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EU lawmakers backed a legal framework to develop an ECB digital currency by 2029 so the continent can stop relying entirely on U.S. credit card and stablecoin giants.
The European Central Bank (ECB) scored a victory after the European Parliament’s influential Economic and Monetary Affairs (ECON) committee voted to approve the legal framework for a digital euro on Tuesday.
The committee also directly mandated the immediate start of final "trilogue" negotiations between European Union (EU) member states and the Parliament to hammer out the final law.
The vote ends three years of discussions between central bankers and commercial lenders concerned over losing deposit revenue.
The main goal behind the deployment of a central bank digital currency (CBDC) is not just about modernizing payments, but to maintain the bloc’s autonomy of the monetary system. ECB Chair Christine Lagarde has long-argued in favor of a CBDC to stave off the U.S. dollar-pegged stablecoin dominance in Tether’s USDT and Circle’s (CRCL) USDC.
Lagarde pushed back against public concerns over financial surveillance, asserting that cash isn't going anywhere, adding that between the digital euro and physical banknotes, "one does not exclude the other."
The EU has also pointed to nearly two-thirds of all card transactions in the eurozone being processed by non-European companies, mainly Visa (V) and Mastercard (MA).
Strengthening the resilience of payments in Europe has become a geopolitical necessity," Markus Ferber, a leading member of the ECON committee said on Tuesday.
The EU's central bank digital euro approval comes just hours after U.S. Senate voted to place a four-year ban on a CBDC. The bill now heads to the House of Representatives. If they follow suit it then goes to President Donald Trump for his signature.
Commercial banks successfully lobbied for strict holding limits on how much a citizen can keep in a digital wallet to avoid a mass exodus of cash from traditional accounts during a crisis.
The ECB will now undertake a 12-month pilot phase using a beta version to test the infrastructure in real-world scenarios with select merchants and payment service providers.
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TOKYO, June 24 (Reuters) - SoftBank (9984.T), opens new tab founder and CEO Masayoshi Son told shareholders on Wednesday that artificial intelligence is still in its early stages and any ​talk of a bubble is "an insult to AI."
"I think it's blasphemy against AI if ‌you say it's a bubble," Son said at the Japanese conglomerate's annual general meeting
The AI investment boom has driven up valuations even as investors question the sustainability of the rally, with ​SoftBank's share price boosted by Son's all-in bet on OpenAI.
Son has experienced market booms and ​busts during his career, including the dot-com bubble and the COVID-19 pandemic, when his ⁠portfolio fell into the "valley of the coronavirus."
SoftBank's other investments include robotics and the group is building ​data centres in the U.S.
Tokyo Electric Power Co (9501.T), opens new tab is looking to bring in external capital, and Son said ​his group was seeking to invest.
"If (TEPCO) were to join our group, we would increase power supply and bring AI data centers to Japan," he sai
The entrepreneur, 68, said he will lead the company into his 70s ​to bring ⁠about "artificial superintelligence," which he defines as being 10,000 times smarter than a human.
"I have become greedier," Son said. "I would like to do more over the next 10 to 15 years. I will stay healthy as long ⁠as I ​can.
One shareholder, who described herself as a "simple housewife," asked Son ​to nominate her son to the board of directors
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SEOUL, June 24 (Reuters) - A board member of the Bank of Korea, ​Hwang Kun-il, said the central ‌bank would more closely monitor financial stability risks such as household ​debt and leveraged stock investments.
There are worries ⁠about household debt growth rising again ​as house prices continue to increase ​in the Seoul area and leveraged asset investments grow," Hwang said in remarks released with ​the central bank's semi-annual financial ​stability report.
The central bank needs to be ‌wary ⁠of the possibility of growing inequality becoming a potential financial stability risk, Hwang said.
Volatility in financial and ​foreign exchange ​markets ⁠also increased in the first half of this year, ​Hwang said.
A world-beating AI-driven ​rally ⁠in South Korea's stock market has fuelled a boom in risky ⁠investments ​by retail investors, ​with their borrowed investments at record levels
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US President Donald Trump and Iran’s President Masoud Pezeshkian have electronically signed a memorandum of understanding to extend a ceasefire in the US-Iran war.
Pakistan, which has been mediating the peace process, said the “Islamabad MOU” had gone into effect as of Wednesday.
Earlier, Esmaeil Baghaei, the Ministry of Foreign Affairs spokesperson, addressed Iranian media following the signing, stating that Iran would monitor the US’s compliance “without any leniency” and will not “fulfil” its commitments if Washington “evades its obligations”.
The foreign ministry said China welcomed the signing of the interim US-Iran agreement, and hopes both countries will approach their upcoming negotiations “rationally and pragmatically”. ⁠
Speaking at a news briefing, spokesperson Lin Jian said Beijing also hopes both parties will meet their commitments under the deal
President Vladimir Putin welcomed the US-Iran agreement brokered by Pakistan
Moscow views the deal as a step towards permanently halting the conflict and could serve as a model for future peace agreements, said Putin
Speaking at the Russia-ASEAN summit in the Russian city of Kazan, he said stabilisation in the Middle East would be beneficial for global energy markets
Meanwhile, the Ministry of Foreign Affairs said it is “imperative” that all parties “strictly adhere” to the understandings reached, including in Lebanon. Moscow is ready to contribute to diplomatic efforts to help create sustainable, long-term stability in the Middle East, it added in a statement on Telegram.
