The United Kingdom has declined to implement a European Union rule requiring EU governments to monitor transactions on non-hosted digital wallets. The UK preferred to monitor transactions above a certain minimum amount to ensure compliance with financial regulations.
Whenever a country is sanctioned, its traditional banking institutions are the number one target. This is the same thing that happened recently with Russia when the EU, NATO, the US and many other democratic countries decided to impose tough economic sanctions for invading Ukraine. Now Washington is considering cryptocurrencies as a possible tool for sanctions against Russia.
Belarus Central Bank is imposing new restrictions on foreign currency transactions in response to EU sanctions. Such a move could create complications for citizens and push them to seek alternatives such as cryptocurrencies.
There is an opinion that European Union (EU) countries offer more favourable conditions for running cryptocurrency businesses. That is why companies tend to choose the European market over the United States.
The European Commission (EC) approved on Thursday September 24, a digital finance package, including a retail payments plan, digital finance strategy and legislative proposals on cryptocurrency and digital resilience, for a booming European Union (EU) financial sector that gives customers access to state-of-the-art financial goods and services.
A series of tech companies including Microsoft, IBM, and Oracle are collaborating with the EU and US Centers for Disease Control and Prevention, World Health Organization (WHO) and others to develop a robust blockchain solution for COVID-19.
The upcoming US free trade talks have provided an opportunity for the UK’s Department for International Trade (DIT) to negotiate provisions for digital trade, which underpins the UK economy and is vital to both service and goods exporting businesses.
Several financial authorities across the globe are finding it hard to make verdicts when it comes to Bitcoin, Libra and other digital currencies: overregulate the industry and risk losing the advantage to most businesses and the economy at large, or fail to act completely and make themselves more defenseless especially to those that intensify.