Cryptomoedas gain prominence in a retrospective of digital banking, which analyzes the trajectory of money between 2011 and 2020.

The year 2020 is coming to an end and marks the end of an entire decade, giving way soon to the year 2021. In a retrospective of the last ten years of the market, fintech Nubank cited the importance of cryptomites such as Bitcoin (BTC), which marked the trajectory of “money”.

According to a publication in Nubank’s blog last Monday (21), Bitcoin Trader platform is pointed out as one of the “7 facts that marked money in the decade”. Like other technologies, the digital bank recognizes the importance of cryptomeda to the financial market in the last decade.

How Pix can help with the adoption of cryptomoeda

Besides Bitcoin being mentioned, the digital bank highlights that the money has been marked by profound transformations throughout the market, such as the rise of fintechs, for example, as is the case of Nubank itself.
The ‘boom’ of fintechs

Although Nubank does not accept crypto, fintech has recognized the importance of Bitcoin for money over the past ten years. In a list of seven facts that have marked the financial market, Bitcoin appears in second place.

Therefore, before cryptomoins, the most important fact for money in the last decade was the ‘boom’ of fintechs, according to Nubank. For digital banking, fintechs now offer more advantageous banking services, with lower service fees and more competitiveness.

“Generally, companies of this type are more efficient and do not have a great cost with physical structures, such as branches and stores, so many offer cheaper or even free services”.

Nubank, Bitcoin and Money

Right after talking about the importance of fintechs for money, Nubank’s blog cites “the ups and downs of cryptomorphs” as an important fact in the last ten years.

According to the list of “7 facts that marked the money in the decade”, cryptomoks left their mark on the financial market. The publication brings a brief history about the creation of Bitcoin, which begins still in 2008 and ends with the record broken in US$ 20 thousand.

Nubank investors bring US$ 62 million in exchange expansion from Bitcoin to Brazil

The publication also talks about the expectation that Bitcoin’s price will continue to rise in the market, after cryptomoeda reached the historical quotation of 2017 recently.

“With the pandemic of the new coronavirus, the value of Bitcoin fell for a while, but then began to appreciate day after day. Until, in December, cryptomoeda exceeded the value of US$ 20 thousand (dollars) for the first time in history – and the expectation is that it will continue to rise”.

A new currency

For Nubank, Bitcoin’s goal was to play the role of a currency that could replace fiduciary money. In addition, fintech mentions that cryptomoeda intended to “get rid of banks”, thanks to its data decentralization.

“Created in 2008 as a response to the world financial crisis, Bitcoin aimed to replace physical money and get rid of banks in the intermediation of financial operations.

Finally, besides fintechs and cryptomoedas, five other facts have marked the trajectory of money in the last ten years, like the famous cashback programs, which return money to users.

Nubank selects clients to use Pix, which will have reduced hours during testing phase

Another fact considered important in Nubank’s retrospective was the use of digital money, especially in 2020, due to the pandemic caused by the new coronavirus. Meanwhile, novelties such as the “payment by approximation”, the lowering of the Selic rate and the launch of Pix also marked the decade of money.

France introduces KYC compulsion for Bitcoin Broker

Justitia holds in her hand the scales of justice, from which two Bitcoin coins are suspended. The French flag is in the background.

In a press release issued by the French Ministry of Finance, the government has revealed stricter KYC rules for crypto-transactions.

On 9 December, French Finance Minister Bruno Le Maire let the crypto-cat out of the Bitcoin Code bag and unveiled a legislative update setting stricter know-your-customer rules for all crypto-companies operating in the country, including for peer-to-peer transactions. The revised law could put an end to the anonymity of the French crypto space.

From now on, crypto providers will be forced to validate the identities of their users. Anonymous accounts will be prohibited. Cooperation with national secret services and the freezing of assets will also be made compulsory. As justification, France mentions, in addition to general security and attractiveness aspects, the fight against money laundering and terrorist financing. In its press release, the Ministry refers to a recent dismantling of a terrorist network in September that allegedly used transactions of digital assets. Crypto vendors have until mid 2021 to make the necessary adjustments.

France a prosperous block chain location

The recently published report of the EU Blockchain Observatory provides a detailed overview of France’s blockchain economy. The country has a significant number of block chain start-ups. They are helped by state subsidies, such as aid funds. A state fund has already invested almost €300 million in infrastructure projects of young companies in the crypto-sector. In addition, there are de-bureaucratising measures, such as the PACTE law, which removes obstacles to the establishment of start-ups. France is thus trying to establish the country as a leading crypto-space hub.

G7 favours crypto regulation

France is therefore now putting in place comprehensive regulations for crypto-space from next year. This follows the recommendations of the Finacial Action Task Force (FATF) and the G7. The finance ministers of the seven most important industrialised nations of the West were already unanimously in favour of regulation on Tuesday. For example, a press release by the US Treasury Department indicated that they wanted to impose regulations on the developing crypto landscape to prevent its use for “malicious purposes and illegal activities”.

5th EU money laundering directive as a basis in Germany

With the legislative adjustment in France, the government is also following the 5th update of the European Union’s money laundering directives, which came into force in January 2020. This directive has also been in force in Germany since the beginning of the year. In the Federal Republic of Germany, crypto providers have since been added to the group of obligated parties under the Money Laundering Act. According to this law, credit institutions, insurance companies and now also providers of crypto-currencies are obliged to keep customers in a transparency register, where proof of identity must be deposited. This means that the anonymity feature characteristic of crypto-currencies is largely omitted here as well, which is now also disappearing in France.

Bitcoin (BTC) is once again talking about it in this time of economic and health crisis. This enthusiasm is largely linked to exceptional performance in a tumultuous market. The emergence of a new digital asset class is a boon for investors seeking diversification. However, this is accompanied by significant volatility, which it is now possible to tame.

This promotional article was produced in collaboration with NapoleonX

Successive economic crises are making traditional financial markets more and more crumbly. A system of communicating vessels that seems to be turning to the advantage of Bitcoin Profit. The latter asserts itself on a daily basis as a logical contender for the future ultimate store of value , but also a diversification tool that is becoming difficult to ignore.

A new ATH for Bitcoin

This new reality greatly appeals to institutional players , little known for their love of risk, but in dire need of diversification. Bitcoin and the attainment of a new ATH in the midst of the Covid 19 crisis has had the gift of whetting the appetite of investment funds, which were once skeptical.

The preconceived ideas are indeed upset and force the institutions to review their positions . The PayPal company recently integrated Bitcoin into its payment solutions. Billionaire and fund manager Ray Dalio even explains on Twitter that he “ may have missed something about Bitcoin .”

The finding is similar for retail investors . Still followers of potentially asymmetric income, their main concern is quite different. Without real trading fundamentals, they are faced with extreme volatility which often leaves room for frustration.

This emotional charge induced by sudden and unexpected market movements profoundly changes the attitude of traders, both confirmed and beginners. In order to approach the markets more calmly, they use trading bot services, of which Napbots is one of the major outsiders.