Autor: dot-traders

Veröffentlicht am

ECB is open to ‘simplified AML/CFT checks’ for small digital euro payments, official says

ECB Executive Board Member Fabio Panetta’s remarks come just a day to an EU vote likely to introduce KYC/AML checks for all crypto transactions.

The European Central Bank is still considering a central bank digital currency (CBDC) – a digital euro. There has been progress in the project, with consultations taking place since 2020 and gathering speed in recent months.

One of the key concerns remains the “trade-offs” between the need for privacy and adherence to EU financial regulations and policies. While the ECB wants to see greater regulatory compliance, an official has told lawmakers that the rollout of the proposed digital euro could allow for “some degree of privacy” for users.

Still no ‘full anonymity’

Digital euro users will need to comply with know-your-customer (KYC) checks as well adhere to anti-money laundering (AML) regulations. 

However, these requirements might not be cast in stone when it comes to small payments, ECB Executive Board Member Fabio Panetta said on Wednesday.

“Full anonymity is not a viable option from a public policy perspective,” Panetta told the EU parliament’s Economic and Monetary Affairs Committee.

According to Panetta, allowing for complete privacy using the central bank’s digital currency would open the system risks of illicit transactions.

“In addition, it would make it virtually impossible to limit the use of the digital euro as a form of investment,” he added.

‘Simplified AML/CFT’ for small payments

To safeguard financial stability, prohibiting anonymous transactions is essential, the ECB exec explained. But there could yet be a slight ‘break’ from the anti-money laundering and combating of terrorism financing (CFT) norms- if the amounts involved were low value.

“A greater degree of privacy could be considered for lower-value online and offline payments,” Panetta said in a speech he delivered on Wednesday. “These payments could be subject to simplified AML/CFT checks, while higher-value transactions would remain subject to the standard controls,” he added.

The ECB official’s remarks come just a day before EU lawmakers vote on a proposal seeking to remove anonymous crypto payments- even for small transactions. The vote is expected on Thursday. 

If passed, it would mean every crypto transaction would have to adhere to KYC, AML and CFT checks.

The post ECB is open to ‘simplified AML/CFT checks’ for small digital euro payments, official says appeared first on Coin Journal.

Veröffentlicht am

Kucoin: 44% of Germans are ‘motivated’ toward crypto investing

  • KuCoin’s Into the Cryptoverse 2022 report shows that nearly half of the German population sees crypto as part of “the future of finance.”
  • 35% of investors do it for passive income.
  • More women are showing curiosity in 2022, with 53% of those showing interest.

A recent report by global crypto exchange KuCoin suggests that 44% of Germans are “motivated” toward cryptocurrencies as an investment.

This percentage of the population also believes cryptocurrency is the “future of finance”, the exchange noted in its ‘Into The Cryptoverse 2022’ report.

16% of Germans aged 18-60 own or trade crypto

 The insights gleaned from the study are reflective of Germany’s “set of clear rules applicable to cryptocurrencies,” a summary of the report indicated.

Notably, Germany was the first country to recognise Bitcoin as a “unit of value,” classifiable as a “financial instrument.” That happened in 2013 and is a development that appears to have had a big impact on adoption rates in the country.

As a result of regulatory developments, 44% of respondents said they are looking to buy and invest in crypto. Per the report, almost half of the population is convinced crypto is going to be the future of finance.

16% of Germans aged 18-60 own cryptocurrencies or have traded them over the past six months, with 41% of these investors planning to increase their investments in 2022. A further 13% are said to be crypto-curious.

In terms of gender, men account for 69% of cryptocurrency investors, while 53% of the crypto-curious are women.

Overall, 77% of these ‘crypto-curious’ investors are reportedly looking into potential digital assets to buy. According to KuCoin, this is a statistic that points to the very high levels of crypto literacy in the country.

Staking and lending top investment products

The report suggests that the growing adoption of crypto investment in Germany is down to the growing appeal of digital assets as a source of passive income. And this ability to generate returns on crypto investments is seeing cryptocurrency investing going mainstream in the country.

Per the study, 35% of investors take positions for passive income opportunities. Meanwhile, 30% see crypto as a reliable store of value and 29% say crypto assets provide a means to financial independence.

In terms of specific investments for passive income, an average of 24% of investors prefer staking crypto to holding bank savings accounts. Crypto lending comes next at 13%.

The report on Germany is the second in KuCoin’s Into The Cryptoverse 2022 lineup, coming after Turkey. The exchange plans to release further reports throughout 2022.  

Global trends on ownership and usage of crypto for 2021 showed that Nigeria topped the global charts, with Singapore, Thailand and the Philipines also up there. Asia, Africa, and South America are showing the fastest growth.

The post Kucoin: 44% of Germans are ‘motivated’ toward crypto investing appeared first on Coin Journal.