of cryptocurrency debit cards since 2018, payments processor Wirecard starting coming apart in mid-June, when the Financial Times reported that its shares had fallen by more than 60% after the firm’s auditors warned that €1.9 billion (nearly $2.23 billion) was missing from its accounts. Before going into bankruptcy in late June, the fintech firm had been a big success, with operations far beyond the crypto business earning it a place on Germany’s prestigious Dax 30 stock index.
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EU: four years to provide clear crypto asset regulations
New documents suggest that putting rules in place governing the use of stablecoins and cryptocurrencies will not happen until 2024
The goal is to make it faster, easier and less expensive to use digital assets like cryptocurrencies and stablecoins throughout the eurozone by providing a regime of “same risk, same rules, same regulation.”
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Facebook CEO mark Zuckerberg's Libra stablecoin project is taking yet more heat from EU ministers (Photo: Wikimedia Commons/Anthony Quintano)EU leaders to Libra: Follow tough rules or face ban
In new proposals, some of Europe’s biggest economies want Facebook’s stablecoin project to be based in the EU and not in Switzerland… or else
Five of Europe’s biggest economies are urging the European Commission to enforce strict regulations for stablecoins—in the surest sign yet that Facebook’s embattled Libra project isn’t out of the woods despite drastic changes.
