Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the conversation around Central Bank Digital Currencies (CBDCs) continues to intensify in the US as the Congress Majority Whip Tom Emmer has proposed a nationwide ban.
Proposed US anti-CBDC legislation to ‘upholds values of privacy’
US Congressman Majority Whip Tom Emmer has called for CBDCs to be banned, reintroducing the legislation after it was first introduced in January 2022 as digital currencies continue to develop and divide opinion.
Much of the bill centres around the protection of Americans’ financial privacy as CBDC transaction data can be easily traced, and calls on the Federal Reserve to not issue a digital dollar on either an intermediary or two-tier financial system.
Emmer stated: “The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC.
“That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the US’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness.
G20 to confer with FSB on best practices for global crypto regulations
Crypto regulation was high on the agenda during last weekend’s G20 summit in New Delhi, with global leaders citing the Financial Stability Board’s (FSB) recommendations on best practices.
After a period of volatility, G20 members are keen to progress with global crypto regulation in order to ensure stability as it progresses into a new era.
The FSB and SSB’s shared proposed policies have been welcomed by the committee and also cited the crypto BIS Report as potential recommendations to implement a defined crypto regulatory framework. The Crypto Asset Reporting Framework and the Common Reporting Standards amendments were also viewed by G20 leaders as areas to implement.
New modifications made to UK crypto marketing rules
The UK’s Financial Conduct Authority (FCA) has allowed crypto firms to request modifications to the regulator’s new marketing and promotion rules, which are set to be enforced on 8 October.
The UK financial watchdog introduced new regulations to better protect customers from ‘risky’ crypto marketing and promotion campaigns.
Companies who apply for modifications will be given until 8 January 2024 to introduce “features that require greater technical development” but core rules will not be affected on the date of enforcement in October.
PayPal’s On and Off Ramps enables crypto payments for Web3 firms
PayPal has announced it will integrate its On and Off ramps to facilitate digital currency payments for Web3 companies.
The payments firm is seeking to ‘simplify how wallets, dApps and NFT marketplaces enable their customers to buy and sell supported crypto in the US’, and will offer its latest blockchain-enabled service to those who engage in the technology.
By integrating PayPal’s On-Off ramps, Web3 merchants will be able to connect their user base through a ‘fast and seamless payments experience’ by leveraging PayPal’s security controls and tools of fraud management, chargebacks and disputes.
Napoli embraces crypto casino Rollbit as its official betting partner
Crypto casino Rollbit has announced a new collaboration with Italian football club SSC Napoli, which will see the crypto casino become the team’s Official European Betting Partner for the 2023-24 season.
Tommaso Bianchini, Chief Revenue Officer at SSC Napoli, said: “We are delighted to welcome Rollbit into the SSC Napoli family.
“Rollbit is an ambitious stakeholder in the world of online sports betting, we share their ambition to perform at the top level and we are both highly committed to provide our fans with ever more innovative experiences.