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The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

Written by:
C Costigan
Published on:
Jul/28/2021

Bitcoin finally crossed the $40K threshold after weeks of hovering near the $30K mark.  The price of Bitcoin dropped back down to $36K following word that Amazon.com was not looking to incorporate the cryptocurrency, at least not yet.  But Wednesday morning, the price was back up around $39K.

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The bitcoin price is now up 30% since this time last week, adding $300 billion to the combined crypto market capitalization of $1.5 trillion.

In restrictive markets, Bitcoin accounts for more than 80% of all funds transfers at online casinos and sportsbooks.

EU’s ban on anonymous digital currency transfers—a deep dive

Last week, CoinGeek reported that the European Union (EU) was planning to ban anonymous transfers of “crypto-assets.”

In doing so, the European Union is looking to accomplish three things:

  • Strengthen its existing Anti-Money Laundering and Countering Finance of Terrorism regulations.
  • Add some new regulations, including a revised list of entities they will apply to.
  • Increase detection of money laundering and terrorism financing and a greater ability to stop it.

The rules the EU is looking to employ will require digital currency service providers to apply for licenses and submit senior managers to “fit and proper tests.” The opening and use of anonymous digital currency asset accounts will be banned. This means that all digital currency exchange accounts and wallets will be KYC checked.

In other words, anonymous digital currency won't be so anonymous any more.

 

 

Business/Financial News

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