Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.
Russia Adopts Law to Divorce Runet from Internet: The Russian internet, Runet, will be cut off from the world courtesy the State Duma publishing law to transform the cyberspace into a “sovereign” area. This involves direction of local internet traffic through state-controlled routers to regulate website access, a system that is termed as Russia’s “Great Firewall”, which will inevitably affect online businesses including crypto platforms.
Romanian National Bank: Crypto Won’t Fulfill Basic Roles of Currency: An official of the Romanian National Bank, Daniel Daianu recently claimed that “cryptocurrencies won’t replace the currency issued by central banks.” He backed his statement by adding that blockchain and cryptocurrencies are not currencies, but financial assets, and thus these instruments can’t be seen as bank replacements. He also said that since any last-resort lender does not back crypto, it is still not mature to be used as a fiat currency.
The United Kingdom
Cambridge: Lack of Crypto Terminology Standard Impedes Global Regulatory Response: A study by the Cambridge Centre for Alternative Finance (CCAF) has identified the lack of standardisation in crypto terminology as a key factor behind the delay of regulation in the jurisdictions which consequently hinders a coordinated global regulatory response. The report is the first comprehensive comparative study of crypto asset regulations for 23 jurisdictions. For instance, it points out the term “crypto asset” with no clear definition as all assets on the blockchain or distributed ledger technology use the same name.
UK’s Largest Corporate Travel Provider Adopts Bitcoin: Corporate Traveller, UK’s largest provider of corporate travel services, has partnered up with Bitcoin payment provider BitPay to allow Bitcoin payments on its website. With an annual revenue ranging from GBP 50,000 to GBP 2M, it certainly is one of the most significant collaborations for BitPay. Corporate Traveller insisted that Bitcoin’s volatility is not a risk and that all payments through BitPay would be directly settled in its bank account, offering the 1% fee settlement of BitPay, which would charge the customers less than any credit cards.
London Stock Exchange Lists Blockchain ‘Token’ Shares in a First for the City: LSE has made history by being the first Stock Exchange to issue shares using blockchain tokens. The move will accelerate the involvement of cryptocurrency by proxy into regulated financial markets. The transaction involved the fintech company 2030 on LSE selling GBP 3 million (USD 3.9 million) worth of the tokenised shares using Blockchain.
France Will Push EU to Adopt New Crypto Regulatory Framework: After taking the lead in publishing their new crypto regulatory legislation, France is now pushing the rest of the EU to follow her lead. The new laws are aimed to bring the Finance Ministry, exchanges, and traders on the same page, and look to improve transparency through the certification allotment, which will allow cryptocurrency startups to get an official state recognition.
French Journalist Sets Up Notre Dame Bitcoin Fund: In response to the inferno that engulfed the magnificent Notre-Dame de Paris cathedral, French blockchain journalist Grégory Raymond has launched Bitcoin-based fundraising for the reconstruction of the famous landmark. Raymond is the editor of Brief.me, a well-known Bitcoin advocate, author of the #21 Million podcast, as well as the founder of the Facebook group “The Bitcoin Club”. Raymond tweeted out a Bitcoin address under the hashtag #bitcoinforNotreDame, which has already received a lot of traction.
Lithuania to Announce Tough New Crypto Laws: Lithuania is about to implement stringent cryptocurrency regulations which are dreaded to be even more prohibitive than Europe’s Anti-Money Laundering Directives, consequently putting pressure on the cryptocurrency space. Lithuania’s central bank has already prohibited financial market participants from crypto-related activities and services. Now the new rules require more rigorous registration processes for the companies opening operations in Lithuania including comprehensive know your customer (KYC) and anti-money laundering steps. In addition, large transfers will also need to be reported to the country’s Financial Crime Investigation Service (FCIS).
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