G7 Nations Reiterate Support for Crypto’s Regulation
The G7 nations have emphasised the need for the crypto industry to be strongly regulated, stating the use of crypto assets and other digital assets for malign purposes and illicit activities as a reason.
According to a summary of the meeting of the G7 nations published on the website of the U.S Department of the Treasure, reiterated the earlier stand of the group in October that the crypto industry should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, operational resilience, money laundering, terrorist and proliferation financing, market integrity, governance, and legal certainty, among others.
The meeting had in attendance the Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the U.S, the European Commission, and the Eurogroup, heads of the IMF, World Bank, and Financial Stability Board.
Germany and Europe Will Not Accept Facebook’s Diem – German Finance Minister
German Finance Minister Olaf Scholz has affirmed that Germany and Europe cannot and will not accept Facebook Libra into their markets despite the recent rebranding of the stablecoin to Diem.
According to Reuters, Scholz made the statement during the G7 group meeting held yesterday, saying that “A wolf in sheep’s clothing is still a wolf,” and digital currency will not be accepted while the regulatory risks are not adequately addressed.
Second-Largest Bank In Spain Sets To Launch Crypto Offerings
The second-largest bank in Spain, BBVA might soon launch its Europe-wide crypto initiative from Switzerland.
While speaking to Coin Desk, anonymous sources revealed that the cryptocurrency offering may kick-start in January 2020. “There are still some compliance hurdles so this will not be in December, but I expect they (BBVA) will be live next month,” they added.
MicroStrategy to Invest $400 million Net Proceeds from Convertible Senior Notes Sale in BTC
MicroStrategy has announced its intention to invest another $400 million into bitcoin.
In a press release yesterday, the business intelligence company will raise the funds to purchase the bitcoin by selling convertible senior notes in a private sale to qualified institutional buyers.
MicroStrategy also bought 2,754 BTC, worth $50 Million on December 4, making the company own a total of 40,824 BTC (worth over $778 million).