Day: July 12, 2023

Russian parliament passes a “digital rouble” bill

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The central bank digital currency (CBDC) project in Russia made one large step closer to reality. On July 11, Gosduma, the lower chamber of the Russian parliament, passed a “digital rouble” bill in the third reading. Now the document faces confirmation in the higher chamber and, afterward, the President’s signature.  The bill, the draft for which was last amended at the end of June, sets the legal definitions of “platform, ” participants” and “users”, as well as the general guidelines for the CBDC ecosystem. In the current framework, the Central…

Brazil’s CBDC pilot code reveals ability to freeze and reduce funds

Blockchain developer Pedro Magalhães claims that he has successfully reverse-engineered the source code of Brazil’s pilot central bank digital currency (CBDC). He revealed the existence of functions that empower a central authority to freeze funds or reduce balances. While concerns over such capabilities have been raised, the developer argues that there could be certain situations where these functions might prove beneficial. On July 6, the Banco Central do Brazil published the source code of the digital Brazilian real pilot project on the GitHub portal, emphasizing that it was solely intended…

US GAO explores blockchain for SBA’s small business programs oversight

The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA). The GAO explored the potential use of blockchain in SBA programs, which provides support to entrepreneurs and small businesses. In its report, the GAO highlighted blockchain’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. Small Business Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8 — U.S. GAO (@USGAO) July 11, 2023 While the SBA has not considered…

Cathie Wood’s ARK sells 135K Coinbase shares as price hits $90

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Pro-Bitcoin (BTC) Investment veteran Cathie Wood is taking some profits from ARK Invest’s large Coinbase holdings by selling a small portion of its stash. On July 11, Wood’s investment firm ARK offloaded 135,152 Coinbase shares ($12 million) from one of its major exchange-traded funds (ETF), the ARK Innovation ETF. According to the trade notification seen by Cointelegraph, the amount sold made up 0.14% of the fund’s total holdings. The sale comes as the Coinbase stock price has sharply increased. On July 11, the price briefly surpassed $90, surging from around…

Crypto Traders Prepare for Bitcoin Volatility as Focus Shifts to U.S. CPI

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Bad news for Ripple? LBRY judge passes ruling on if secondary crypto sales are securities

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Ripple may be holding its breath a bit longer after a United States District Judge refused to rule on if the secondary sale of LBRY Credits (LBC) constitutes a security. On July 11, New Hampshire District Court Judge Paul Barbadoro made the ruling in the case the United States Securities and Exchange Commission (SEC) brought against the decentralized content platform LBRY. The ruling may have offered legal precedent to fellow District Court Judge Analisa Torres, who is set to make a decision on the SEC’s case against Ripple in the…

BlackRock ETF filing a ‘moment of validation’ for Bitcoin

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The recent tsunami of spot Bitcoin (BTC) exchange-traded fund (ETF) filings should be seen as a “moment of validation” for Bitcoin, says Grayscale Investments CEO Michael Sonnenshein. During a July 12 interview on CNBC’s Last Call, Sonnenshein rejected the notion that BlackRock’s entrance to the Bitcoin ETF race made it “uncool.” “To see, literally, the largest asset manager in the world publicly commit to advancing their crypto efforts only lends to the validity of the asset class and the staying power it has.” In just the last four weeks, at…

What Is Web 4.0? | Blockchain News

Web 4.0 (or Web4) is an innovative concept outlined by the European Commission, designed to compete with the rapidly emerging trend of Web 3.0, which is gaining significant momentum in countries or regions such as the USA, Mainland China, Hong Kong, and Singapore. The Commission’s vision for Web 4.0 aims to position the European Union at the forefront of the next technological transition, surpassing the decentralization of Web 3.0. Characteristics Web 4.0 is anticipated to provide truly intuitive, immersive experiences by seamlessly integrating digital and real objects and environments, enhancing interactions between humans and machines. This…