What was important in the crypto world during the 35th calendar week? Three-quarters of respondents to a Deloitte survey, think digital assets will replace fiat currencies; the SEC is in a tricky spot over Ripple; and Bitcoin may soon join Twitter.
Another exciting week in the crypto space is coming to a close. A compact overview of the most important events around Bitcoin and Co.
Deloitte: Survey sees age of digital assets has come
What about the future of digital assets? This is the question Deloitte, one of the world’s largest accounting, management and strategy consulting firms, tried to answer with a survey. The study already bears the auspicious “A new age of digital assets.” The overarching theme was what role blockchain and cryptocurrencies will play in financial services. Participants in the study included executives from the financial services industry.
One of the key messages that was most encouraging for crypto investors was that over three-quarters of the financial industry respondents agreed on one thing: Digital currencies will replace traditional fiat currencies in the long run. The period in which digital assets replace fiat currencies is particularly interesting. If the study participants have their way, this will not be the case in the next hundred years, but in five to ten years.
Turning away from virtual currencies, new money laundering regulation in the EU
A month ago, the EU Commission published a draft for a new EU money laundering regulation. This is to be applicable in all EU member states in the future. The EU Commission’s aim is to standardise the prevention of money laundering in the EU. It hopes that this will make the fight against money laundering and terrorist financing more effective. The new EU Money Laundering Regulation no longer uses or recognizes the term “virtual currencies”.
Instead, the EU Commission is also striving for uniformity of legal principles here and will define the term crypto assets centrally in the Markets in Crypto Assets Regulation (MiCA), which is also in draft form, also with effect for the EU Money Laundering Regulation.
Accordingly, crypto assets will be defined in the EU in future as a digital representation of a value or a right that can be transferred and stored electronically on the basis of distributed ledger technology or a comparable technology. The requirement of a lack of legal tender status will then no longer apply, making Bitcoin a crypto-value regardless of developments in Latin America.
El Salvador – population takes to the streets against Bitcoin law
The small Central American country has been a pioneer in crypto legalization. Now El Salvador’s presid.ent Nayib Bukele with his plan to make Bitcoin a legal tender, however, is increasingly facing resistance. Accordingly, several surveys in the country showed: The population in El Salvador is not exuberantly happy.
The fact that support for the new law among the population leaves much to be desired must have been known to him after several surveys on the subject. But the rejection is probably greater than previously assumed. Because according to media reports, a large protest march took place in which Salvadorans raised their voices against the introduction of Bitcoin as an official means of payment. One of the main reasons for the skepticism is reportedly the high volatility of the cryptocurrency.
Bitcoin (BTC) coming soon to Twitter?
One of the largest social media services in the world, Twitter, is said to be working on something new, according to information that has now been published. Bitcoin is said to be integrated into its in-house tipping system in the process. In the process, the new tipping feature (“Tip Jar”) was first unveiled on May 6 of this year in a test version of sorts. Users of the beta version were not yet able to pay directly with Bitcoin, but a look at the code suggests that this could change in one of the next versions. That’s because details in the beta reveal a sort of “bitcoin tutorial” that users are guided through.
The tutorial visible in the tweet briefly discusses the Lightning Network at the beginning. This is said to be a technical innovation that allows payments to be made faster and with fewer fees than is possible with Bitcoin’s primary network. If a user wants to receive tips in Bitcoin, Twitter points out that they must use the Strike app. At the end, there’s a short section on secure cryptographic methods and the blockchain, and then they’re ready to start tipping in Bitcoin.
It was only at the end of August that news made the rounds that Twitter/Square founder Jack Dorsey was planning his own decentralized Bitcoin exchange. Timed slightly before that, the self-confessed Bitcoin fan announced that payment service provider Square was planning to launch its own Bitcoin hardware wallet.
SEC in need of explanation
The US Securities and Exchange Commission (SEC) is accusing Ripple of selling non-registered securities (security tokens) using XRP in a legal battle that is still ongoing. The accused company’s latest argument is that the SEC did not value XRP at all for years. In addition, employeeswould haveeader of the authority highly invested in XRPhimself. According to media reports, an email testifies that the SEC has never internally set rules against holding or trading the cryptocurrency.
Ripple is demanding to see XRP reserves from employees:inside the US Securities and Exchange Commission (SEC). With the request in this regard, the crypto company thereby underpins its own defense strategy in the process against the authority. The argument: In 2013, the Ripple team could not have legitimately known that XRP was to be classified as a security.