<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Never mind that Germany became the second government in Europe today to formally express its disapproval of Facebook’s Libra coin. And never mind that the French hate it, too, or that crypto industry insiders warn of a domino effect in Europe over the coming months. ” data-reactid=”19″>Never mind that Germany became the second government in Europe today to formally express its disapproval of Facebook’s Libra coin. And never mind that the French hate it, too, or that crypto industry insiders warn of a domino effect in Europe over the coming months.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="It’s still early innings, Charles Hoskinson, founder of the Cardano blockchain, and co-founder of Ethereum, said in an interview with Decrypt. ” data-reactid=”20″>It’s still early innings, Charles Hoskinson, founder of the Cardano blockchain, and co-founder of Ethereum, said in an interview with Decrypt.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“I don’t think there’s any unity in Europe on cryptocurrency policy,” he said. “Europe is not a hegemony, where there’s just one universal voice. It’s rather a collection of different impartial interests, and sometimes they steer in one direction, sometimes in another.”” data-reactid=”21″>“I don’t think there’s any unity in Europe on cryptocurrency policy,” he said. “Europe is not a hegemony, where there’s just one universal voice. It’s rather a collection of different impartial interests, and sometimes they steer in one direction, sometimes in another.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Hoskinson is credited as the man who introduced the first major crypto project in Switzerland, while he was briefly CEO of Ethereum in 2014. He later left the project and founded rival Cardano, and is now CEO of the startup developing the platform, IOHK. ” data-reactid=”22″>Hoskinson is credited as the man who introduced the first major crypto project in Switzerland, while he was briefly CEO of Ethereum in 2014. He later left the project and founded rival Cardano, and is now CEO of the startup developing the platform, IOHK.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Like nearly everyone else in the crypto community, Hoskinson stressed that he doesn’t consider Libra a cryptocurrency. But he conceded that it’s drawing regulatory attention to the industry prematurely, for both good and ill. And, if it’s successful, it will spawn copycats, he said. ” data-reactid=”23″>Like nearly everyone else in the crypto community, Hoskinson stressed that he doesn’t consider Libra a cryptocurrency. But he conceded that it’s drawing regulatory attention to the industry prematurely, for both good and ill. And, if it’s successful, it will spawn copycats, he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Last week, Facebook announced plans to apply for a payment license from the Swiss regulator, FINMA. The authority has recently signalled its intention to issue crypto license for the world’s first crypto banks. ” data-reactid=”24″>Last week, Facebook announced plans to apply for a payment license from the Swiss regulator, FINMA. The authority has recently signalled its intention to issue crypto license for the world’s first crypto banks.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In response, U.S. officials pressed Swiss regulators to ensure that its rules are robust enough to withstand abuse. ” data-reactid=”25″>In response, U.S. officials pressed Swiss regulators to ensure that its rules are robust enough to withstand abuse.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But Hoskinson said that, while Switzerland was mindful of continuing good relations with its neighbours, it has always done its own thing, albeit slowly. ” data-reactid=”26″>But Hoskinson said that, while Switzerland was mindful of continuing good relations with its neighbours, it has always done its own thing, albeit slowly.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="And regulators there rarely change their minds, despite attacks by Germany, and other European Union member states over their internal policies. “The reason they get away with it is because they have good international relations and respect,” he said. ” data-reactid=”27″>And regulators there rarely change their minds, despite attacks by Germany, and other European Union member states over their internal policies. “The reason they get away with it is because they have good international relations and respect,” he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Switzerland, of course, is not part of the European Union, whereas France and Germany are founding members, and have often aligned strategies to form an influential voting bloc in the organization.” data-reactid=”28″>Switzerland, of course, is not part of the European Union, whereas France and Germany are founding members, and have often aligned strategies to form an influential voting bloc in the organization.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Germany today announced plans to boost the digital transformation of the national economy. Its new strategy also vows to fight corporate efforts to establish a so-called “parallel currency,” which would be a threat to national sovereignty. The German government aims to liaise closely with its European and international allies on policy. ” data-reactid=”29″>Germany today announced plans to boost the digital transformation of the national economy. Its new strategy also vows to fight corporate efforts to establish a so-called “parallel currency,” which would be a threat to national sovereignty. The German government aims to liaise closely with its European and international allies on policy.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Last week, France said it could not authorize the development of Libra on European soil.” data-reactid=”30″>Last week, France said it could not authorize the development of Libra on European soil.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But Hoskinson said there are plenty of European voices—Lichtenstein, Luxembourg, and even some in France and Germany—that have taken a pro-crypto stance. Regulation might not be the best policy, he said. ” data-reactid=”31″>But Hoskinson said there are plenty of European voices—Lichtenstein, Luxembourg, and even some in France and Germany—that have taken a pro-crypto stance. Regulation might not be the best policy, he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Just like the internet, people are beginning to realize that [a blockchain] is a very difficult system to shut down and to regulate,” he said. Moreover, crypto’s problems—such as safe storage, adequate custodial services, establishing when an account should be frozen or a transactions reversed—could be resolved within the industry, without handing over keys to governments, he said. ” data-reactid=”32″>“Just like the internet, people are beginning to realize that [a blockchain] is a very difficult system to shut down and to regulate,” he said. Moreover, crypto’s problems—such as safe storage, adequate custodial services, establishing when an account should be frozen or a transactions reversed—could be resolved within the industry, without handing over keys to governments, he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Politicians believe that the only way to protect people is having regulatory control,” he added. “That’s like saying that the only way to get a good cell phone is to nationalize Apple.”” data-reactid=”33″>“Politicians believe that the only way to protect people is having regulatory control,” he added. “That’s like saying that the only way to get a good cell phone is to nationalize Apple.”
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