Circle launches its euro-backed stablecoin on Avalanche; 7 central banks and BIS review CBDC policy; Gemini chooses Ireland as European Headquarters!
USDC issuer Circle has launched the euro-backed Euro Coin on Avalanche.
Thus, Euro Coin began to be used on another blockchain after the Ethereum network.
According to Circle, integrating Euro Coin will make it easier for Avalanche apps that currently support the USDC stablecoin.
The launch of Euro Coin on Avalanche following the Ethereum network clearly demonstrates the growing demand for stablecoins on different blockchains.
According to Circle’s statement, some applications operating on the Avalanche network were extremely eager for Euro Coin integration. The token is expected to be actively used in DeFi applications such as Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets and Trader Joe’s on the Avalanche network.
Circle manager Joao Reginatto used the following statements on the subject:
“We have launched the asset on the Ethereum network so that anyone with an internet connection can access Euro Coin. By launching it on the Avalanche network as well, we are spreading new opportunities for payments and remittances, allowing developers to experience more affordable transaction costs almost instantly.”
7 central banks and BIS review CBDC policy
The Bank for International Settlements (BIS) and a group of central banks have published an article detailing their perspectives on a retail central bank digital currency (CBDC).
The central banks of Canada, the European Union, Japan, Sweden, Switzerland, the United Kingdom, and the United States have teamed up with the BIS to produce a text that sets out common principles and key features for CBDC in 2020. A year later, three reports on the CBDC were published.
Seven legal questions identified
The report identified seven legal issues, starting with the question of whether a CBDC would be the legal equivalent of cash or a new type of currency. These include privacy.
The report stated that involving the private sector in the creation of a CBDC ecosystem is both a policy decision and a practical matter. In addition, it was emphasized that public adoption will be decisive for the successful use of CBDC.
Identified policy objectives can only be achieved if the CBDC reaches and exceeds a certain level. This, in turn, can affect the functionality, design, and use case of the CBDC.
Gemini chooses Ireland as European Headquarters!
As the US anti-crypto sanctions continue, another crypto exchange has decided to move its headquarters to Europe. Crypto exchange Gemini has chosen Dublin for its European operations. Gemini’s decision sparked a stir among crypto companies seeking growth elsewhere outside the US.
Brothers Cameron and Tyler Winklevoss, who founded the Gemini stock exchange in 2014, confirmed yesterday that they have chosen Ireland as their headquarters to expand the company’s operations across Europe.
Meeting with Irish Prime Minister Leo Varadkar, the twins said they chose Ireland because of its robust regulatory system, deep talent pool and established tech community.
Crypto companies flock to Europe after MiCA
A survey was conducted in Ireland in August 2022. It turns out that around 10 percent of Irish adults surveyed own cryptocurrencies. However, it was stated that this figure was around 12 percent at the time of the bull market in 2021. Moreover, the head of the Irish central bank called for a ban on crypto ads in January.
However, Ireland’s low percentage of crypto usage and the central bank’s attitude towards digital assets have not stopped crypto companies from operating in the country.
As it is known, numerous blockchain and fintech startups such as Binance and Kraken continue to operate in Ireland.
Irish Prime Minister Leo Varadkar stated that the government believes in innovations as a driving force for growth, and evaluated the decision to move the headquarters of the Gemini stock exchange to Dublin as a major development.
“Ireland is our entry point to the European Union,” Cameron Winklevoss told reporters.