Regulatory Echo: G7 wants to put a stop to money laundering

In the slipstream of the CBDC hype – G7 regulation to put a stop to money laundering

While the CBDC hype is leaving ministries of finance and central bankers around the world either buzzing with enthusiasm or fear, the global economy is taking on the darker corners of crypto-space. In the slipstream of Bitcoin Profit of the global race for central bank currencies, the group of seven major industrialised nations (G7) agreed to take a tougher stance against money launderers. France immediately translated words into action.

Suzhou – CBDC lottery in the Far East: China mixes E-Yuan

A new week, new success stories from the Middle Kingdom: As far as the global advance of CBDC projects is concerned, China need not fear for its undeniable pole position. But to help its digital yuan achieve a breakthrough, the government in Beijing continues to accept unusual approaches. Last week, it again distributed money in its own digital currency to its citizens by lottery. After a similar experiment in the metropolis of Shenzhen had already been successful in October, the inhabitants of the megacity Suzhou were now able to rejoice. A total of 20 million digital yuan (almost 2.5 million euros) ended up in the hands of the lottery winners.

Hardly any progress – German government hesitates about E-Euro

Is he coming, isn’t he? Alongside bond purchases and low interest rates, the digital euro is one of the major bickering and question marks of European monetary policy. It is vehemently demanded by some, condemned by others as a fantastic and unnecessary pipe dream. Even the German government does not seem to know which camp to belong to these days. BTC-ECHO has taken another close look at the current situation.

Financial summit – G7 wants to regulate crypto currencies

There is little that is holding the world economy so spellbound these days as the ongoing corona recession. However, the Group of Seven (G7) demonstrated this week that other construction sites are not disappearing as far from the legislators‘ eyes as they often seem. At a digital meeting of finance ministers and central banks, the largest industrial nations are now reaching a common consensus on the legal handling of crypto-currencies. Together, they want to work on the legal framework in future and, among other things, declare war on money laundering. New regulations should help to prevent their use for „malicious purposes and illegal activities“. At the summit, diplomacy was the order of the day. However, one can look forward to joint steps.

Fight against money laundering – France sharpens laws

France followed his words with deeds. With the help of a new regulation, the French Ministry of Finance is now targeting money launderers and fraudsters. A new ban will help: in future, all anonymous accounts and transactions with crypto-currencies will be prohibited in the country. New guidelines for the digital identification of persons during their activities in the crypto-space will follow soon. The aim is to put a stop to organised crime and terrorist financing. However, the initiative is not a convincing blow against the industry. According to the accompanying press release, the industry is fully aware of the „groundbreaking possibilities“ of crypto-currencies.

New EU report – Blockchain grows in Europe

Meanwhile, the latest and first report of the EU Observatory on Blockchain Technologies confirms that the European blockchain ecosystem is maturing. The researchers have examined and compared the economic sectors and legal frameworks of the different member states. As far as block chain regulation is concerned, a large proportion of the members have already passed specific laws on crypto assets or presented corresponding strategies. The authors‘ conclusion will please crypto-enthusiasts: the block-chain economy is growing.