Liechtenstein’s Bold Move: The New Blockchain Act
Liechtenstein is making headlines as it becomes the first nation with comprehensive regulations around the token economy. On October 3, the Parliament approved the Token and TT Service Provider Act, dubbed the Blockchain Act. This piece of legislation aims to enhance investor protection, tackle money laundering, and bring some much-needed clarity. Prime Minister Adrian Hasler stated, “With the TVTG, an essential element of the financial center strategy of the government is implemented. Liechtenstein is positioned as an innovative and legally secure location for providers in the token economy.” Talk about a small country making big moves!
Iota Foundation Joins Forces for Climate Research
In eco-friendly news, the Iota Foundation has teamed up with the EIT Climate KIC, a research community focused on tackling climate issues. This collaboration, reported on September 30, includes prominent research institutions and think tanks like TU Berlin and TU Munich. Together, they aim to develop innovative products and services to address pressing environmental challenges. If this doesn’t scream ‘teamwork makes the dream work,’ I don’t know what does!
Germany’s Stance on Stablecoins: Not on Our Watch!
On October 2, the German government came out swinging against stablecoins such as Facebook’s Libra. Their message was clear: traditional currency is here to stay, and these new cryptocurrencies won’t be stepping in as legal tender anytime soon. Vice Chancellor Olaf Scholz was adamant, stating, “We cannot accept a parallel currency. We are going to reject that clearly!” Looks like the government has some serious concerns about maintaining the integrity of the Euro.
The Discussion of a Digital Euro
As if the previous stance wasn’t enough, Scholz is also championing the launch of a digital Euro coin. He believes creating a digital payment system would be a game-changer for Europe, claiming, “We must not leave the field to China, Russia, the US, or any private providers.” Meanwhile, Mario Draghi, the president of the European Central Bank, shared his doubts about stablecoins’ significance, stating they are not suitable substitutes for money. Sounds like the central banking world isn’t quite ready to hand over the currency keys yet!
Savedroid’s Rise to the Stock Market
In exciting business news, Frankfurt-based fintech company Savedroid has been acquired by Advanced Bitcoin Technologies AG (ABT), which will take the startup to the stock market. Reportedly, German investors had previously lost quite a bit on Savedroid, with losses ranging between 40 and 92 percent back in October 2018. From the ashes, it seems like there might be a phoenix rising!
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