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Adieu Diem: headline crypto act slips though Swiss fingers
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The real reason we need a digital euro
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Introduction
In recent months the price of Bitcoin has risen sharply on balance, despite some fluctuations. The largest cryptocurrency’s latest price spike is prompting talk about Bitcoin’s future. Pressing questions are coming up. Is Bitcoin money or not? Why is Bitcoin valuable? And what does the future hold?
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Skeptics anticipate a collapse at some point, while true crypto believers see Bitcoin as the currency of the future. The discussions about Bitcoin are very broad and opinion is divided on even its most basic aspects. For example, Bitcoin was designed to be a payment method, but more and more people have come to view it mainly as a new investment category. The likely future of Bitcoin is also the subject of debate; will it replace the existing system, or will it eventually become “just” another new financial produc
ENGLISH SECTION: Why banks need to pay attention to where a digital euro is heading
The European Central Bank makes clear that the development of its “digital euro” will take several years. Yet given the geopolitical context and the potential impact, banks should better pay attention, ING analysts wrote. This week, the ECB published an overview of the consultation responses it received on its digital euro survey. The results show a variety of demands a digital euro would need to fulfil, including privacy, security, low costs and ease of use. Before discussing the ECB’s next steps, it’s worth recapping how we got here.
Digital Currency Diem, Formerly Libra, to Include Rigorous KYC
Christian Catalini, an MIT Professor and co-founder of
Diem (formerly Libra), visited with CNBC yesterday providing a minor update on the much-anticipated cryptocurrency.
Libra/Diem lurched into the crypto-sphere in 2019 with great expectations of becoming a non-sovereign digital currency utilized by the hundreds of millions of Facebook users along with a coterie of affiliated supporters. It did not take long for policymakers and regulators to pump the brakes on the project as multiple jurisdictions worried about a digital currency that could potentially supplant fiat currency supported by a central bank.
Catalini, well-known in the Fintech world, told CNBC that Diem is taking a phased-in approach while attesting to the expectation that users will go through a rigorous KYC [know your customer] process – a statement that should assuage the regulatory concern of a digital asset being utilized for nefarious activities
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