Month: April 2023

Bank of Russia to set up entities for crypto mining and cross-border settlement: Report

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Russia is taking further steps to mitigate global sanctions in place since the invasion of Ukraine in 2022. According to local media reports, the country’s central bank plans to create new institutions to mine crypto assets and settle international payments.  In a meeting in the State Duma — one of the chambers of the Russian parliament — the head of the central bank, Elvira Nabiullina, announced that the Bank of Russia would allow cryptocurrency to be used in external settlements in a pilot program. The move, however, does not signal…

Lack of stablecoin regulation could push issuers out of US: Austin Campbell

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United States lawmakers discussed the role of stablecoins in a committee hearing, but some experts expressed concern about the country’s regulatory environment. In an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, an adjunct assistant professor at the Columbia Business School, said areas including Singapore, Dubai, Abu Dhabi, and the United Kingdom have already proposed frameworks for stablecoins that could offer a competitive regulatory environment for issuers looking for a home. “If you look around the world, you’re starting to see legislation that…

Bitcoin Hovers Near $29.3K After Binance Sell Order, UK Inflation Data

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Starbucks Odyssey Releases Second Limited-Edition NFTs, “The First Store Collection” Stamps

Level 1 will require 1,000-2,999 points and reward choices are a virtual coffee class, a Starbucks coffee passport or to make a charitable donation to Feeding America. For 3,000-5,999 points, members reach Level 2 and can name a coffee tree, attend a virtual tasting paired with a bag of coffee or receive a Starbucks cold cup. Level 3 is for members with 6,000 points or more and rewards to choose from are a customized MiiR 360 traveler, 30 days of free drinks or an experience at a Starbucks Reserve store.…

How Crypto Can Solve Long-Standing Issues in Capital Markets

Smart bonds can transform the life cycle of debt instruments and have the potential to disrupt debt capital markets. This digitalization of bonds may enhance process efficiencies and liquidity, reduce costs, simplify and democratize capital raising for issuers, and create a broader investable landscape. For over three centuries, bonds were issued as paper certificates. However, as the volume of trading grew, companies became inundated with paperwork. In 1973, the Depository Trust Company (DTC) was created to address the mounting paperwork and security issues. Paper certificates were vulnerable to loss, tax…

Hong Kong Judge Rules Crypto Assets as ‘Property,’ Following Similar Rulings Worldwide – Bitcoin News

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In a court case linked to the now-defunct crypto exchange Gatecoin, a Hong Kong judge has ruled that cryptocurrencies are “property” which is “capable of being held on trust.” According to the law firm Hogan Lovells, this case should provide greater clarity to insolvency practitioners and other common law jurisdictions. Hong Kong Judge Designates Crypto Assets as ‘Property’ That Can Be ‘Held on Trust’ According to a summary of the ruling published on April 18, 2023, judge Linda Chan in Hong Kong has classified crypto assets as “property.” The decision…

European Parliament report recommends researching, but not launching, digital euro

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An analytical paper released by the European Parliament Committee on Economic and Monetary Affairs has given the digital euro a mixed review. The title of the paper summed up its position: “Digital Euro: When in doubt, abstain (but be prepared).” The paper was written at the request of the parliamentary committee by economist Ignazio Angeloni to assess the preparations for the launch of a digital euro. Angeloni looked at ten issues that a “prospective digital euro” (PDE) will face, concentrating on their downsides. Related: US wholesale CBDC has ‘promise,’ Fed…