G7 regulation should put money launderers to a halt
Tags: Money, Cryptocurrency, Crypto, Fintech, Blockchain

G7 regulation should put money launderers to a halt

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While the CBDC hype is making finance ministries and central bankers around the world either click their tongues in excitement or hold their breath in fear in fear, the global economy is taking on the dark corners of crypto space. In the slipstream of the global race for central bank currencies, the group of the seven most important industrialized nations (G7) have now agreed on a tougher course against money launderers. France turned words into action.

Suzhou — CBDC lottery in the Far East: China mixes e-yuan among the people

A new week, new reports of success 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 in order to help its digital yuan achieve a breakthrough, the government in Beijing continues to accept unusual approaches. Last week it again distributed sums of money in its own digital currency to its citizens via lottery. After a similar experiment in the metropolis of Shenzhen had already been successful in October, the residents of the metropolis of Suzhou could now be happy. A total of 20 million digital yuan (almost 2.5 million euros) ended up in the hands of the lottery winners.

Little progress — Federal government hesitates with E-Euro

Is he coming, is he not coming? In addition to bond purchases and low interest rates, the digital euro is one of the big controversies and question marks in European monetary policy. Some demand it vehemently, others condemn it as a fantastic and unnecessary pipe dream. Even the federal government does not seem to really know which camp one wants to belong to these days.

Financial summit — G7 wants to regulate cryptocurrencies

There is little that holds the global economy under such a spell these days as the ongoing Corona recession. However, the fact that other construction sites do not disappear as far from the corner of the legislature’s eye as it often seems was shown by the group of seven (G7) during the week. At a digital meeting of finance ministers and central banks, the largest industrial nations now agree on a common consensus on the legal handling of crypto currencies. Together they want to work on the legal framework in the future and, among other things, declare war on money laundering. New regulations should help to prevent the use for “malicious purposes and illegal activities.” Diplomacy remained at the summit. However, we can look forward to taking steps together.

Fight against money laundering — France tightens laws

France then followed up his words with deeds. With the help of a new regulation , the French Ministry of Finance now wants to target money launderers and fraudsters. A new ban should help: in the future, all anonymous accounts and transactions with crypto currencies will be prohibited in the country. New guidelines for the digital identification of people during their activities in the crypto space are to follow soon. The aim is to put an end to organized crime and the financing of terrorism. However, the initiative is not a staunch blow to the industry. The associated press release states that one is fully aware of the “groundbreaking possibilities” of cryptocurrencies.

New EU report — Blockchain is growing in Europe

Meanwhile, the latest and first report from the EU Observatory for Blockchain Technologies attests that the European blockchain ecosystem is becoming increasingly mature. To this end, the researchers examined and compared the economic sectors and legal frameworks of the various member states. In terms of blockchain regulation, a large number of the members have already passed specific laws on crypto assets or have submitted corresponding strategies. The conclusion of the authors will please crypto enthusiasts: the blockchain economy is growing.

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