DeFI News by Thebittimes.Com

The BRICS Pay system is receiving interest from the European Union, countries from South America, and Africa. The alliance is strategically expanding its global footprint by allowing many countries to join the payment system. Not just countries, the bloc is partnering with fintech entities, banks, and technological firms to strengthen the payment mechanism. Andrey Mikhaylishin, co-founder of the BRICS Pay project, confirmed that they’re receiving interest from all over. “We observe considerable inbound interest from the European Union, Latin America, and Africa,” he said. Mikhaylishin is eyeing Africa closely as over 1.5 billion people lack access to traditional payment cards. Also Read: How the US Plans to Counter BRICS De-Dollarization Agenda Africa Could Make BRICS Pay Grow Stronger Source: Valery Sharifulin (TASS) The demography represents a significant opportunity for BRICS Pay to grow and gain control of the African continent. It could become a pivotal financial technology e...

Bosch and the Peaq network explain how the future of the Internet of Things and the Economy of Things will come via decentralization and on-chain automation. The engineering and technology company Bosch is at the head of a forthcoming, blockchain-based digital mobility project with backing from the German government, which was demoed live at IAA Mobility 2023 in Munich, Germany.  At the event, Bosch, alongside its collaborators MOBIX and the Peaq blockchain , revealed a peer-to-peer parking and charging scheme utilizing moveIDs on the Peaq ecosystem. MoveIDs act as self-sovereign identities (SSIs), built on the blockchain permitting autonomous transactions between vehicles and connected infrastructure. The demonstration at IAA Mobility highlighted autonomous transactions between connected devices - in this case, a smart car, charging station, and signal for parking.  A Jaguar electric vehicle(EV) showcasing decentralized tech w/ integrated payment abilities. Source: Cointelegraph Co...

Binance Deregisters in Austria Crypto exchange Binance continues to remove its license applications in several European countries after heightened regulatory challenges in Europe and a lawsuit by US Securities and Exchange Commission (SEC). Binance now only has licenses in France, Italy, Spain, Poland, Sweden, and Lithuania. advertisement Binance Austria GmbH has withdrawn its virtual asset service provider license from the Austrian Financial Market Authority (FMA), reported Finance Forward. “We are unable to provide details from our discussions with regulators, but we will continue to act in accordance with our commitments wherever Binance operates,” a company spokesman said. Binance recently withdrew its virtual asset service providers (VASP) registration in the UK, the Netherlands, Belgium, and Cyprus. The crypto exchange working to remain fully compliant with the MiCA regulation, expected next year. It will provide a passport for crypto firms...

On Thursday, the European Central Bank (ECB) announced the central bank’ s third consecutive benchmark bank rate increase this year, raising the rate by 75 basis points (bps). In addition to the rate hike, the ECB changed the central bank’ s targeted longer-term refinancing operations terms and conditions noting that they need to be “recalibrated.” ECB Hikes Rate in Attempt to Curb Red-Hot Inflation Eight days ago, the European Union’s statistics office Eurostat published the latest inflation report for September. Eurostat’s records indicated that Euro area annual inflation jumped to 9.9% in September, the highest in 40 years. A week later, the European Central Bank (ECB) and the central bank’ s president Christine Lagarde hiked up the benchmark bank rate for the third time in a row. We’ve just taken our latest monetary policy decisions, determining what’s needed to achieve stable prices in the euro area. Tune in to #TheECBPodcast to hear President Christine @Lagarde present the d...

Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector. EU to Develop Energy Efficiency Label for Data Centers Amid Increasing Consumption in Mining The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to Bloomberg, the EU will also urge member states to target crypto miners’ energy usage as it seeks to navigate the winter with far less Russian gas and other energy than before the sanctions imposed over the war in Ukraine. Quoting a draft proposal, the report revealed that the EU’s executive arm wants to work with international partners to adopt a grading measure that will encourage more environment...

Council of the EU, one of the European Union’s legislative bodies , has approved the proposed regulatory framework for the European crypto space . It’s now up to European lawmakers to approve the Markets in Crypto Assets package before its final adoption. Comprehensive Crypto Regulation Moves Closer to Adoption in EU The Committee of Permanent Representatives (COREPER) has approved the final version of the Markets in Crypto Assets (MiCA) legislation, according to a document published by the Council of the European Union after a meeting on Oct. 5. The committee is made up of the heads of missions of the EU member states in Brussels. COREPER prepares the agenda for the ministerial meetings of the Council and is authorized to take some procedural decisions. The European Parliament has been informed about the endorsement in correspondence to the Committee on Economic and Monetary Affairs (ECON) which is expected to meet and vote next week. In a letter, COREPER Chair Edita ...