STORY: From stablecoins to sanction loopholes… This is Crypto Weekly
:: Euro stablecoin consortium
A consortium of nine European banks, including ING and UniCredit are to form a company to launch a euro-denominated stablecoin.
It’s the latest move that signals mainstream finance’s shift to embrace digital markets.
The group said in a statement that the stablecoin is expected to launch in the second half of next year.
:: Russian loopholes
The European Commission approved a 19th package of sanctions against Russia.
And for the first time, crypto platforms are being targeted.
European Commission President Ursula von der Leyen.
“We’re putting a transaction ban on additional banks in Russia and on banks in third countries. We’re stepping up our crackdown on circumvention as evasion tactics grow more and more sophisticated. Our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms and prohibit transactions in cryptocurrencies. We are listing foreign banks connected to Russian alternative payment service systems, and we are restricting transactions with entities in special economic zones.”
:: Tether aims high
Crypto giant Tether is in talks to raise as much as $20 billion in a private placement that could value it at about $500 billion.
That was according to Bloomberg News.
The report, citing people familiar with the matter, said that the El Salvador-based firm is seeking $15 to $20 billion for roughly a 3% stake.
:: Crypto cooperation
The governments of Britain and the United States will set up a body to reduce red tape for firms seeking to access capital markets on both sides of the Atlantic.
And improve cooperation on crypto assets.
That was according to Britain’s finance ministry on Monday.
The Transatlantic Taskforce for Markets of the Future will report back within 180 days.
On ways to enhance collaboration in the short term and on longer-term options, including in wholesale digital markets.
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