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TALLINN, ESTONIA (May 21, 2018) – A new European company has found a way to unleash the true potential of digital assets. Depository Network (DEPO) has developed independent loan collateral architecture for the cryptocurrency age.
DEPO founders began by asking why assets have changed but loan collateral has not. Despite cryptocurrency being a strong asset that continues to grow, lenders have still not found a way to accept it as collateral. Until now.
Ripple, a San Francisco-based real-time gross settlement system, currency exchange and remittance network, has announced partnerships with five new European and Asian customers. FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) will all use xVia to power frictionless payments over RippleNet.
xVia is a technological solution for corporates, payment providers and banks wishing to send payments across various networks using a standard interface. As explained by Ripple’s official website, “xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.”
On April 10, 2018, 22 European countries joined forces to cooperate on blockchain regulation and education.
The European Blockchain Partnership “will be a vehicle for cooperation amongst Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors,” states the European Commission press release.
Localbitcoins trading volume has witnessed volume spikes across miscellaneous markets in recent weeks, with global volume bouncing to $ 75 million USD this past week. The Canadian and European markets both produced record volume this past week – after both markets produced seemingly anomalous spikes in trading activity.
Also Read:Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018
The weekly global trading volume on localbitcoins has bounced to $ 75 million (8,586 BTC), following spikes in volume across several markets during the week of the 31st of March.
Alex Momot, CEO of Remme.io and one of the top crypto experts in Eastern Europe, became an advisor at TruePlay.io – an innovative blockchain-based platform for gambling projects.
A Board Member of the Bitcoin Foundation Ukraine for the last three years, Mr. Momot has been in the Bitcoin mining business since 2015. With over ten years of IT-experience, Mr. Momot has been working in the blockchain industry since 2013. In 2014 Alex ran BitX, a start up that allowed people to pay for telecom and other everyday usage services in bitcoins. Besides serving as the CEO of Remme.io, he is the BDM of Hotmine.io – a popular mining hardware store that’s focused on utilizing the thermal energy produced by mining to heat office and living spaces.
The European Central Bank (ECB) claimed Bitcoin is “not the answer to a cashless society” March 13 while also casting doubt on bank-issued digital currencies.
In an “opinion piece” co-authored by Benoît Cœuré, ECB board member and chair of the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures, as well as chair of the BIS Markets Committee Jacqueline Loh, the bank argues Bitcoin represents a “challenge” due to banks’ failure to provide suitable international remittance options for consumers.
“Despite its many faults, bitcoin has put the spotlight on an old failing of our current system: cross-border retail payments,” they write.
Wopke Hoekstra, the Dutch finance minister, has issued a letter to Holland’s parliament describing the current regulatory framework pertaining to cryptocurrencies as “insufficiently equipped.” The minister advocates the development regional and international regulatory efforts in response to the burgeoning digital currency phenomenon.
Also Read: Excessive Crypto Regulation Not Optimal, EU Banking Authority Says
Mr. Hoekstra’s letter discusses the current regulatory framework in place governing cryptocurrencies, in addition to “bitcoin futures and other high-risk derivatives such as binary options.”
Following remarks made by Valdis Dombrovskis, vice president of the European Commission (EC), after a roundtable on cryptocurrencies, it appears that the European Union (EU) is prepared to take steps toward regulating cryptocurrencies.
While acknowledging that European nations should embrace blockchain technology in order to remain competitive in financial markets, Dombrovskis also cautioned that they should be taking steps to protect their citizens from hazards in the cryptocurrency space.
“Based on the assessment of risks and opportunities and the suitability of the existing regulatory framework for these instruments [cryptocurrencies and ICOs], the Commission will determine if regulatory action at EU level is required.”
The European Supervisory Authorities (ESAs) have issued a press release alerting consumers to the risks associated with buying cryptocurrency. The release follows previous statements issued that warned investors of the risks associated with participating in ICOs and trading digital assets.
Just yesterday, the ESAs issued a statement to consumers, warning them of the risks associated with cryptocurrency due to their non-regulated status. Their main concern for investors deals with the potential for a cryptocurrency exchange to be hacked or shut down, and the inability for the government to cover the associated losses.
