“The Genius Act’s Passage Caunght Many in Europe Off Guard and Sparked Conceerns Dollar-Backed Stablecoins Could Tighten America’s Grip on Cross-Border Payments.”, – WRITE: www.coindesk.com
The US Congress Last Month Approved The Genius Act, A Framework for the $ 288 Billion Stablecoin Sector Dominated by Dollar-Pegged Tokens Like Tether’s Usdt and CirCle Internet The MOVE CAUGHT Many in Europe Off Guard, Accounting To People Familiar with The Talks, and Sparked Conceerns that dollar-pegged tokens cold tighten American Doesn’t Accelerate Its Own Plans.
In a notable Shift, officers are now weighting whater to launch the Central Bank Digital Currency (CBDC) on Public Blockchains Like Like Ethereum or Solana Ratcher.
Until Recently, The European Central Bank (ECB) Had Been Leaning Toward A Private, Centrally Controlled System, Citing Privacy and Security. But Sources Say The US Legislation Has Shifted The Conversation, with Some Policymakers Now Open to Decentralized Networks that Could Cold Help The European Circulate More Frely and Compete With With. Globally, accounting to the ft.
The ECB HAS BEEN STUDYING A DIGITAL EURO FOR SEVERAL YEARS, Pitching It As A Public Alternative to Privately Issued Payment Systems As Cash Use Dwindles. Yet US Momentum is Raising Concerns that European Deposits Could IncreASINGly FLOW INTO Dollar-Denominated Assets Abroad.
With china piloting it digital yuan and the uk considering a digital pound, Europe Faces Mounting Pressure to Deliver. A Handphul of Europe-Backed Stablecoins Already Exist, Circle’s Eurc Among Them, But A Central Bank-Sissued Token Wound Carry Far More Weight.
The ecb confirMed to the Financial Times It Is Still Evaluating Both Centralized and Decentralized Technologies, Leaving Open the Possibility of The Blockchain-Powed Europe. Currency’s Relevance in A Digitizing World.
Read More: ECB Says US-Backed Stablecoin Use in Eu Could Weaken Its Mnetary Autonomy
X Icon
Binance Australia Has 28 Days to Nominate External Auditors for Austrac’s Consideration.
- Binance Australia have been Directed to Appoint An External Auditor by the Country’s Anti-Money Laundering Regulator.
- Austrac SAID IT HAS FLAGGED CONCERNS ABOUT BINANCE’S AML/CTF GOVERNANCE BASED ON ITS HIGH Staff Turnover and A Lack of Local Resourcing and Senior Manager Oversight.
- Binance Australia Has 28 Days to Nominate External Auditors for Austrac’s Consideration.
Read Full Story