European Union Implements New Rules to Curb Cryptocurrency Fraud

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To stop money laundering and terrorism financing, European Union legislators recently approved a new proposed rule putting a maximum of 1,000 euros ($1,083) on anonymous cryptocurrency payments. When a consumer cannot be identified, the restriction will apply to transfers of cryptographic assets, and cash transactions will also be limited to 7,000 euros ($7,585). The guidelines will eventually be enforced by the European Anti-Money Laundering Authority (AMLA), and the measure calls for increased compliance and transparency from crypto asset managers. A three-tiered plan for the digital euro was put forth by the European Banking Federation (EBF), with the function of the ECB being to engage with the Single Euro Payments Area. The procedure has already been moved from November 2022 to February 2023 by European legislators, so this is not the first time it has been changed.

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The Inter-Blockchain Communication Protocol (IBC) network, which enables users and app chains to move assets between networks within the larger Cosmos ecosystem, has been announced by the Noble Development team as being soon available in the Cosmos environment. The network will fully collateralize USDC, the first native, fiat-backed stablecoin, and its inclusion will spur hundreds of millions of dollars worth of liquidity over the ensuing months. The official Cosmos website provides an explanation, Cosmos is a network of connected blockchains that makes use of the Application Blockchain Interface, Tendermint Byzantine fault-tolerant consensus mechanism, and Cosmos Software Development Kit. A $150 million fund was established in January by Injective Protocol to encourage user adoption of the CMS ecosystem, and a further $40 million was provided in February by the Cosmos Interchain Foundation to build the ecosystem’s foundational apps and infrastructure.

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