2023-10-18 16:58

The European Central Bank (ECB) has embarked on a two-year preparation phase for its potential digital euro project. The focus of this phase, which began on Wednesday, is to establish regulations and select infrastructure providers for the platform's development. The decision to issue this digital currency, however, remains under deliberation. ECB President Christine Lagarde envisions the digital euro as a complimentary digital cash alternative that offers stringent privacy standards. This initiative is part of a wider global shift towards virtual cash. More than half of central banks surveyed by the Bank for International Settlements are also exploring such alternatives. Despite this trend, some EU lawmakers have expressed doubts about the value and feasibility of the project, proposing a delay in the ECB's decision-making process. The ECB maintains that this stage is purely preparatory and does not guarantee the issuance of a digital euro. https://www.investing.com/news/forex-news/ecb-in-twoyear-preparation-for-potential-digital-euro-launch-93CH-3202234

2023-10-18 16:32

Copyrighted Image by: Reuters. The European Central Bank (ECB) has initiated a two-year project for the "digital euro," commencing a preparation phase in November, following a two-year exploration period. The decision to move forward with the digital euro mirrors actions taken by over 100 global central banks in response to the rapid decline in cash use and the growing popularity of cryptocurrencies such as Bitcoin. The ECB's governing council, led by President Christine Lagarde, will make a final decision on the issuance and rollout of the digital euro after this two-year phase. The digital currency is designed to serve all digital transactions within the euro area. It would offer comprehensive digital payment services including person-to-person, point of sale, e-commerce, and government transactions while respecting privacy, promoting financial inclusion, and reducing environmental footprint. This electronic form of euro will be held in a digital wallet and coexist with physical cash. It is intended to serve as a free-of-charge option for all digital payments while meeting the highest privacy standards. The ECB views the digital euro as a safe alternative to volatile cryptocurrencies like Bitcoin and a pan-European solution against foreign payment giants such as MasterCard, Visa (NYSE:V), and PayPal (NASDAQ:PYPL). Despite concerns from critics like Erick Lacourrege of the Bank of France about customers moving funds to digital euro accounts, proponents argue that it will ensure payment "sovereignty" in the eurozone and prevent dominance by non-European big tech companies or private non-EU entities. Central bank digital currencies (CBDCs) are already being used in countries like China, India, and Nigeria. Meanwhile, the U.S. Federal Reserve is contemplating a similar initiative. Access to these services would be through a payment-service provider's app or an app provided by the Eurosystem. https://www.investing.com/news/forex-news/ecb-advances-with-digital-euro-project-sets-november-preparation-phase-93CH-3202222

2023-10-18 16:19

BlackRock (NYSE:BLK) and JPMorgan are spearheading a projected bull run for XRP, as reported by Forbes' Billy Bambrough. The financial giants are leveraging blockchain technology and tokenization to drive significant growth in digital assets such as XRP, Bitcoin, and Ethereum. The firms have embarked on crypto-specific initiatives, including the use of JPMorgan's blockchain-based collateral settlement program and Ethereum-based Onyx network. BlackRock CEO Larry Fink described these moves as stepping stones to the "next generation for markets." In a recent transaction with Barclays, the firms also tokenized assets, further highlighting their commitment to digital asset innovation. A market surge was triggered by a false report about BlackRock's application for a spot Bitcoin ETF, demonstrating the market's sensitivity to these large firms' activities in the crypto space. Bambrough anticipates that these developments will catalyze a substantial rally for digital assets like XRP, Bitcoin, and Ethereum. The use of blockchain technology and tokenization by these firms is expected to attract significant institutional demand. https://www.investing.com/news/cryptocurrency-news/blackrock-and-jpmorgan-to-drive-xrp-rally-with-crypto-initiatives--forbes-93CH-3202215

