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Report: UAE Central Bank Implements Digital Currency Strategy
29.3.2023
The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial...
Crypto Banking Rules Could Be Modified If Market Reacts, Basel Committee Chair Says
28.3.2023
Controversial rules unveiled last year would discourage banks from holding assets such as bitcoin that are deemed risky
Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies
22.3.2023
As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies...
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
8.3.2023
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed...
BIS Completes Successful Pilot Study of Central Bank Digital Currencies for Cross-Border Payments
7.3.2023
The Bank for International Settlements (BIS) has completed a pilot study of the use of central bank digital currencies (CBDCs) for cross-border payments in collaboration with central banks in Norway, Sweden, and Israel.
The pilot study, called Project Icebreaker, aimed to test the “technical...
Has Tokenization’s Moment Finally Come?
3.3.2023
Tokenization of real-world assets has been dismissed by many crypto purists for operating under a centralized framework, but new technological advances have migrated the process from closed, permissioned projects onto public, permissionless blockchain platforms. This could offset traditional...
BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central Planning
22.2.2023
According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that...
Most Retail Crypto Investors Lost Money Over the Last 7 Years, According to BIS Analysis
21.2.2023
According to data from the Bank for International Settlements (BIS), published in the latest BIS Bulletin No. 69, researchers assessed that, on average, most users lost money on their investments over the past seven years. Onchain data, metrics from exchanges, and cryptocurrency application...
Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
27.1.2023
Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk...
China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs
23.1.2023
The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind...
Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil
18.1.2023
Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted. Russian, Iranian Representatives Talk Using...
BIS Economists Recommend 3 Crypto Policies for Regulators Worldwide to Adopt
18.1.2023
Economists at the Bank of International Settlements (BIS) have recommended three policies regulators worldwide could adopt in order to deal with the risks posed by cryptocurrencies. “Authorities can now consider a variety of policy approaches and at the same time work to improve the existing...
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs
11.1.2023
The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank...
Bank of Russia to Test International Crypto Payments With Companies
21.12.2022
The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto...
Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review
4.12.2022
Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other news, Russian president Vladimir Putin has called for international settlements based on digital currencies. All this...
Putin Calls for International Settlements Based on Blockchain and Digital Currencies
27.11.2022
Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.” Russia’s...
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions
17.11.2022
Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to circumvent financial restrictions imposed over its invasion...
Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report
15.11.2022
The Bank for International Settlements (BIS) studied the main motives behind Bitcoin adoption by retail investors
Russian IT Firms Lobby for Crypto Payments in Software Exports
11.11.2022
Companies developing software solutions for foreign customers are urging Russian authorities to allow them to accept crypto payments. The proposal is part of a package of measures aimed at supporting IT exports suggested by an industry organization to the executive power in Moscow. IT Businesses...
New Mining Bill Permitting Cross-Border Crypto Payments Filed in Russian Parliament
29.10.2022
A draft law designed to regulate the mining of digital coins in Russia is also legalizing the use of cryptocurrencies in international settlements. It has been submitted to the Russian parliament after the rejection of an earlier bill which was aiming to allow domestic crypto payments as well....