Crypto to Fail Fundamental Test, BoE Says

Bank of England senior adviser belives digital assets have no value and they are slower
22 January 2019   226

Bitcoin and other cryptocurrencies do not pass basic tests of financial services, but still pose a threat to the stability of the traditional economy. This was stated by Bank of England senior adviser Hugh van Steenis in an interview with Bloomberg.

According to him, digital assets have no value, they are slower in circulation and cannot be considered an ideal unit of exchange.

He pointed out that the biggest problem for the Bank of England is the regulation of cryptocurrency turnover, in particular, the regulation of the activities of new members of the banking system.

What I love when meeting with Fintechs is their obsession with customers. The challenge is will they get customers before the traditional banks can innovate.

Hugh van Steenis

Senior adviser, Bank of England

At the same time, Hugh stressed that the transition to digital technologies, as well as the implementation of fintech solutions, are on the list of priorities of the Bank of England.

According to him, traditional companies and banks somehow adapt to the threat from fintech. However, this can be said with certainty when the technological costs for these goals exceed 25% of the total budget of financial institutions.

Recall that in December 2018, the Financial Action Task Force on Money Laundering (FATF) called on the UK government to strengthen oversight of the cryptocurrency industry.

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   81

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).