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Christine Lagarde: There Needs to Be Global Regulation of BTC

ECB President Christine Lagarde has expressed her thoughts on BTC in a recent interview, claiming the asset needs to be regulated on a “global level.”Christine Lagarde: Bitcoin Must Be Globally RegulatedIn her opinion, bitcoin has given people open doorways to numerous financial crimes such as money laundering. Thus, without global regulation in play, these doors can never be closed. She mentioned that bitcoin is not a currency. Instead, it is a rather “highly speculative asset which has...

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FinCEN Extends Comment Window on Proposed Crypto Regulations

With the initial deadline for comments long expired, FinCEN has decided to extend the comment period for its proposed controversial crypto regulation for an additional 15 days.FinCen Sets New DeadlineThe Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). FinCEN’s earlier deadline was set on January 4, 2021.Following the different requests for extension, it appears...

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Bitcoin Needs Unified Global Regulations: ECB President Christine Lagarde

Christine Lagarde, the President of the European Central Bank (ECB), believes that bitcoin requires a unified global regulation framework to work properly.Interestingly, Canadian businessman and Shark Tank star Kevin O’Leary also noted that the cryptocurrency could become “something of tremendous value” if world regulators back it up.ECB President On BTC RegulationsThe 65-year-old French politician and current President of the ECB has been calling on clear regulation for bitcoin for a while....

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New Users and Regulations: Coinbase Explains The Cause of Issues Amid Latest Bitcoin Price Volatility

The largest US-based cryptocurrency exchange Coinbase has issued a formal apology for users in the UK and the EU region. The company acknowledged that its services have been unstable because of the high number of new registrations and the latest regulatory requirements.More Users Led To Problems On CoinbaseCoinbase users located in the UK or the EU might have noticed that the services on the popular US exchange didn’t operate properly in the past two months. The platform displayed “partially...

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Christine Lagarde Says Bitcoin Is Highly Speculative and Calls for Its Regulation

Since she was appointed the president of the European Central Bank, Christine Lagarde has advocated for a digital euro to complement technological advancement, especially in the payment industry.Speaking at the Reuters Online event on Wednesday, European Central Bank (ECB) President Christine Lagarde highlighted her thoughts on the crypto space and the digital payment system. According to Lagarde, Bitcoin is a very volatile asset that has facilitated ‘funny business’. She also noted that...

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UK Blockchain & Cryptocurrency Regulations in 2021

Regulators around the globe are reconsidering the blockchain & cryptocurrency regulations as this technology faces growth in multiple industries. Over the last couple of years, an obscure technology, blockchain, formerly related to virtual money has gained global acclaim. No longer recognized Bitcoin, it is now extended to practically every business. Regulators around the globe are reconsidering the scope of KYC and AML regulations due to the large adoption of this technology in multiple...

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Jack Dorsey Isn’t a Fan of New Crypto Regulations

Jack Dorsey, the CEO of both Square and Twitter, isn’t a fan of any incoming cryptocurrency regulations.Jack Dorsey Isn’t in Favor of New Crypto RulesThis makes sense considering Square, one of his firms, recently purchased roughly $50 million in bitcoin a few months ago to become one of the first institutional enterprises to openly support bitcoin and hold such a large stake in it. It’s likely that Dorsey doesn’t want to take a hit for this purchase.However, in an open-word letter to the...

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Major Crypto Firms Kick Against New FinCEN Regulations on Cryptocurrency Transactions

Coinbase spoke against the regulation referring to it as a “regulation not done properly.” According to them, the required information needed to make transactions does not achieve the goal or purpose of controlling illicit transactions.The Financial Crimes Enforcement Network (FinCEN) recently proposed regulations that will see exchanges and people identifying themselves when making transactions above a stated amount. According to reports, some major crypto firms have kicked against this new...

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Legal? The Future of Cryptocurrency and the Law

Cryptocurrency is a relatively recent invention, especially when we compare it to a traditional currency, which has been around as long as humans have lived in organized societies. But with any new development, there is a natural hesitancy in acceptance of change, especially from those who are in control of the old ways. But does this hesitancy translate into cryptocurrency being illegal? Let’s take a closer look at the legality or otherwise of cryptocurrency today. Property or Currency?...

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Jack Dorsey’s Square and a16z Slam FinCEN’s Proposed Crypto Regulations

Two more companies that could be affected by the recently proposed FinCEN crypto regulations, namely Square and Andreessen Horowitz, have confronted the legislation. Both believe that the industry requires clear rules but asserted that FinCEN has failed in its rushed attempt.Square Goes After The FinCEN Crypto RegulationsCryptoPotato reported recently that the US Treasury’s Financial Crimes Enforcement Network (FinCEN) came up with new regulations on Money Services Business (MSBs) that...

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