Ireland Needs Crypto Regs, BNY Mellon Says

Corporate investment banking company BNY Mellon has encouraged Ireland’s finance ministry to adopt cryptocurrency rules while the European Union regulations are still underway, according to a Sunday (Oct. 24) report from Irish Independent.
BNY Mellon representatives purportedly met with the Irish Minister of State at the Department of Finance Seán Fleming this spring to make a push for national cryptocurrency rules as the EU contemplates regulations, according to the report.
The proposed rules that would govern cryptos throughout the EU are expected in 2023, according to the report. However, the report adds that some European countries have considered creating their own rules in the meantime.
In a recent interview with PYMNTS’ Karen Webster, BCB Group CEO Oliver von Landsberg-Sadie outlined three main hindrances for the widespread adoption of crypto as a currency, as well as an asset for trading.
First, he said the average consumer does not understand the basics of cryptocurrency. Next, he said there are limited places to use crypto. Lastly, regulatory intervention has ebbed and flowed, depending upon the country.
Read more: New Banking Infrastructure Needed To Bank Today’s Crypto ‘Unbankables’
In February, Sweden’s financial supervisory authority, Finansinspektionen, cautioned consumers of the risks of investing in crypto-assets after undertaking a market review, according to PYMNTS.
The authority said that crypto-assets were “unsuitable for most, if not all, retail consumers,” according to the report, adding that consumers who invest in crypto are at an elevated risk of losing money. Additionally, the authority said that crypto-assets lack consumer protection guidelines that apply to other investments.
Read more: Bitcoin Daily: Bitcoin Mine Operator Planning IPO; Swedish Financial Authority Warns Consumers Of Crypto Risks
Meanwhile, BNY Mellon, through its recent involvement with the Ireland-based universal digital trade and payment solutions provider Marco Polo Network, is working to introduce blockchain technology into international trade finance, according to PYMNTS.
Through the joint effort, BNY Mellon is working to digitize how working capital is provided to suppliers and buyers worldwide, with the partnership allowing BNY Mellon to more easily speed up the trade finance workflow.
See also: BNY Mellon Introduces Blockchain Tech to International Trade Finance  

About: Forty-seven percent of U.S. consumers are shying away from digital-only banks due to data security worries, despite significant interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can shore up privacy and security while offering convenient services to satisfy this unmet demand.

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