Crypto Lake

2022-05-05 20:00:06 ​​Proposed digital euro designs lack privacy options, ECB presentation shows.

Transactions via the EU’s prospective CBDC could be transparent to intermediaries, as any non-crypto digital transactions are.

Next to the fears of government overreach that the European Union’s ambitious digital euro project stirred, the main concern of the public is the prospective currency’s privacy framework. It appears that this worry might not be overblown after all, as the European Central Bank’s (ECB) latest presentation hints that user anonymity is not a desirable design option.

On Tuesday, crypto venture adviser and European digital asset regulation whistleblower Patrick Hansen drew public attention to the ECB’s presentation titled “Digital Euro Privacy options.” The document is relatively short and contains nine slides that lay out the possible options for user privacy in the EU’s Central Bank Digital Currency (CBDC), also known as the digital euro.

Acknowledging the public concern for the CBDC’s privacy, the presentation stresses the need to assess the issue “in the context of other EU policy objectives, notably anti-money laundering and countering the financing of terrorism (AML/CFT).”

What this bureaucratic verbiage means in practice is that the baseline privacy scenario for the digital euro project is all transaction data being transparent to intermediaries such as banks. The option of providing a higher degree of privacy for low-value transactions is still on the table, though, and “could be investigated with co-legislators.”

However, the overall mood of the document can be expressed in a single quote from slide four, which goes: “User anonymity is not a desirable feature.” At this point, Hansen concludes, it isn’t clear how exactly the digital euro would differ from the existing fiat-based infrastructure for digital payments.

The public feedback section for the digital euro contains more than 13,000 replies by the press time, mostly critical to the CBDC project. Meanwhile, the ECB and Eurosystem have begun experimental prototyping of the customer interface of the digital euro at the end of April. Open / Comment

2022-05-02 20:00:04 ​​Belgian financial regulator FSMA to regulate crypto exchange services.

Crypto service providers must fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725, or 50,000 euros.

A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a sharp deadline.

Starting tomorrow on May 1, legal individuals and entities that wish to provide crypto exchange services or custodial wallets in Belgium will have to register in advance, according to the information released by the FSMA.

Crypto businesses in Belgium that have been already operating before this official announcement are required by law to notify the FSMA of the “exercise of their activity” within the next two months, before July 1.

In addition to disclosing operations, existing businesses have been given four months, i.e., before Sept. 1, to register as a regulated business with the financial regulator.

To maintain active registration with the FSMA, crypto service providers are required to fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725, or 50,000 euros.

The FSMA expects to process registration applications within three months, considering all required information has been provided. Upon successful registration, crypto service providers will receive a unique registration number, or the company number, that must be used in all further interactions with the FSMA.

Belgium’s pro-crypto stance became evident at the start of 2022 when Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC).

As Cointelegraph previously reported in January, Beukelaer announced using the Bit4You crypto trading platform to convert his monthly salary of roughly $6,140, or 5,500 euros, to BTC.

During the revelation, Beukelaer shared his intent to inspire other politicians in the region to support the growing crypto economy. Open / Comment

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2022-04-29 20:00:07 ​​Central African Republic will adopt Bitcoin as legal tender.

The African nation will reportedly join a short list of countries to adopt cryptocurrency as legal tender.

The roughly five million residents of the Central African Republic, or CAR, will now reportedly be able to use Bitcoin in addition to the country's franc as legal tender.

According to a Wednesday report from news outlet Agence France-Presse, Central African Republic President Faustin-Archange Touadéra has signed a bill into law establishing a regulatory framework for the use of cryptocurrency in the country as well as adopting Bitcoin (BTC) as legal tender. Obed Namsio, the president’s chief of staff, said the move was aimed at making the CAR one of the “boldest and most visionary” in the world.

Earlier reports on the CAR legalizing the use of crypto in the country’s financial markets did not include adopting BTC as legal tender. Lawmakers reportedly unanimously approved the crypto bill, which was introduced by the country’s Minister of Digital Economy, Post and Telecommunications Justin Gourna Zacko.

The implications of the report would place the CAR on a short list of countries to adopt Bitcoin as legal tender. In September 2021, El Salvador’s Bitcoin Law went into effect, establishing the crypto asset as currency alongside the U.S. dollar. The Latin American nation is also preparing to create its town Bitcoin City funded by $1 billion worth of BTC bonds.

With a gross domestic product of roughly $2.4 billion, the CAR is classified as a “repressed” economy according to the Heritage Foundation’s 2022 Index of Economic Freedom. It’s unclear what effect adopting Bitcoin will have on the country’s residents. Open / Comment

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2022-04-27 16:00:07 FINAL DROP - TODAY

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Hurry up: https://discord.gg/VADFRMzD23 Open / Comment

2022-04-26 20:00:07 ​​Binance pushes back against report exchange supplied customer data to Russian government.

The exchange said it was "categorically false" that it shared user data with Russian regulators, and it had stopped working in the country following the invasion of Ukraine.

Major crypto exchange Binance challenged the accuracy of a report, which stated one of its regional heads agreed to supply Russia's financial intelligence unit with customer data potentially related to donations for anti-corruption and anti-Putin activist Alexei Navalny.

Reuters reported on Friday that Binance's head of Eastern Europe and Russia Gleb Kostarev met with officials from Russia's Rosfinmonitoring, a financial monitoring service linked to the country's Federal Security Service, or FSB, in April 2021. Kostarev reportedly agreed to a request from the government body to turn over certain user data — including names and addresses — later telling an associate he didn't have "much of a choice" in the matter. However, another unnamed crypto exchange reportedly did not agree to provide client data to Rosfinmonitoring due to concerns about how the information would be used as well as the unit's ties to the FSB.

The Rosfinmonitoring may have been attempting to obtain information from users donating Bitcoin (BTC) to Navalny, who is currently imprisoned in Russia after having been found guilty of contempt of court and embezzlement in March. Many human rights groups including Amnesty International have alleged the charges were politically motivated as Navalny has directly criticized Russian President Vladimir Putin for corruption an accused the head of state of being responsible for his poisoning in August 2020.

However, in a Friday blog post, Binance hinted that the report gave a "false narrative" that provided "just enough balance possible to try to avoid a legal complaint." The firm said it was "categorically false" that it shared user data with "Russian FSB controlled agencies and Russian regulators," and had stopped working in Russia following the country's invasion of Ukraine on Feb. 24.

"Today, any government or law enforcement agency in the world can request user data from Binance as long as it is accompanied by the proper legal authority. Russia is no different. Binance has not entered into any form of unusual agreement with the Russian government that differs from any other jurisdiction.” Open / Comment

2022-04-26 16:00:11 Check out this new Cardano Metaverse Project Cardalonia

They are building a Metaverse Ecosystem on the blockchain powered by the LONIA token that will give exclusive benefits like Automatic whitelist for Terrania (Cardalonia Land) sale.

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Join Discord Community: https://discord.gg/YChadw7fVD Open / Comment