Today in TechREG: ECB Doubts Crypto Stability
On Tuesday, May 24, the European Central Bank (ECB) released a report signaling possible risks to financial stability in the future if crypto-assets continue to grow at the same pace. A group of EU lawmakers are taking advantage of a week without parliamentary sessions to travel to Silicon Valley to meet with tech companies and authorities to learn about the latest tech developments and discuss policy. India’s central bank governor has also issued warnings about the risks of cryptocurrencies.
ECB: crypto could undermine financial stability
Financial stability is under threat as crypto-assets become more entangled with traditional markets, the European Central Bank (ECB) said in its Financial Stability Report review Tuesday (May 24).
The ECB pointed to the recent crashes of stablecoins Terra and Tether, calling them “not as stable as their name suggests and cannot guarantee they will be pegged at all times.”
European Parliament meets Big Tech in Silicon Valley
A delegation from the European Parliament met with leaders of technology companies such as Google, Meta, Apple, Airbnb, eBay, PayPal and Uber to discuss the latest developments in the digital market, but also to take a closer look at the US legislative work on the e-commerce and platforms. .
The meeting will probably not be limited to the topics mentioned in the official press release. Taxation and data control could also be part of conversations with authorities.
Indian Central Bank Governor Warns Crypto After Stablecoin Collapse
Reserve Bank of India (RBI) Governor Shaktikanta Das has been the latest official warning about investing in the crypto markets. Das discussed the crypto market downturn and the regulation of crypto assets in an interview with CNBC TV18.
“We warned against crypto and look at what happened to the crypto market now,” the governor said.
Global digital tax could be postponed to 2024, says French minister
A global agreement on digital taxation may not be ready before the end of 2023 or the beginning of 2024, French Finance Minister Bruno Le Maire said on Tuesday (24 May), noting a significant delay in the implementation of the reform, a reported Reuters.
The deal, which officials had hoped to sign in the middle of this year, aims to reallocate taxing rights from big digital groups such as Apple and Google to the countries where end customers are located.
CFPB Calls on States to Increase Enforcement Efforts
On Thursday, May 19, the Consumer Financial Protection Bureau (CFPB) released a new interpretive rule aimed at strengthening state enforcement measures to protect consumers. By clarifying the scope of state enforcement under the Consumer Financial Protection Act of 2010 (CFPA), the bureau expects states to take a more active role in protecting consumers.” against financial fraud, scams and other wrongdoings”.