The EU’s joint stablecoin issuance with third countries has risks, but they are manageable under the MiCA framework, the European Commission said. The European Union’s main executive body has taken a soft approach toward stablecoins, contrasting with that of the European Central Bank (ECB) and sparking industry optimism. In response to ECB concerns on potential bank run risks stemming from stablecoin multi-issuance in Europe and third countries, the European Commission (EC) said such risks are “highly unlikely.” A spokesperson for the Commission told Cointelegraph, “Even in the highly unlikely event of a run on a jointly issued token, redemptions by foreign holders would primarily occur in jurisdictions like the US, where most tokens circulate and the bulk of reserves are held.” Read more
Pradeep Bhandari, spokesperson for India’s ruling BJP party, called for a Bitcoin reserve pilot and clarity on the country’s “taxed but unregulated” approach to crypto. The national spokesperson for India’s ruling party called on the country to consider launching a Bitcoin reserve pilot, saying that it would be a strategic step toward economic resilience. In an article for India Today, Bharatiya Janata Party (BJP) spokesperson Pradeep Bhandari said the US strategic Bitcoin (BTC) reserve and Bhutan’s state-led mining operations signal that global finance is shifting toward crypto. He added that India, with an expanding renewable energy infrastructure, is positioned to create a sovereign Bitcoin strategy. Read more
Billions Network has launched its mobile identity app for Android and iOS, offering AI-resistant, privacy-preserving verification using NFC-based document checks and zero-knowledge proofs. Blockchain-based identity layer Billions Network announced the launch of its identity mobile application for both Android and iOS devices. According to a Thursday statement shared with Cointelegraph, Billions Network’s identity system is AI-proof. The announcement follows Polish investor Borys Musielak’s April demonstration of how ChatGPT can generate photos of government-issued IDs likely to pass photo-based Know Your Customer (KYC) checks. “As AI continues to erode trust in traditional verification methods and digital interactions, this launch ensures people can safely and privately enjoy personalized digital experiences,” Evin McMullen, co-founder and CEO of Billions, said. Read more
Trump’s early Fed replacement plans rattled markets, accelerating dollar losses and sending DXY to its lowest level since April 2022. Key takeaways: Wall Street poured over $1 billion into Bitcoin ETFs this week amid rising bets on Fed rate cuts and a weakening US dollar. Trump’s early Fed replacement plans intensified dollar selloffs, pushing DXY to its lowest since April 2022. Read more