EU Parliament outlaws anonymous crypto payments
The majority of the European Union (EU) Parliament’s lead committees have approved new legislative to ban anonymous crypto payments. This comprehensive package of anti-money laundering measures also includes significant restrictions on cash transactions. Anonymous cash payments in commercial transactions are limited to amounts under €3,000, with a complete prohibition on cash transactions exceeding €10,000 in business contexts. Also any crypto transaction via “hosted wallets” (i.e., managed by service providers) must be fully traceable, eliminating anonymity for even the smallest transactions. [Read more at Bitcoinist]
ECB Governing Council floats securities tokenization and unified ledger
The European Central Bank (ECB) Governing Council has called for the exploration, together with financial market stakeholders, the potential use of new technologies for issuance, trading and settlement, fostering tokenization and possibly a “European unified ledger”. “This will help to promote a digital capital markets union and thereby strengthen the efficiency of European financial markets while avoiding a re-fragmentation of elements that have been harmonized and integrated.” [Read more at the ECB]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Kiffmeister’s central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com
The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).
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