The European Central Bank (ECB) published a report on Wednesday discussing the international role of the euro. In the same report, they examined how the issuance of a central bank digital currency (CBDC) could impact the international role of currencies.

Google has lifted a nearly three-year-old policy that banned cryptocurrency exchanges and wallets from advertising on its platform. Beginning on the 3rd of August, “cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

British based bank, Standard Chartered, plans to launch a cryptocurrency brokerage and exchange for institutional clients based in Europe. 

Top stories in the Crypto Roundup today:

• The ECB Discusses the Importance of CBDCs
• Google Partially Lifts Cryptocurrency Advertising Ban
• Standard Chartered to Launch Cryptocurrency Exchange and Brokerage

The ECB Discusses the Importance of CBDCs

The European Central Bank (ECB) published a report on Wednesday discussing the international role of the euro. In the same report, they examined how the issuance of a central bank digital currency (CBDC) could impact the international role of currencies.

Both the ECB and its president Christine Lagarde, have been open to the idea of the digital euro as a complaint to physical cash, citing the importance of CBDCs for future financial strength. 

Economists Massimo Ferrari and Arnaud Mehl, who are both affiliated with the ECB, comment that “attention should be paid to the risks to stability that might arise if a central bank does not offer a digital currency," adding "issuing a CBDC would help to maintain the autonomy of domestic payment systems and the international use of a currency in a digital world.”

Although many questions remain surrounding the underlying technology that would be needed to facilitate the offering of a digital euro, the recent comments from the ECB and Lagarde are the most positive and bullish toward the benefits of a CBDC to date.

Google Partially Lifts Cryptocurrency Advertising Ban

Google has lifted a nearly three-year-old policy that banned cryptocurrency exchanges and wallets from advertising on its platform. Beginning on the 3rd of August, “cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

The initial ban surrounding crypto ads was originally put in place in 2018 when the search giant created strict policies to counteract the ICO craze that was happening at the time, at one point, even blacklisting the word “Ethereum” from ads. 

The new policies require exchanges to either be registered with “FinCEN as a Money Services Business and with at least one state as a money transmitter” or “a federal or state chartered bank entity.”

Despite the changes, the vast majority of crypto institutions will still be unable to run advertisements through Google’s platform, this includes ICOs, DeFi, news and chart aggregators, as well anything that is promoting the purchase, sale, or trade of cryptocurrency products.

Standard Chartered to Launch Cryptocurrency Exchange and Brokerage

The British bank, Standard Chartered, plans to launch a cryptocurrency brokerage and exchange for institutional clients based in Europe. SC Ventures, the corporate venture capital arm of Standard Chartered Bank, has partnered with BC Group, the parent company of the Hong Kong regulated cryptocurrency exchange OSL, for the initiative.

The joint venture will be set up in the U.K. and will connect institutional investors and traders to counterparties and let them trade in popular cryptocurrencies such as bitcoin (BTC) and ethereum (ETH). Depending on regulatory approval, the venture aims to launch in Q4 of 2021. 

Alex Manson, head of SC Ventures, comments that “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” continuing, "The new company will provide a brokerage and exchange platform to enable safe adoption and trading by the world’s largest and most demanding investors.”

SC Ventures is also in the process of launching an institutional crypto custody service, Zodia Custody, in partnership with Northern Trust. They are also investors in Swiss blockchain firm Metaco, “to explore blockchain interoperability for cross-border fund transfers”.

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