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Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October.
In an interview with the ECB’s official site, Panetta confirmed that the eurozone bank is in regular contact with the European Commission to establish a regulatory framework for the digital euro. The digital euro is set to become the official central bank digital currency (CBDC) for the 27 countries in the European Union.
Central Bank Digital Currencies (CBDCs) are indeed on the rise as countries worldwide explore the potential of digital currencies issued and regulated by central banks. Countries like the Bahamas and Nigeria have already launched their digital currencies, while China and Japan are in advanced pilot stages.
Digital asset infrastructure provider Taurus is stepping up its tokenization efforts in Europe through a full integration with the Polygon blockchain, the company announced on June 2.
The move will allow its clients to automatically issue digital securities. Taurus claims to have over 25 clients across nine countries, including Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote and Vontobel.
Taurus is a European leader in the banking segment, entrusted by the full spectrum of financial institutions: systemic banks, universal banks, online banks, crypto-banks, private banks, and broker-dealers, and has more than a 60% market share in Switzerland. Taurus believes that the digitization of private assets represents the next trillion-dollar opportunity for the digital asset industry to grow to USD 10+ trillion. The transformation is already happening with regulatory frameworks related to tokenized securities clarifying in key financial centers, with Europe leading the way
Most Tier 1 financial institutions are entering the space and building capabilities to manage tokenized securities. They all want a blockchain-agnostic and token-agnostic infrastructure. That’s exactly what Taurus provides.
The tokenization of real-world assets is a no-brainer at the root of the idea. The challenge is and always has been to build sufficiently advanced infrastructure to enable it,” said Colin Butler, Global Head of Institutional Capital at Polygon Labs.
A tokenization process involves converting something tangible or intangible into a digital token. Tokenizing tangible assets such as real estate, stocks or art is possible. It is also possible to tokenize intangible assets such as loyalty points and voting rights, as previously reported by Cointelegraph.
The European Commission launched a new initiative this week to help 100 deep tech startups become unicorns, as the bloc looks to accelerate growth in green and digital technologies.
“We will identify one hundred of Europe’s future tech champions, engage them, and provide them with support on their scaleup journey,” said EU tech chief Margrethe Vestager, who announced the EIC Scale Up 100 initiative at a deep tech conference in Stockholm yesterday.
Startups will be selected in areas that contribute to Europe’s green and digital transition such as climate, energy, digital, and health. “Supporting scaleups is not only our best chance to produce home-grown tech giants: it is a critical choice for digital and energy resilience,” said Vestager.
The European Innovation Council (EIC) will oversee the process. The Council, which Vestager likened to a “factory of European unicorns,” has already produced 12 startups valued at $1bn or more, such as Dutch vertifical farming startup Infarm and Swedish 3D bioprinting startup Cellink. The EIC has also produced 112 ‘centaur’ companies — firms with an annual recurring revenue exceeding $100m.
The United States and Europe are drawing up a voluntary code of conduct for artificial intelligence, a top European Union official said Wednesday, as the developing technology triggers warnings about the risks it poses to humanity and growing calls for regulation.
The voluntary code would bridge the gap while the 27-nation EU works on groundbreaking AI rules that won’t take effect for up to three years, European Commission Vice President Margrethe Vestager said at a meeting of the EU-U.S. Trade and Technology Council, which is jointly led by American and European officials.
Scientists and tech leaders warned that mitigating AI risks should be a global priority because it could lead to human extinction, according to a statement posted online Tuesday and signed by hundreds of experts.
The EU is at the forefront of the global movement to regulate artificial intelligence with its sweeping AI Act. The legislation is set for final negotiations, with political approval expected by year’s end.
The U.S. Secret Service is investigating how a man entered the home of President Biden’s national security adviser in the middle of the night roughly two weeks ago without being detected by agents guarding his house, according to three government officials.
The unknown man walked into Jake Sullivan’s home at about 3 a.m. one night in late April and Sullivan confronted the individual, instructing him to leave, two of the people briefed on the incident said. There were no signs of forced entry at the home, according to one of the people.
Sullivan has a round-the-clock Secret Service detail. But agents stationed outside the house were unaware that an intruder had gotten inside the home, located in the West End neighborhood of Washington, until the man had already left and Sullivan came outside to alert the agents, the two people said.
originally posted by: carewemust
a reply to: Guyfriday
If Sullivan is telling the truth, the interior video cameras should verify what he said.
