EU banks will need to back crypto one-for-one with euros, will manage digital euro privacy

EU banks will need to back crypto one-for-one with euros, will manage digital euro privacy Crypto cryptocurrency EU

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

The text of the package asks the European Commission to propose a bill by June 2023 and says banks should apply a 1,250% risk weight to crypto exposures until the end of 2024. That is the maximum possible level of risk and means that banks must issue one euro of capital for each euro of crypto they hold.

The Basel Committee on Banking Supervision , which helps develop international standards for banking regulation, previously placed an exposure limit of 1% on all unbacked cryptoassets such as Bitcoin and recommended that all cryptos be treated with caution. The new standards are set to be implemented by January 1, 2025.In other E.U.

Panetta also sought to address concerns that a digital euro could have limitations programmed into it that control how consumers are able to spend their money.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

KitcoNewsNOW /  🏆 13. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Binance dominates CEX space, but here’s the biggest concernBinance continues to dominate the CEX space. Declining NFT sales and staking trends signal shifts in user interests. Binance, one of the largest centralized crypto exchanges has managed to dominate the CEX space over the last year, according to data provided by Delphi Digital. Despite many crypto users opting for decentralized exchanges after the FTX […]
Read more »

Polygon loses to Solana in market cap – fret not, as it grows in this sectorSolana flipped Polygon to become the 10th largest crypto in terms of market cap. Polygon’s NFT ecosystem witnessed growth with increased trade count and new integrations. Over the last few months, there were several upsetting news stories that negatively affected the crypto industry, notably the FTX crash. However, despite this, long-term sentiments towards Polygon [MATIC] […]
Read more »

Bitcoin holders are avoiding leverage in the latest rally, here’s whyLow demand for leverage gives insights into the current Bitcoin investor psychology. BTC enjoys demand in the derivatives market courtesy of a strong recovery in open interest. Glassnode alerts just revealed that the amount of HODLed or lost Bitcoin is now at a 5-year high. This reflects the positive price action that the cryptocurrency has […]
Read more »

CRV becomes the most traded token among Ethereum whales but…CRV extends gains amid increased whale activity. ETH whales contribute to the demand for CRV despite being heavily overbought. Curve Finance’s native token CRV just jumped to the top of the list of most traded crypto tokens among ETH whales. This outcome may pave the way for the next major price move for CRV given […]
Read more »

Aptos [APT]: At overbought highs, here’s how profit-taking might affect youAPT’s price went up by over 90% in the last week. The altcoin was severely overbought at press time, and a price correction might be imminent. Aptos [APT] rallied by 92% in the last week, making it the crypto asset with the most gains in the last seven days, data from CoinMarketCap showed. During the […]
Read more »