Eurosystem Publishes New Oversight Framework

Key Takeaways

  • Today, the European Central Bank published its new framework for electronic payments, which includes “crypto-asset related services” and “digital payment tokens.”
  • The new oversight will apply to relevant companies in the Eurosystem within the next year.
  • This is amidst “forthcoming EU regulations on crypto-assets (including stablecoins).”

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The European Central Bank (ECB)’s Governing Council has today announced a new oversight framework for electronic payments.

ECB Regulatory Framework Published

The ECB’s oversight framework for electric payment instruments, schemes, and arrangements (PISA) replaces the current Eurosystem oversight approach for payment instruments to oversee companies “enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including electronic wallets,” as well as “crypto-asset related services,” such as merchants accepting cryptocurrencies as payment or the use of an electronic wallet for sending, receiving, or paying with cryptocurrencies. 

According to the published framework, the Eurosystem has deemed payment instrument innovation, presumably including crypto payments, sufficient for extending the scope of current oversight. As an ECB executive board member Fabio Panetta said, “The retail payments ecosystem is evolving fast owing to innovation and technological change. This calls for a forward-looking approach in overseeing digital payment solutions.” Panetta said this includes “digital payment tokens such as stablecoins.”

Panetta went on to emphasize the importance of international coordination “to cope with the challenges posed by global digital payment solutions and stablecoins.” The ECB’s press release included that cooperation with “other authorities” was one of its aims, and companies already subjected to Eurosystem oversight will be expected to comply with this new oversight framework by 15 November 2022. The ECB left the door open for a “continuous dialogue,” though, for “all overseen companies.” 

The PISA framework will not apply to “services where the transfer of value has only an investment focus (e.g. investment in digital tokens).”

Given the Eurosystem’s “decentralized structure,” the ECB tasks national central banks (NCB) with “primary oversight responsibility.” In other words, each nation in the Eurosystem will be tasked with enforcing the ECB’s PISA framework. 

The press release mentions forthcoming EU regulation on “crypto-assets (including stablecoins) and international standards for global stablecoins,” and one of the ECB’s purported goals is to ensure payment systems contribute “to confidence in the currency.” Time will tell how crypto-assets might be regarded in terms of their effect on confidence in currencies, and the decentralized nature of the Eurosystem makes this even more uncertain. In any case, it is apparent that the digital assets space has become sufficiently relevant to prompt the major expansion in oversight seen today. 

Disclosure: At the time of writing, the author of this piece owned BTC and several other cryptocurrencies.

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UK Finance Watchdog Recruiting Crypto Experts To Circumvent Money Laundering and Terrorism: Report

A financial regulator in the United Kingdom is looking for crypto experts to assist in identifying illegal activities.

The Financial Conduct Authority (FCA) recently published a tender notice seeking consultants to access a blockchain analytics platform to help counter money laundering and terrorism.

“Under these regulations in scope crypto-asset firms are required to establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorist financing.”

The FCA is seeking a third-party firm specializing in blockchain data analysis to work under the financial regulatory body.

“As the supervisor of in scope crypto-asset activity in the UK, the FCA requires access to specialist services to support the analysis of crypto-asset blockchain data. 

The FCA is seeking the services of a third-party firm specializing in this area that can provide access to a platform that can support the robust and efficient analysis of crypto-asset blockchain data and provide training and ongoing support in the use of this platform.”

Specifically, the FCA is looking for a firm that can supervise, analyze, identify, and mitigate potential risks.

“The FCA seeks a blockchain analysis solution which enhances our capability to:

  • Perform analysis of crypto-asset blockchain data associated with in-scope crypto-asset activity.
  • Identify and respond to risks identified through the analysis of crypto-asset blockchain data.
  • Use crypto-asset blockchain data to support the effective supervision of in scope crypto-asset activity, to support the development of intelligence and enforcement investigations as required.”

The tender notice, posted to the Financial Conduct Authority’s website on November 15, is still an open opportunity for potential contractors.

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This Red-Hot Altcoin Could Become the Biggest Crypto Exchange Token, According to Coin Bureau

The host of YouTube channel Coin Bureau is predicting that the native coin of a digital asset marketplace could become the biggest crypto exchange token.

In a new video, the analyst known as Guy tells his 1.65 million subscribers that’s brand recognition is already giving its coin, CRO, an edge over other exchange tokens as the firm aggressively promotes its platform. Earlier this month, the Singapore-based company struck a $700 million deal to rename the Staples Center, the home of the Los Angeles Lakers and Los Angeles Clippers, to Arena.

