Web3 Diaries- Ripple Urges U.S. To Follow EU Path
Ripples, which is set to win the long drawn court battle with the U.S. financial markets regulator – the Securities Exchange Commission (SEC) – has urged the regulating authority to follow the foot-steps of the European Union (EU) and United Kingdom (UK) regulatory approach.
Ripple’s Head of Public Policy, Susan Friedman, warned that the absence of regulations will ultimately drive activity offshore, ultimately hindering the monitoring of illicit and criminal activities. This, she noted, directly contradicts the goals of critics.
Friedman has appreciated the European Union’s progressive approach to cryptocurrency regulation on April 20, 2023, highlighting the contrast with the U.S.’s emphasis on enforcement over clarity. She expressed excitement for Ripple’s growth in the European market.
Zimbabwe bets big on gold-backed digital currency hedge against inflation
The central bank of Zimbabwe is contemplating to launch a gold-backed digital currency, the national newspaper, The Sunday Mail reported.
And although technically the tokens could be considered a form of central bank digital currency (CBDC), they are better thought of as digital gold.
The new gold-backed tokens are being issued in a country that has a troubling history with inflation.
Ever since Zimbabwe suffered from a major crisis of hyperinflation in 2008, the country has struggled to bring rates down. In the past year, annual inflation has rarely dipped below 90%. And the Zimbabwe dollar has fallen sharply against major currencies.
France Launches Euro Stablecoin On Ethereum Blockchain
Societe Generale-Forge (SG-Forge), a regulated subsidiary of the French banking firm Societe Generale, has launched EUR CoinVertible, the euro-pegged stablecoin for qualified institutional clients.
SG-Forge said that the new stablecoin is based on the Ethereum blockchain and will be traded under the ticker symbol EURCV. The new digital asset will be only available to investors onboarded by Societe Generale through its existing Know Your Customer and Anti-Money Laundering procedures.
Other benefits of stablecoin include the activation of new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions, the firm said.
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