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ANALYSIS: The Global Game of Coins Heats Up
A new paper from the PBoC says the “top-level” design of its digital currency is complete while AMLD5 in Europe is causing crypto companies to flee.
Updated Sep 13, 2021, 12:07 p.m. Published Jan 10, 2020, 8:00 p.m.
China’s digital currency project continues to move ahead aggressively, with a new paper from the People’s Bank of China suggesting that a core design is complete. Whatever stage of development the currency is actually in, it’s clear that China wants the world to see it as ahead of the curve in the digital currency race.
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In other parts of the world, crypto companies face a never-ending game of regulatory arbitrage. Deribit is moving from the Netherlands to Panama, citing a new burden from AMLD5 compliance. In the U.S., New York wants to give its crypto regulators (even) more teeth while Illinois recognizes the legality of blockchain-based contracts.
Topics Discussed:
- PBoC paper claims “top-level” design of cryptocurrency is complete
- Zuck leaves out Libra in Facebook's 2030 vision
- Deribit leaves the Netherlands for Panama due to AMLD5 compliance concerns
- New York Gov. Andrew Cuomo wants to give NYDFS more teeth
- Illinois recognizes legality of blockchain-based contracts
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