Prime Minister Sanae Takaichi said it was vital that “free and safe navigation” in the Strait of Hormuz be promptly restored through the “steady implementation of the memorandum by all parties”
Japan hopes that both Washington and Tehran can swiftly reach a final agreement on Iran’s nuclear issue and other outstanding matters through further negotiations, she added
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Additionally, a Saturday N12 News report stated that Israel’s security establishment had located missile launchers aimed at Israel, poised to strike if a ceasefire wasn't reached with Lebanon.
Iran claimed it is replenishing its missile and drone launchers at a higher speed than it did prior to the war with the US and Israel, the Revolutionary Guards Aerospace Force commander, Majid Mousavi, said in a video shared on social media on Sunday, according to Nournews.
They have lost this phase of the war! They have lost the Strait, Lebanon, and the region," Mousavi said.
Mousavi's statement was shared alongside an edited video of him inspecting an unspecified underground missile facility. The video also included footage of drones, missiles, and launchers inside underground facilities as well as ground missile launches.
Mousavi also claimed that "Unlike Iran, the enemy has been unable to replenish its ammunition during the ceasefire."
While neither the US nor Israel has officially responded to these claims, a Saturday N12 News report stated that Israel’s security establishment had located missile launchers aimed at Israel, poised to strike if a ceasefire wasn't reached between Israel and Lebanon
The threat from Iran was the motivation for US President Donald Trump's increased pressure on Israel to come to an agreement with Lebanon, and hisFriday announcement that Israel is prohibited from “bombing Lebanon any longer,” according to the N12 report.
Israel and the US are also preparing for the possibility that war will resume with Iran, as tensions over the Strait of Hormuz threaten peace negotiations, a source told the Israeli news outlet. The IDF has reportedly approved a list of targets for attack, focusing on national infrastructure and energy. The military is also planning operations that, if implemented, would continue toward the goals from the previous round of fighting.
Israel was surprised by Trump’s announcement that the IDF is “prohibited” from continuing strikes against Hezbollah in Lebanon, according to a Saturday Axios report
The report noted that Prime Minister Benjamin Netanyahu was “personally stunned and alarmed” by the post, and that Israeli officials sought clarification from the White House
This comes after Trump posted on Truth Social that Israel was prohibited from “bombing Lebanon any longer,” and that the US will work with Lebanon separately and “deal with the Hezbollah situation in an appropriate manner.”
The language implied that Trump was directly issuing an order to Israel, which would be unimaginable under other presidential administrations, Axios noted.
Notably, according to the ceasefire agreement, Israel still has the right to take military action during the ceasefire, “in self-defense, at any time, against planned, imminent, or ongoing attacks.”
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True Market Mean and Short-Term Holder cost basis form a critical $78.2K to $79.2K range that could define the next major move
The True Market Mean filters out lost, dormant, and economically inactive coins, leaving only the cost basis of participants who are actually present in the market, making it a more precise gauge of where real selling pressure resides
Just above sits the Short-Term Holder realized price (STHRP) at $79,200, according to checkonchain. This cohort, defined as investors holding coins for fewer than 155 days, tends to be more reactive to price swings. With spot prices below their average entry, these participants remain at a slight loss. Bitcoin tested the STHRP in mid-January around $98,000 and got rejected
A sustained move above this zone could shift both levels into support, strengthening bullish momentum. Conversely, failure to reclaim them may prolong bitcoin’s consolidation phase, with potential downside
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LONDON/MILAN, April 24 (Reuters) - (This April 24 story was refiled to remove an extra word from the advisory)
French automotive group Cosmobilis is in talks to buy the commercial rights to the World ​Rally Championship (WRC), two people familiar with the matter told Reuters.
Cosmobilis moved ahead ‌after an auction for Munich-based WRC Promoter was held by existing rights holders Red Bull and German investment firm KW25 earlier this year, the people said.
If negotiations and financing are concluded successfully, ​a deal could be announced in the summer, one person said.
The sources, ​who asked not to be named because the matter is confidential, ⁠said there remained a chance of no deal.
A Cosmobilis spokesperson declined to comment. ​WRC, Red Bull and KW25 did not reply to requests for comment
The likely price ​for WRC Promoter is expected to be less than 500 million euros ($585 million), one person said.
Eric Boullier, co-founder and CEO of Cosmobilis' Circle unit, is leading the bid, the people said. Boullier, ​who did not respond to requests for comment, was previously Lotus Formula One -- now ​Renault-owned Alpine -- principal and was racing director of McLaren from 2014 to 2018.
Motorsport's governing body, the ‌International ⁠Automobile Federation (FIA), announced last year a tender process to replace Red Bull and German investment company KW25 as commercial rights holders of the World Rally Championship after Reuters reported preparations for a sale.
The FIA is committed to ensuring ​the WRC continues to grow as one of the world's premier ​motor sport ⁠disciplines, and we are confident the outcome of this process will reflect that ambition.”
The WRC races on four different continents with 14 rounds this year. Its reigning champion ⁠is France's ​Sebastien Ogier. Since 2022, WRC Promoter has also ​organised the European Championship and the Rallycross Championship.
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Binance has always been talking about a grand goal: scaling from 300 million users to 3 billion users.
@CZ
Maybe many people think this is just pie in the sky.
But after I recently finished reading Mr. Zhao's (CZ) new book 'Freedom of Money' (Life at Binance), my personal understanding has definitely been refreshed.
In July 2017, Binance officially launched. Back then, BNB had already faced a significant dip. Who would have thought that 9 years later, Binance would boast 300 million users, becoming one of the world's top exchanges?
@Yi He
Especially recently, I've been seeing the one and only He Yi pushing Binance's new features: AI Agent (AI trading), batch transfers (financial payments), and Binance Chat (private social networking), among others.