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Basel Banking Committee Proposes Stricter Guidelines to Classify Stablecoin as Less Risky Than Unbacked Cryptocurrencies
14.12.2023
BIS building in Basel, Switzerland. Source: Adobe/doganmesut The Basel Committee for Banking Supervision (BCBS) wants to tighten rules to classify stablecoins as less risky assets than Bitcoin (BTC) and other unbacked cryptocurrencies. In a recent consultative paper, the international standard...
Class Action Lawsuit Against Tether, Bitfinex Dismissed
5.8.2023
A class action lawsuit filed against cryptocurrency firms Tether and Bitfinex was dismissed Friday by a federal judge in New York. The judge ruled the complaint lacked plausible claims of injury and failed to show that Tether’s stablecoin USDT had diminished in value. Judge Dismisses Market...
UK Treasury plans to exclude derivatives and 'unbacked' tokens from regulatory sandbox
11.7.2023
“Until there is more certainty in these frameworks, we are intending to utilise existing regulatory initiatives to develop policy and regulation for this asset class,” said Treasury
UK Lawmaker Group Clashes With Treasury Over Treating Unbacked Crypto as Gambling
17.5.2023
The U.K. Treasury Committee seemingly opposed the government’s proposal to recognize crypto as regulated financial activities
Ireland's Central Bank Governor Labels Unbacked Cryptos as Ponzi Schemes
10.5.2023
Unbacked cryptocurrencies are more like a "Ponzi scheme" than an investment, argued Central Bank of Ireland Governor Gabriel Makhlouf - but adding that "crypto is not going away very soon."
In a Friday blog post, Makhlouf stated that Ireland's Central Bank differentiates between 'backed'...
Biden Administration’s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’
22.3.2023
On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that...
Davos 2023: Banking Panel Reinforces the Need for Crypto Regulation
20.1.2023
A group of global banking experts hosted by the World Economic Forum (WEF) convened about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The panel agreed there must be at least some kind of base regulation for these assets and bank-equivalent regulation...
ECB’s Fabio Panetta: Unbacked Cryptos Are a ‘Vehicle for Gambling’ Lacking ‘Intrinsic Value’
6.1.2023
Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regulated. In an opinion piece, Panetta states that while cryptocurrency regulation is a good answer...
Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency
1.1.2023
The Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that...
ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto
16.7.2022
Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable to runs, top officials at the European Central Bank have pointed out in a new article making the case for a digital euro. The executives have marked key objectives for the project which should provide...
From Gold to Greenbacks: A Look at the US Dollar’s Devaluation, Manipulation and Militant Backing
26.2.2021
228 years ago the U.S. dollar was created and ever since then, the national currency has been both powerful and controversial at the same time. Moreover since 1971, after being backed by precious metals for decades, American dollars have been backed by nothing and estimates say a quarter of...