Several European states have called on the European Commission to create more regulation for asset-backed digital currencies, such as stablecoins. Germany, France, Italy, Spain and the Netherlands issued a joint call, with finance ministers from each of these EU Member States joining forces to demand better protection for consumers and the sovereignty of the state in monetary policy.
French finance minister Bruno Le Maire said he was waiting for the European Commission to step in to prevent stablecoins and other asset-backed currencies from damaging the wider financial system.
“We’re waiting for the Commission to issue very strong and very clear rules to avoid the misuse of cryptocurrencies for terrorist activities or for money laundering. The ECB is the only one to be allowed to issue a currency. And this point, it’s something that cannot be jeopardized or weakened by any kind of project including the so-called Libra project.”
Meanwhile, in Switzerland, new amendments to corporate and finance laws have been introduced to bolster existing digital currency and blockchain legislation in the country. Building on the Blockchain Act 2000, the laws have been designed to encourage Switzerland’s growing reputation as an international centre for blockchain and digital currency industries.
In Edinburgh, an innovative Bitcoin project is underway that seeks to incentivize recycling with Bitcoin SV. RecycleSV is currently in Alpha testing locally, with test participants already invited to begin using the platform. With a focus on increasing education and rewarding recycling, founder Darren Anderson has set the company’s sights on improving recycling rates through a BSV incentivization scheme.
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