New French Legislation Targets Anonymous Crypto Accounts 0 34

New French Legislation Targets Anonymous Crypto Accounts

One of the most notable talking points in the crypto space in 2020 has been privacy, as a number of countries are looking for ways to enhance their tracking ability in regard to digital currencies, which can be helpful in demystifying the space. A similar hardline approach has been taken by France, as the country is trying to eliminate the anonymity that’s associated with crypto transactions. Earlier this week, a number of French ministries had collaborated for issuing an order that would ban all anonymous crypto accounts within the country. A number of top policy bigwigs were in support of the order, including the overseas minister Sebastien Lecornu, junior economy minister Olivier Dussopt and finance minister, Bruno Le Maire. 

The ministers explained in the document that cryptocurrencies can offer a number of benefits for the country’s economy. However, even though the importance of these assets was understood by the government, it was also quite familiar with the increasing risks, especially the use of cryptocurrencies in illicit activities. The Action Plan for Business Growth and Transformation (PACTE) law has an Article 203, which dictates that the government should step in for regulating this market. Therefore, the French government is making preparations to introduce new legislation for applying digital identification to crypto-based transactions and virtual asset service providers. 

According to the document, the request was made by actors in the ecosystem and it will be helpful in facilitating user identification and dealing with anonymous transactions conducted in digital assets. The ministers also said that a number of global authorities, which include the Financial Action Task Force (FATF) and the G7, have advocated for putting a stop to illegal activities based on cryptocurrencies. Hence, while the regulatory measures taken by the government will address areas, such as anonymity, they hope that digital assets will remain attractive. 

The press release drove the point home by drawing attention towards a recent crackdown, which had helped in unearthing a terrorist financing ring that had bankrolled its operations with the help of Bitcoin coupon codes. According to a report by France24, a network of affiliates had been busted by the police for sending money to a jihadist group in Syria. The report disclosed that there were 29 individuals who were supporting the work of a terror organization known as Hayat Tahir Al-Sham since 2019, which had strong links with Al Queda. LeMaire tweeted that the new regulations would be a step in the right direction, as they will help in improving surveillance and eliminating terrorist activities from the country.

This move adds France to the list of countries that are trying to eliminate the anonymity of crypto industries. Last month, a ban had been announced by the Financial Services Commission (FSC) in South Korea, on the use of privacy coins like Monero and Zcash, which will be applicable from next year in March. The agency explained in the announcement that tracking these coins had been difficult and the best way to reduce criminal activities within the country was to place a ban.

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Yuan ATMs Rolled Out by the Chinese Central Bank 0 17

When it comes to adopting cryptocurrency and blockchain technology, there is no other country that has done it better than China. In the past year, China has made an enormous amount of improvements and introduced several innovations in the crypto-blockchain sector.

When it comes to the health and medical sector, China has adopted blockchain technology in a very unique manner. It has introduced blockchain systems that have the capability of storing and tracking the medical records of all its citizens.

In addition to this, China has even started working on its first blockchain-based hospital. Once launched, it will be the first hospital in the world that will run on the blockchain infrastructure instead of internet infrastructure.

Then towards the mid of 2020, China announced that it was considering launching its central bank digital currency. From that point onward, the country has gained more advancement than any other country, which is also trying to launch its own CBDC. Some of the countries that are also competing to launch their own CBDC are Russia, Georgia, Switzerland, and Italy.

Although, the majority of these countries started working on their CBDC before China, yet China is now ahead of them all. Towards the 4th quarter of the year 2020, China conducted a pilot for its digital yuan in several provinces.

After carrying out successful pilots in the provinces, China moved onto carrying out its pilot for cross-border transactions. In order to carry out cross-border transactions, China collaborated with Hong Kong and gathered successful results.

Now that the Chinese central bank has gathered enough positive feedback and results, it is ready to take things to the next level.

Just recently, the government of Shenzhen city launched a “Red Envelop” program for providing more exposure to digital yuan. According to the program, a total of 100,000 Shenzhen citizens were to receive “Red Envelops” that would be loaded with handsome digital yuan.

After the completion of the program, the Chinese Agricultural Bank owned by the state has announced the launch of the first digital yuan ATMs. It has been reported that the citizens of Shenzhen have already started using the digital yuan following the launch in the city.

Now, the Shenzhen citizens will be able to deposit and withdraw digital yuan through the newly rolled out ATMs. The users will be able to make deposits and withdrawals with the help of a smartphone application. The application would allow users to convert savings and cash into digital currencies through the central bank.

It has been confirmed that the Agricultural Bank of China is one of the four central banking giants in China that are contributing and making all the efforts to introduce digital yuan in the country.

Ideaology IEO Is All Set to Launch on Exchange 0 11 Exchange

Ideology is a blockchain-based company that will soon hit the crypto-blockchain platform. The company has announced that it will be initiating the IEO public sale for its native coins ‘IDEA’. It has been confirmed by the exchange that the selling window will be opened for targeted users. It has confirmed that the public sale will be initiated from January 26, 2021.

It was back in December of 2020 when the firm had first initiated its presale or the IDEA coins. At that time Ideaology confirmed that it received a lot of positive feedback from the cryptocurrency community. The network has already nominated the exchange it will be going with for its initial exchange offering (IEO).

For its initial exchange offering (IEO), the firm has decided it will be the exchange that it will be going with. The team at Ideaology has revealed that with exchange onboard, the network will be able to reach all its users in a timely manner for the freelance project. The freelance project that Ideaology is going to launch will also be powered by cryptocurrency technology.

In addition to the above, will also help Ideaology in working and launching ‘Active IDEA’, which is Ideaology’s business launchpad platform.

Just recently, the officials of the Ideaology shared their thoughts on the development and launch of the new platform. The firm stated that they have been making constant developments and doing testing for a long time on the platform. The platform is now in the final stages of development so the team at Ideaology does not want to waste any time.

They want to make the best out of this time and list their IDEA token on one of the most popular cryptocurrency exchange. The firm announced that they have chosen the exchange based on the traffic volume and popularity.

The firm announced that the teams at Ideaology are looking for an exchange that is innovative and modern. An exchange that fully understands the public demand and the best ways to fulfill them. This is the reason why they have chosen over the rest for its reputation and position in the crypto-verse.

Most importantly, can provide more exposure to the IDEA coins through their platform, which in Ideaology’s case would be on a lower scale.

The CEO of Ideaology, Khaled Alkalbani talked about the role and purpose of IDEA. He stated that IDEA’s connection with the Active IDEA platform is deep. He gave reasons why they have kept IDEA closely connected with the blockchain-based network.

It will be available to the users as a mode of payment that they will be able to use to make transactions. If the users make purchases or use services using the IDEA tokens, they will be getting up to 50% discounts. Most importantly, the users will also be able to invest their IDEA tokens on any projects that will be launched through the Active IDEA platform.

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