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Top 5 Crypto News of the Week

Photo of: Joseph Stone
by Joseph Stone

European Union prepares to regulate crypto-actives

The European Union is preparing to regulate cryptocurrencies and in particular stablecoins, cryptocurrencies that are backed by underlying assets that are considered stable, such as fiduciary currencies. The finance ministers of five EU countries – France, Germany, Italy, Spain, and the Netherlands – have therefore met because they believe that cryptocurrencies represent a threat to the monetary sovereignty of the Eurozone. They are therefore working on new regulations on the supervision of cryptos, including the stablecoins which will now be subject to the supervision of the European Banking Authority.

Bitcoin whales continue to accumulate in 2020

As you may know, in the world of Bitcoin, there are whales. A whale is someone who has a portfolio that contains at least 1,000 Bitcoins, or more than 10 million dollars. After studying the data of Bitcoin transactions between January 2020 and the beginning of August, OKEx Insights and Catallact showed that the whales of Bitcoin had become even bigger, in other words, that they had continued to accumulate BTCs. In particular, they took advantage of the sharp drop in prices in March to increase their holdings. Large Bitcoin transactions increased steadily throughout the summer and the larger buyers became very active while smaller investors adopted a much more wait-and-see strategy.

Société Générale-Forge chooses Tezos for its Digital Central Bank Currency

The Tezos blockchain was chosen by the Société Générale-Forge to experiment with a Central Bank Digital Currency (MDBC). Things are moving on the Banque de France’s side, which is stepping up the pace of testing its digital currency in partnership with Société Générale, one of the eight service providers selected to participate in this central bank digital currency project for interbank settlements. Forge, the Société Générale subsidiary specializing in security tokens, will therefore use Tezos, a decentralized and self-evolving public blockchain based on proof of stakes.

Japan is said to be behind China in terms of blockchain and CBDCs.

It is well known that there is a real race concerning cryptocurrencies and digital currencies of countries or larger entities such as the European Union which is currently working on the creation of its crypto-euro. Among the countries that seem to be far ahead is China. And according to a Japanese expert who published an analysis this week, Japan could be up to six years behind China in advancing its digital currency. According to him, China is trying to “take the lead in the global blockchain sector”. The Japanese expert pointed out that China launched a research unit for its central bank digital currency (CBDC) as early as 2014. According to this Japanese expert, China holds many more blockchain events and conferences than Japan and is talking about replacing cash with digital currency as early as January 2016. According to him, the arrival of the digital yuan is imminent. Will Japan react?

The singer of the rock band Kiss is a big Bitcoin fan.

We end the five news of the week in music with a Twitter release from Gene Simmons, the singer and bassist of the rock band Kiss. The 71-year-old rock star is interested in cryptocurrencies including Bitcoin. This week he answered a tweet from Cameron Winklevoss, the co-founder of the Gemini crypto exchange. The billionaire expressed his wish to see the purchase of Bitcoin (BTC) and Ethereum (ETH) simplified. “It is easier to buy Bitcoin and Ether if you are already in the old system. If you don’t have a bank account, it is difficult to get funds into the crypto. We need to change that,” said Winklevoss. The Kiss singer’s response was as succinct as it was enigmatic: “I’ll do it. I’m already doing it”.