2023-10-18 16:16

The European Central Bank (ECB) has emphasized the need for comprehensive Decentralized Autonomous Organizations (DAOs) regulations, according to an occasional paper. Market Infrastructure Expert Payments at ECB, Ellen Naudts, authored the paper, which underscored the urgency of addressing DAO technology that has outpaced existing regulatory frameworks. The paper warned of unique risks DAOs present to the financial ecosystem's safety and growth. It stressed that current registration frameworks, rooted in traditional pen-and-paper era methods, are ill-equipped to handle these emerging risks. The lack of global regulation to address such issues could limit DAOs' role in future finance and pose a significant threat to financial stability. Simultaneously, an unidentified ECB official criticized cryptocurrency, labeling it as 'deleterious.' The official's comments are part of broader discussions within the ECB about the increasing role of digital currencies and their potential impact on consumer protection and the smooth operation of payment and securities systems. On the other hand, ECB board member Fabio Panetta has been advocating for the digital euro initiative. He believes this move could position Europe at the forefront of advanced economies. Panetta supports the European Commission's legislative proposals for a digital euro, arguing that it would secure Europeans' access to a public payment option as 'closed-loop solutions' become more prevalent in private services. The paper also introduced the concept of a digital euro, a proposed Central Bank Digital Currency (CBDC) that could coexist with Decentralized Finance (DeFi) solutions like DAOs, provided they comply with regulatory standards. The discussions also highlighted the potential of zero-knowledge proofs beyond cryptocurrency and underscored the importance of safeguarding privacy in the digital sphere. https://www.investing.com/news/cryptocurrency-news/ecb-official-calls-for-improved-dao-regulation-amid-digital-euro-discussions-93CH-3202213

2023-10-18 15:37

Copyrighted Image by: Reuters Gensler Says SEC Is Still Weighing Bitcoin ETF Proposals - Bloomberg Gensler Says SEC Is Still Weighing Bitcoin ETF Proposals - Bloomberg https://www.investing.com/news/cryptocurrency-news/gensler-says-sec-is-still-weighing-bitcoin-etf-proposals--bloomberg-432SI-3202191

2023-10-18 15:31

Copyrighted Image by: Reuters. The U.S. Securities and Exchange Commission (SEC) has shown no objections to Grayscale Investments' proposed spot Bitcoin ETF, which could signify a forthcoming watershed moment for the cryptocurrency industry. The SEC's stance was revealed through its lack of response to Grayscale's application, which was brought into question by the Court of Appeals on Wednesday. This potential shift in the SEC's position could simplify the process for financial advisors to recommend Bitcoin investments, marking a significant milestone for the industry. Companies like BlackRock (NYSE:BLK) are also expected to receive approval for similar proposals. While the exact timing is uncertain, the industry is hopeful that this crucial approval could occur as early as next year. The anticipated U.S. approval is predicted to result in a surge in Bitcoin's spot price due to institutional investors buying and holding large quantities of Bitcoin to back these ETFs. This is expected to increase demand and attract more institutional investors to the crypto market. On Wednesday, it was noted that Bitcoin's rise has transformed the cryptocurrency market from a niche sector into a mainstream financial channel. There is growing interest in alternatives to Bitcoin, particularly spot market Bitcoin ETFs similar to futures-based ETFs and ETPs. False rumors about BlackRock's Bitcoin ETF approval led to price fluctuations in the market, indicating robust demand for traditional financial instruments providing access to Bitcoin. Spot market Bitcoin ETFs have the potential to bridge traditional finance and cryptocurrencies, possibly bringing billions of dollars into the market. Despite this progress, the journey has met resistance from the SEC due to concerns about market manipulation and inadequate surveillance systems. MTOOEX, which merges equity trading's robustness with the unique characteristics of crypto markets, offers an enhanced trading experience within a traditional financial package for equity investors. The platform prioritizes user experience, security, and transparency. As Bitcoin ETFs promise to transform the financial landscape, MTOOEX is poised to lead in cryptocurrency trading. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-breakthrough-anticipated-as-sec-signals-no-objection-to-grayscale-proposal-93CH-3202187