European Central Bank’s response towards digital euro — The European Central Bank (ECB) annual review has acknowledged the need for a CBDC (central bank digital currency) to fight off what it refers to as “artificial currencies”, which are issued/developed by a small number of dominant providers. ECB President, Christine Lagarde, pointed out that a lot of time, but hopefully not more than 5 years, would be required to ensure that the plan is “safe”. Some of the main concerns that led to this response of ECB include artificial currencies’ threat to the region’s stability of the financial system and the fact that individuals and merchants would be vulnerable to the market dominance of these few artificial currencies’ providers.
Google lifts 2018 ban on crypto-related advertisement — “Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google”. However, the ban is still valid to certain “ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products”. This new policy update of Google will likely pave a way for crypto ads to bloom on the Internet as many crypto exchange platforms like Binance.US and FTX seem to have a large budget for advertising.
Kraken launches mobile app in US — The app targets retail investors and allows its users across the US (except for New York and Washington) to trade more than 50 crypto tokens. It is also available in all countries except for Crimea, Cuba, Iran, Japan, North Korea, and Syria. Certain features such as credit and debit card payments are still missing. However, the crypto exchange says that more enhancement on its offering will be implemented in the near future.
Regulatory routes for crypto-assets in South Africa — The National Treasury spoke in a presentation to parliament at the end of May that there has been an increase in the number of people investing in crypto assets over the last 5 years. It admits that “Crypto-assets have become too big to ignore and pose a number of risks for consumers if not sufficiently regulated,” and hence weighing up different regulatory routes for crypto assets. These approaches include “a complete ban”, “do nothing”, and “regulate”. The first 2 are less likely to happen given the fact that there has been widespread adoption of crypto-assets and the country is a member of FATF and other local organizations which require consumer protection.
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