Guy also talks about the fundamentals of CRO, which he says can drive the value of the coin to $1, marking a potential increase of over 44% from its current price of $0.69.

“CRO also has a lot of demand drivers due to its utility in the ecosystem. Now that CRO belongs to a blockchain with smart contract functionality, this additional dimension of demand might be enough to take CRO to a dollar before the current crypto bull market is over.”

The Coin Bureau host also mentions CRO’s numerous use cases within the ecosystem. 

“ offers a suite of crypto-related products and services, including trading, lending, borrowing, staking, DeFi (decentralized finance), wallets and payments, while its most famous product is probably its metal crypto Visa debit cards.

Almost all of’s components involve CRO. To give a few examples, CRO is required to purchase those aforementioned Visa debit cards. It can be staked for additional yield, and it also offers trading discounts on the exchange.” announced earlier this year that it will destroy 70 billion CRO tokens. According to Guy, about 60 billion CRO coins were already burned.

“The remaining $10 billion CRO tokens are ‘locked in a smart contract and they will be burned monthly as they are unlocked.’”

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Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

Cardano (ADA) has been experiencing struggling prices since it hit its all-time high above $3 back at the start of September. Since then, it has been on a downward trend and had fallen below $2 for the first time as October drew to a close. Despite some important announcements and strides on the part of the project, the token has not seen much recovery, leading to panic among its holders.

In light of this, founder Charles Hoskinson once again took to YouTube to address those whom he thinks are too overly concerned about price rather than the technology. This will not be the first time that the mathematician has had to address price concerns from the community.

Related Reading | Cardano Founder Says Metaverse Is Important For Crypto

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A week ago, Hoskison had also taken to his YouTube channel to address price speculations, mentioning that money was not the purpose of Cardano. Rather the benefit of the blockchain to humanity was the goal.

Hoskinson Calls For Calm

In his YouTube video, the Cardano founder asked the community to calm down when it comes to the price of the digital asset. There have no doubt been sell-offs happening in relation to the cryptocurrency but this is normal for any asset really. Investors will get to a point where they sell off some of their holdings to take gains. The founder asked people who were in a panic over this sell-off to “chill out”.

Cardano price chart from

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The founder pointed to the notion of price discovery given the performance of coins like Dogecoin and Shiba Int which have no utility whatsoever, yet have seen tremendous growth. He calls for people to forego the notion of price discovery and instead focus on the impact of the project.

Mostly, Hoskinson pointed to newcomers who have mainly been the ones panicking when it comes to price. He explains that people like these are obsessed with price and “there seems to be an utter lack of perspective.”

Cardano Looking To The Future

For the older investors in the project, most had gotten into Cardano for the impact that they knew the blockchain could have and Hoskison has echoed that sentiment. Instead of looking at price, the founder prompted the community to look towards the future, towards what Cardano could mean for the world someday.

Related Reading | Cardano Leads Altcoins As Market Marks 13th Consecutive Week Of Inflows

For Hoskinson, Cardano goes beyond making money through investing in the token. He sees the project being an important part of the backend of nation-states and payment solutions going forward.

“If you look at a five-year, a 10-year, a 15-year, a 20-year package, we really feel that there’s a strong possibility Cardano could be the backend of many nation-states,” said Hoskinson.

Also, the founder explained that there is no way to accurately predict what Cardano would be worth once it reaches its full potential. However, Hoskinson sees Cardano as being “the biggest preserver of human rights the world has seen.”

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Monty Python’s Terry Gilliam Is Auctioning His Surrealist Art as an Ethereum NFT

Terry Gilliam, director of films like “Brazil,” “12 Monkeys,” “The Imaginarium of Doctor Parnassus” and “Monty Python and the Holy Grail,” is releasing his first-ever NFT, “Blessed Before Blast,” based on a surrealist print he’s had in his home for half a century. 

The piece, drawn by Gilliam, is a nod to the American-born British director’s early career, when he was an illustrator and animator. Decrypt Studios is a partner on the project. (Disclosure: Decrypt Studios, an NFT and Web 3 production company, is a separate division from Decrypt’s editorial team and has no influence on our coverage.)

“Blessed Before Blast” is based on an original “Monty Python” animation. Gilliam’s days on “Monty Python’s Flying Circus,” the 1970s television series, helped establish him as an artist interested in surrealism.

