EU Aims To Clinch Deal on Landmark Crypto Law This Month (bloomberg.com) 29
The European Union is nearing an agreement on key legislation to regulate the cryptocurrency sector that would set common rules across the 27 member states, Bloomberg reported Friday, citing people familiar with the matter. From a report: France, which currently chairs the EU, and the European Parliament are optimistic about resolving remaining issues holding up the Markets in Crypto-Assets (MiCA) package and reaching a deal this month, according to the people. Negotiators are expected to meet on June 14 and June 30. MiCA, first presented in 2020, will put European regulators at the forefront of supervising cryptocurrencies by creating unified rules across the $17 trillion economy. Addressing issues such as investor protection and crypto's impact on financial stability has taken on added urgency after last month's collapse of the TerraUSD algorithmic stablecoin.
Member states and the parliament still disagree on several key aspects of MiCA. According to the people, areas of disagreement include:
Whether to include nonfungible tokens in the new set of rules
How to regulate significant stablecoins
Supervision of the largest crypto-asset service providers, or CASPs
Both sides are also discussing how to limit the use of stablecoins as a payment method by introducing a ceiling, in particular for transactions not denominated in euros, the people said, asking not to be identified discussing confidential information.
Member states and the parliament still disagree on several key aspects of MiCA. According to the people, areas of disagreement include:
Whether to include nonfungible tokens in the new set of rules
How to regulate significant stablecoins
Supervision of the largest crypto-asset service providers, or CASPs
Both sides are also discussing how to limit the use of stablecoins as a payment method by introducing a ceiling, in particular for transactions not denominated in euros, the people said, asking not to be identified discussing confidential information.
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a Total Ban! ... is the only thing acceptable.
... to authoritarian regimes that want to:
It makes sense to me that places like China and North Korea insist on controlling their currency and citizenry, and why western rulers would want to, but how the hell are the people of the west going along with this? Why can't we have a stable money that isn't manipulated into boom and bust cycles and inflated to
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Why can't we have a stable money that isn't manipulated into boom and bust cycles and inflated to buy votes?
Wait a second, did you just suggest that cryptocurrency is stable or isn't manipulated? Let me get my popcorn. And maybe call someone and get you some help.
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That just makes if deflationary by design and there are plenty of reasons every nation has moved to a monetary philosophy of attempting to keep inflation steady but low as a preference to deflation which also has cycles but can be far longer and far worse with lots of feedback loops.
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Re: a Total Ban ! (Score:2)
In the US at least we do t judge inflation versus other currencies but CPI which is a "basket of goods" approach. In either case that doesn't make deflation more desirable than small inflation
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Has there ever been a large stable currency? I get the idea of deflation being a bad thing; that people hold onto their cash instead of spending it, so less gets made, people lose jobs, economies grind to a halt, etc. But how about a stable money supply and constant production? There's also the question of decreasing populations; as nations
Re: a Total Ban ! (Score:2)
Your last point kind of enters your first though, as more and more nations industrialize birth rates will taper off all around. There are some pretty solid calculations that we will reach the "population cap" this century if certain patterns hold true. There's also plenty of reason to believe we are nowhere close to the maximum population we can support with resources available and the rates of technological improvement.
I agree on the more philosophical premise that we should be more responsible with our l
Re: a Total Ban ! (Score:2)
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Hey I used to be a libertarian so I am with you, I took a lot of that messaging that the Fed is the cause of a lot of problems, and while it does have some issues to be sure ti exists for some very good reasons. Especially once i leanred about how much boom and bust happened under the gold standard and those cycles were even more pronounced with lots of bank failures and a lack of tools to respond in kind. One of things that turned me off the whole philosophy of it was I felt like I was always being given
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The Great Depression was blamed on the gold standard over and over again in these articles, both as its cause and for prolonging it, but they didn't discuss all of the stock market regulations, tariff changes, and banking regulations (including the FDIC, which fixes the 'banking panic' issues one of the articles blamed on the gold standard) made since then. The articles did mention, not directly, that central banks were also partl
Re: a Total Ban ! (Score:2)
If you don't want to be convinced that's fine but the gold standard makes nothing better today, only worse. It has no advantages over fiat currency.
This has nothing to do with "central planning" which is government control of inputs outputs and supply, something no country really enagages in today on any scale. Markets and capitalism are the heterodox philosophy, not central planning. A central bank is not a planned economy in any sense.
What was the story posted here this week? 64 miners control the vas
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Thank you for mentioning the Bitcoin paper; that's the type of thing which could really sway my opinion, and I missed it here on /.. However, I found the paper, and I'd love to see an updated version; it studied 10 years of Bitcoin ending in 2011. Her [coindesk.com]
These headlines are terrifying (Score:4)
When you write "Landmark Crypto Law" the natural assumption is that it's a law regulating use of cryptography in general. That would be massively important to everyone.
When you actually mean "Landmark Cryptocurrency Law" you need to differentiate, or you're just being lazy and misleading.
Which, I suppose, is par for a Slashdot editor.
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When you write "Landmark Crypto Law" the natural assumption is that it's a law regulating use of cryptography in general.
Like it or not, when people casualy speak of crypto, they mean cryptocurrency not cryptography. Lot of people here think it is not fair, but it is the way it is. There is always a comment explaining that crypto means cryptography but it is not in this universe.
Re:These headlines are terrifying (Score:4)
So much for news for nerds.
Anyone who thinks news about cryptocurrency is more important than news about cryptography, and thus more deserving of the short form "crypto" is provably not a nerd. They're a bro.
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the technical part of cryptocurrencies is a nerd topic
It is. And the "crypto" part of cryptocurrencies is cryptography.
If anything the crypto-hypers say about privacy (Score:3)
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As basically nothing the crypto-currency scammers claim is true, this one is not either. We already see exchanges bow to demands, because somebody explained to them what is to come and what penalties are in stock for the main actors if they do not comply.
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The trick is that people can trade numbers all day long. However, turning a currency into actual goods is going to be the issue, and that is where the financial enforcement guys can step in. Who cares about the cryptocurrency... just watch where the actual tangible goods or the real currency goes, and block/sanction it there.