Turkey Announces Plans for Central Bank Cryptocurrency

In the light of recent economic challenges with the decline of its sovereign currency, Turkey has proposed the formation of blockchain-based central bank currency. The proposal was put forth in the eleventh development plan 2019-2023 submitted to the Turkish Parliament on JULY 8 2019. The eleventh development plan, published on the government’s official website, contains...

Italian Government With New Plan on Taxing Savings in Held in Bank Safes

The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables stored in bank safes by the country’s citizens. If made into a law, the measure could mark a move towards Bitcoin and other cryptocurrencies as a way to keep the government out of citizens’ safe boxes. This proposal came amidst rising geopolitical tensions...

EBA Pushes for Greater Research and Regulation of Cryptoassets at the EU Level

The European Banking Authority (EBA) indicated in January that they will be taking a closer look at pan-European regulation regarding cryptoassets and suggesting needed changes, which they proposed through their ‘Report With Advice for the European Commission on Cryptoassets (2019)’ document. The report focuses predominately on the applicability of existing EU wide laws and how they...