“Blessed Before Blast” by Terry Gilliam.
“Blessed Before Blast” by Terry Gilliam. Image: Terry Gilliam.

An NFT is a type of blockchain-based token that is used to prove ownership over a digital item, such as a work of art. Gilliam’s NFT depicts an angel in space standing on top of a bomb, which is intended to represent Earth. In the animated NFT, the angel tries to fly away and escape the bomb about to explode, but fails.

Thematically, the NFT is “a visual representation of the nervousness the artist feels as we march toward a very different and less pleasant planet,” according to the description on the Decrypt Studios page. The physical print of the NFT was photographed and animated to create the piece, which is now up for auction.

“I have an incredible collection of artwork that I’ve made over the years and much of it has never been seen outside of my home. I thought NFTs would be a good way to share this body of work with the rest of the world,” Gilliam told Decrypt.

Gilliam happily professes that he has “no fucking idea!” about the NFT space and whether it’s the future of art, but is excited to be venturing into the decentralized art world.

Blessed Before Blast” is being auctioned to the highest bidder on Ethereum NFT marketplace OpenSea. The auction went live on Monday afternoon and will accept bids until November 29.

Gilliam is hardly the first director to release an NFT based on his creative work. Quentin Tarantino announced earlier this month that he would be auctioning uncut scenes from “Pulp Fiction” as NFTs, though Miramax has sued him over the NFTs. And “Kung Fury” director David Sanberg released NFT characters inspired by the film last month on the Ethereum blockchain.


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Citi to Expand Digital Assets Division with 100 New Hires

Key Takeaways

  • Banking giant Citi has announced that it will hire 100 new employees in order to expand its digital asset division.
  • It will also appoint Puneet Singhvi, who headed another of the company’s blockchain efforts, as head of the division.
  • Citi initially formed its digital asset division this June; the number of employees involved at that time is unknown.

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Banking giant Citi has announced that it is hiring 100 employees for its digital assets division, according to various reports.

Citi Will Expand Its Crypto Efforts

Citi first launched its digital assets division this June. Now, it will expand the division with 100 new employees.

In addition to those hires, Citi has appointed Puneet Singhvi to lead the digital assets division, a change in staffing that will take effect on Dec. 1. Singhvi formerly served as the head of blockchain and digital assets within Citi’s global markets division.

Shobhit Maini and Vasant Viswanathan will take on Singhvi’s former role, acting as heads of blockchain for the global markets division.

The digital assets division will be part of Citi’s Institutional Clients Group, which is headed by Emily Turner. The new digital asset team will reportedly develop a strategy to help businesses within the Institutional Clients Group utilize blockchain.

“[The Institutional Client Group’s] digital asset efforts are a continuation of our work with blockchain,” Turner wrote in a memo. “As such, Puneet’s team will lead ICG-wide digital asset governance and work in close partnership with our second and third lines.”

Many Banks Are Working on Crypto

Citibank has taken a close interest in cryptocurrency for almost half a year now. Various sources initially reported that Citi was considering working with digital assets this spring, as the bank published a report considering cryptocurrency’s role in global trade. In late October, the company examined Coinbase’s stock in another report.

Citi is just one of many major banks that have begun to work with or examine cryptocurrency in recent years, alongside big names like JPMorgan, Bank of America, and BNY Mellon.

Earlier this month, former Citi CEO Vikram Pandit suggested that every major bank will consider crypto within 1 to 3 years.

Citi is the 13th largest bank by total assets, according to the April 2020 S&P Global Market Intelligence report.

Disclosure: At the time of writing, the author of this piece owned less than $100 of BTC, ETH, and altcoins.

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Impermanent Loss, Crypto’s Silent Killer, Threatens the Core Tenets of DeFi: Bancor

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One of the original creators of DeFi is aiming to fix one of the industry’s most pressing problems.

When Bancor launched the first-ever DeFi liquidity pool in 2017, the project’s founders saw a tragic flaw in their invention: That when a token rises in price, investors are prone to lose money, fast. The issue, known as “impermanent loss”, costs users billions in crypto gains each year. Today, more than $20 billion staked in liquidity pools is affected.

Bancor released a solution in late 2020 that fully protects users from impermanent loss by insuring against the risk at the protocol level.

Now, one year later and with over $200 million earned by Bancor depositors in the last 10 months, the project is gearing up for the release of its third protocol version. Like its predecessor, Bancor V3 will fully protect users from a risk that threatens to undermine the core tenets of DeFi.

