European Council
Crypto industry fires back after EU vote to block ‘unhosted’ wallets
The crypto industry has reacted strongly against a EU Parliament committee voting in favor of a regulatory package for tighter know-your-customer (KYC) and anti-money laundering (AML) rules for ”unhosted” private wallets. The new guidelines would require crypto service providers — most commonly exchanges — to verify the identity of every individual behind an unhosted wallet that interacts with them, while any transaction greater than 1,000 Euros ($1,100) would need to be reported to authorities. Coinbase CEO Brian Armstrong vented his frustrations against the move via Twitter, as he drew comparisons with fiat to highlight the absurdity of reporting and verifying a 1,000 Euro transaction: “Imagine if the EU required your bank to report you to the authorities every time you paid your rent me...
President Buhari arrives Paris for Financing Africa Summit
President Muhammadu Buhari has arrived in Paris for the Financing Africa Summit. The president left Abuja Sunday for the summit which is being hosted by President Emmanuel Macron of France. According to Buhari’s spokesperson, Garba Shehu, the summit will draw major stakeholders in the global finance institutions and some Heads of Government, who will, collectively, discuss external funding and debt treatment for Africa, and private sector reforms. “During the visit, President Buhari will meet with the French President to discuss growing security threats in Sahel and Lake Chad region, political relations, economic ties, climate change and partnership in buoying the health sector, particularly in checking spread of Covid-19, with more research and vaccines. “Before returning to Nigeria, Pres...
EU defends vaccine distribution as nations complain it is uneven
The European Commission on Saturday defended its policy of distributing COVID-19 vaccines evenly in the bloc after Austria and five other member states complained that doses were not allocated equally. In a joint letter to the Commission and the European Council, leaders of six European countries, including Czech Republic, Bulgaria, Slovenia, Latvia, and later Croatia, called for discussions on vaccine distribution. The Commission responded that doses have been distributed in proportion with the population of each country and taking into account epidemiological data, adding that was up to member state governments to decide how to share them. A flexible policy agreed by EU governments meant countries facing a more acute phase of the epidemic could access more doses, if some governments opte...
EU, China to hold talks on blocked investment deal
Agence France-Presse German Chancellor Angela Merkel is to speak with Chinese President Xi Jinping on Monday as part of high-level talks between Beijing and the European Union that should reinvigorate stalled talks on an investment pact. The EU wants to agree on a plan to wrap up the deal, according to a high-ranking EU official, with the goal being to conclude negotiations by the end of the year. The European Commission has been negotiating with China on an investment agreement for more than six years. But Brussels wants further concessions from Beijing on market access and assurances for EU companies. From the EU side, Commission President Ursula von der Leyen and European Council Charles Michel are to participate in the video meeting, with an agenda covering climate change, economic and...