With a debt ceiling deal signed into law by President Joe Biden on Saturday renewed, the U.S. Treasury is about to unleash a tsunami of new bonds to quickly fill its coffers.
The negative impact could easily outweigh the after effects of the previous impasse on the debt ceiling. The Federal Reserve’s quantitative tightening program has already depleted bank reserves, while money managers are hoarding cash in anticipation of a recession.
Nikolaos Panigirtzoglu, strategist at JPMorgan Chase & Co, estimates that the flood of Treasuries will magnify QT’s impact on stocks and bonds, pulling about 5% below their combined performance this year. Citigroup Inc. Macro strategists offer a similar calculation, showing an average decline of 5.4% in the S&P 500 over two months could follow a liquidity decline of such magnitude, and a 37 basis-point blow to high-yield credit spreads.
The sale, set to begin on Monday, will rumble through every asset class as they claim the already shrinking supply of money: JPMorgan estimates a broad measure of liquidity to exceed $25 trillion by early 2023. $1.1 trillion will fall.
“It’s a huge liquidity drain,” Panigartzoglu says. “We’ve rarely seen anything like that. It’s only in severe crashes like the Lehman crisis where you see anything like that contraction.”
originally posted by: socialmediaclown
Trillion-dollar Treasury vacuum coming for Wall Street rally
With a debt ceiling deal signed into law by President Joe Biden on Saturday renewed, the U.S. Treasury is about to unleash a tsunami of new bonds to quickly fill its coffers.
The negative impact could easily outweigh the after effects of the previous impasse on the debt ceiling. The Federal Reserve’s quantitative tightening program has already depleted bank reserves, while money managers are hoarding cash in anticipation of a recession.
Nikolaos Panigirtzoglu, strategist at JPMorgan Chase & Co, estimates that the flood of Treasuries will magnify QT’s impact on stocks and bonds, pulling about 5% below their combined performance this year. Citigroup Inc. Macro strategists offer a similar calculation, showing an average decline of 5.4% in the S&P 500 over two months could follow a liquidity decline of such magnitude, and a 37 basis-point blow to high-yield credit spreads.
The sale, set to begin on Monday, will rumble through every asset class as they claim the already shrinking supply of money: JPMorgan estimates a broad measure of liquidity to exceed $25 trillion by early 2023. $1.1 trillion will fall.
“It’s a huge liquidity drain,” Panigartzoglu says. “We’ve rarely seen anything like that. It’s only in severe crashes like the Lehman crisis where you see anything like that contraction.”
biz.crast.net...
Democratic congresswoman sold First Republic stock and bought JPMorgan just before bank sale, financial disclosures show
Frankel told CNN that her “account is managed independently by a money manager who buys and sells stocks at his discretion.” Congresswoman Frankel is not facing any investigations.
originally posted by: Thoughtful2
a reply to: carewemust
In the face of 'the plan' a stumble.
FDA Withdraws Janssen Covid -19 Jabs
Now we need to roll up our sleeve and force the removal of Pfizer and Moderna jabs. I guess they went for the lowest hanging fruit first.
originally posted by: nugget1
a reply to: cimmerius
an intense heat wave that has left hundreds dead in the Pacific Northwest
Do you happen to have a link to the article? I couldn't find anything in my search.
I live in the PNW and this is the first I'm hearing of an intensive heat wave, let alone one causing hundreds of deaths. We've had a few days break past records by a degree or two, but nothing I'd consider 'intense' heat.
On the news tonight I saw where schools (eastern US?)were closed because of extreme heat-mid 90's. What did people do before air conditioning?
It's not unusual to get 110-115* temps for a couple of weeks each year where I live, and many of those years were without air conditioning. It just seems strange that so much emphasis is placed on what has always been normal.
originally posted by: cimmerius
originally posted by: nugget1
a reply to: cimmerius
an intense heat wave that has left hundreds dead in the Pacific Northwest
Do you happen to have a link to the article? I couldn't find anything in my search.
I live in the PNW and this is the first I'm hearing of an intensive heat wave, let alone one causing hundreds of deaths. We've had a few days break past records by a degree or two, but nothing I'd consider 'intense' heat.
I just did a Bing search (Canada forest fires) and the text quoted was first entry on the results page.
It appears to me my mistake. I searched Canada forest fires and Canada heat wave deaths. Got plenty of results...
Results from 2021. My apologies for sloppy work.
.