Impermanent loss (IL) is the risk that liquidity providers take in exchange for fees they earn in liquidity pools. If IL exceeds fees earned by a user when they withdraw, it means the user has suffered negative returns compared with simply holding their tokens outside the pool.

Nate Hindman, Head of Growth at Bancor, said:

“Due to the complex nature of impermanent loss, only a small handful of the most active and sophisticated users are able to reliably hedge against the risk and minimize its impact on their DeFi earnings. If staking in liquidity pools is only profitable for the most advanced users, liquidity is likely to become concentrated in the hands of far fewer actors, reducing DeFi’s resistance to censorship and manipulation.”

A recent study on impermanent loss conducted by crypto consultancy Topaze Blue found that around 50% of users staking their tokens in Uniswap V3 are suffering negative returns. In certain pools, the percentage of users who lost more from IL than they gained in trading fees was as high as 70-75%.

Impermanent loss is known as a silent killer in the industry, since it is difficult for users to notice it. The value of a user’s holdings in a liquidity pool may rise if the composite tokens increase in price, creating the illusion of profits. However, compared with simply buying and holding the staked assets in the contributed amounts, the user may still be incurring losses.

To shed more light on the issue, Bancor and DeFi analytics provider APY Vision recently teamed up to launch The site allows users to input their Ethereum wallet address and see how much cumulative IL they’ve suffered in their lifetime, and which pools have burned them the most. Users who share their IL on Twitter with the hashtag #BancorBailouts qualify to receive $1000 in relief. One recent post revealed a $400,585 loss from providing liquidity to 27 pools.

The push to expose users to the perils of impermanent loss and the risk it poses to decentralized liquidity markets comes as Bancor is preparing to release its upcoming V3. Core contributors will unveil the key features on a community YouTube livestream on November 29th at 8:30pm EST.

Hindman, added:

“Bancor V3 is designed to make decentralized finance as simple and safe as possible for everyday users. The soul of DeFi is on the line. We must prevent DeFi from becoming a playground for the rich and connected to extract value from protocols and dump on everyone else — and this starts with fixing liquidity pools.”

Bancor is the only decentralized staking product that allows you to earn money with single-token exposure and full protection from impermanent loss. Bancor generates millions in fees per month for users who deposit their tokens in the protocol, offering up to 40% APR on tokens like ETH, WBTC, LINK, USDT, MATIC & more. Bancor is owned by its community as a decentralized autonomous organization (the BancorDAO).

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Sotheby’s Metaverse announces latest and largest NFT charity auction

Sotheby’s, the world’s oldest art and luxury auction house, announced its collaboration with the public health care advocate and nonprofit organization Sostento to auction off its latest NFT collection via the Sotheby’s Metaverse. The auction titled Gifted: The 140 Collection is considered to be Sotheby’s “biggest NFT charity auction ever,” with all of its proceeds going towards Sostento. 

The NFTs were originally gifted by Twitter as part of a giveaway of 140 NFTs to 140 random followers in June of this year. Its recipients became known as “The Besties.” Now, 7 of these Besties have elected to sell the full set of 7 NFTs and support Sostento frontline health care workers in their efforts against the Covid-19 pandemic and the opioid overdose crisis.

The NFT giveaway followed Twitter CEO Jack Dorsey’s $2.9 million sale of the first tweet ever on the platform as an NFT in March 2021. Proceeds from that particular sale aided the Covid-19 response in Africa.

In an announcement shared with Cointelegraph, Cassandra Hatton, Sotheby’s Global Head of Science and Popular Culture said:

“It is inspiring to work not only alongside an organization like Sostento, but also with the group of Besties who recognize the significance of their NFTs and are harnessing that power for a good cause.”

Among Sostento’s partners is the Giving Block, which provides a platform for mission-driven charities, organizations, universities and faith-based groups of all sizes to utilize cryptocurrency and accept crypto funding.

Proceeds raised from this sale will be processed by the Giving Block, before being “invested directly into fulfilling our mission to help frontline healthcare workers save lives,” according to Joe Agoada, Sostento CEO.

Related: Paris Hilton and Pranksy collections featured by Sotheby’s new NFT platform

Sotheby’s is the first auction house to launch a dedicated marketplace for NFTs, Sotheby’s Metaverse. Launched last month, the dedicated platform will exclusively host all of Sotheby’s NFT sales.