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The crypto markets have been in a steady downward trend since the end of last year. Many investors are concerned about the recent developments in the industry, fearing a capitulation of the markets. The collapse of the Terra ecosystem and insolvency issues of some major cryptocurrency firms led to a liquidity crisis in the sector. However, many cryptocurrency investors remain steadfast and continue to believe in the future of crypto assets. Yves Longchamp takes a closer look at the two largest cryptocurrencies, alternative blockchain networks, and the emerging DeFi sector.
The recent downturn in the crypto markets has been accelerated by macroeconomic conditions as well as the insolvency of numerous firms.
The blockchain technology is undeniably gaining relevance in various industries. In particular, the finance sector is facing a transformation. International organizations such as the G20 are working towards unified regulations for the sector. While cryptocurrency remarks are more cautious, the area around stablecoins and CBDCs seems to be in the foreground.
At the last meeting of the G20 in Indonesia, the regulation of stablecoins and cross-border cooperation was discussed, among other topics.
A reliable legal framework is an essential ingredient for any industry to establish itself around a new technology. Fueled by pro-innovation policies, today’s Internet and tech giants almost invariably originated in the United States. Blockchain technology represents a similar technological revolution on the verge of mass adoption. In the US, President Biden issued an Executive Order this year directing relevant regulators to come to a common understanding of the technology. The EU has just adopted the groundbreaking European Regulation on Cryptocurrencies (MiCA). In an interview with crypto venture advisor Patrick Hansen, CVJ.CH wants to know in what form and timeframe uniform European regulations will come into force and what international developments can be expected in this area.
Crypto venture advisor Patrick Hansen discusses crypto regulation and adoption in the European Union (EU) with CVJ.CH.
The European Central Bank takes a cautious stance on cryptocurrencies in its latest report, criticizing their energy consumption from the power-hungry “proof of work” consensus algorithms. Interestingly, the agency only briefly mentions the impacts that digital currencies will have on its core competency of money market stability.
In the European Central Bank’s latest report, they believe that digital assets have too high a carbon footprint.
In addition: Swiss Post wants to build on the success of the first collection of “Swiss crypto stamps”. A new stamp collection with accompanying NFTs is to be available in all Swiss Post stores from August 8. The stamps were created in collaboration with the Locarno Film Festival.
On August 8, the second version of the Swiss Crypto Stamp will be available in collaboration with the Locarno Film Festival.
