Apple and Google to the latest London startup. In particular fintech, blockchain, artificial intelligence, driverless cars, virtual reality and the sharing economy get me out of bed yves mersch bitcoin the morning. I’m always trying to illustrate stories with pictures of dogs. I was named technology journalist of the year at the UK Tech Awards 2016.
A top official at the European Central Bank has warned that the rise of bitcoin and other cryptocurrencies is like a gold rush – “but there is no gold”. Yves Mersch, a member of the ECB executve board said the group’s views were “fully in line” with the views of the Bank of International Settlements, the head of which called bitcoin a bubble and a Ponzi scheme earlier this week. Mersch said the group of central bankers have “similar worries”. The question is not so much that these virtual currencies are already at a level that would cause huge disruption in the real economy, but we are currently more concerned about the social and psychological effect they seem to have,” he said in an interview with Bloomberg on Thursday morning. In this respect money has to do with confidence and that’s why we, central bankers, feel that we have a certain role to play to preserve confidence of the public in our legal tender. There is so much money flowing in that it’s like a gold rush – but there is no gold.
The value of bitcoin has dived in 2018 after an astonishing rise at the end of last year. Mersch welcomed the “clear positions” banks have taken on their own initiative of not venturing into the gold rush. On the ECB taking any action on the matter of cryptocurrencies, he said: There is an area of investor protection, then there is oversight of the financial market infrastructure. If you increasingly have bridges between the virtual world and the real world and then there is a collapse in this virtual world, it could drain liquidity from the real world. This then becomes a concern for the central bank. He added: “What is relevant to us is that we protect the functioning of our open market economy. At the same time, if someone wants to play Casino, let him do it, but then we shouldn’t mutualise losses with the rest of the society.
The European Central Bank has woken up to the risks digital currencies can pose to policy makers’ bread-and-butter business: the economy. Yves Mersch said in an interview in Frankfurt. This then becomes a concern for the central bank. Until recently, policy makers dismissed cryptocurrencies as a speculative experiment. Officials are investigating whether and how they can control a new asset class that’s captured the imagination of retail investors and attracted interest from financial institutions.
For me, one obligation would already be to force the unregulated platforms to report transactions in a harmonised way to repositories so that we would have access to information — also in order to create a better response. G-20 Interest Germany and France are leading a push among the world’s biggest economies to regulate cryptocurrencies, and Mersch’s ECB colleague Benoit Coeure said last month that he’d expect the topic to feature prominently during a Group of 20 meeting in Argentina in March. The question is not so much that these virtual currencies are already at a level that would cause huge disruption in the real economy, but we are currently more concerned about the social and psychological effect they seem to have. Studying Blockchain Banks and regulators are researching whether the blockchain technology that supports Bitcoin could make capital markets more efficient and streamline cross-border payments. The European Union has agreed to bring virtual currencies under the jurisdiction of anti-money-laundering legislation, which will require marketplaces to verify the identity of their customers. Spotify traded publically for the first time on the New York Stock Exchange on Tuesday.
The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July. Phillip Rasmussen, finance chief of technology company IQE, was killed in an accident while on holiday over the weekend. The company confirmed the 47 year old man had died while cycling in Menorca. A 25-year-old American man was arrested on suspicion of drink driving, after failing a roadside breath test. 4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates.
Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year. The ECB has its own ways to prevent digital currencies from piggybacking on its financial infrastructure. The collateral framework already bans those assets from being used in financial transactions, while central counterparty clearing can be adjusted, Mersch said. Earlier this week, ECB President Mario Draghi told the European Parliament that the central bank’s supervision arm is studying the risks digital currencies may pose to banks’ balance sheets. While he noted that financial institutions have so far shown limited appetite for the assets, he singled out the introduction of Bitcoin futures contracts on U. 8 22 22 22c11 0 21-8 21-22 0-1.