Tag: Finance

Nepal Prepares to Issue Digital Currency, Drafts Necessary Amendments

Nepal Prepares to Issue Digital Currency, Drafts Necessary Amendments

A task force in Nepal has proposed legal changes allowing the country’s central bank to issue its own digital currency. The move comes after a study indicated that such an initiative is feasible and recommended certain provisions that would authorize the regulator to proceed with its realization. Nepal Central Bank Prepares Legal Ground for National […]

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Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and […]

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CBDC Could Be ‘Holy Grail’ of Cross-Border Payments, ECB Says, Sees Bitcoin as Less Credible

CBDC Could Be ‘Holy Grail’ of Cross-Border Payments, ECB Says, Sees Bitcoin as Less Credible

Several solutions can potentially improve cross-border payments significantly and central bank digital currency (CBDC) could be the “holy grail,” according to the European Central Bank (ECB). In a new report, the eurozone’s monetary authority also claims stablecoins, among other options, are “problematic.” ‘Holy Grail’ of Cross-Border Payments in Reach Through CBDC, European Central Bank Insists […]

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Israel Prohibits Cash Deals for Amounts Starting as Low as $1,700

Israel Prohibits Cash Deals for Amounts Starting as Low as $1,700

New legislation introducing tighter restrictions on payments with large sums of cash will enter into force in Israel on Monday. The goal, as stated by the country’s tax authority, is to improve the fight against organized crime, money laundering, and tax evasion. Critics doubt the law will achieve that. Authorities in Israel Go After Cash […]

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Bank Indonesia Prepares to Issue Digital Rupiah as Legal Tender for Digital Payments

Bank Indonesia Prepares to Issue Digital Rupiah as Legal Tender for Digital Payments

The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency is meant to be the only legal tender for digital transactions in the country while the regulator also wants to ensure that it will be exchangeable across borders. Digital Rupiah Concept Expected by Year End Indonesia’s monetary authority is […]

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Bank of Russia Says Stablecoins Are Not Suitable for Settlements

Bank of Russia Says Stablecoins Are Not Suitable for Settlements

The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the […]

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Russian Blockchain Alternative to SWIFT to Prevent Disconnection of Nations, Banks

Russian Blockchain Alternative to SWIFT to Prevent Disconnection of Nations, Banks

A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center […]

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Russia’s Finance Ministry Supports Circulation of Stablecoins in Country

Russia’s Finance Ministry Supports Circulation of Stablecoins in Country

The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one. Russia’s Minfin Open to Legalizing […]

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Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection

Grayscale Investments, the world’s largest digital currency asset manager, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s decision to reject its application to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF). Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application Grayscale Investments […]

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