Kryptomir over the week: PayPal’s cryptocurrency service and the popularity of Bitcoin in Russia
At the end of the week, we take stock of what has been written about these seven days and collect everything that is relevant for fans of cryptographic and decentralised technology. This week, PayPal announced the launch of a cryptographic service; Russian Prime Minister Mikhail Mishustin said that digital currencies threaten the financial stability of the country, while Bitcoin and other cryptographic currencies have become more popular among Russian investors than gold.
Billionaire and hedge fund manager Paul Tudor Jones was optimistic about the prospect of bitcoin and named it the best inflation protection in an interview for CNBC.
According to Riccardo Spagna, former lead developer of Monero (XMR), the regulators‘ efforts to track this anonymous cryptographic currency will be in vain. „The U.S. Revenue Service wants to understand Monero at the same level as digital dollars in bank accounts; however, cryptographers and researchers will always be one step ahead of privacy issues,“ said Spagnio.
Brian Brooks, who now serves as Head of the Office of the US Treasury Controller (OCC), said at the DC FinTech Week virtual conference that in the future, banks „will become nodes in the blocks that act as payment networks.
Changpeng Zhao, General Manager of Binance Crypto Exchange, in an interview for Fortune discussed the crypto industry’s response to the indictment of the owners of BitMEX Crypto Derivatives Exchange.
Trading volumes on the Binance Crypt Currency Exchange increased significantly in the third quarter of this year. Trading on the platform increased by 110% to $306.6 billion, with spot transactions totalling $146.3 billion in the second quarter.
The administration of the BitMEX crypt exchange added futures on Binance Coin, Polkadot, yearn.finance and decided to significantly reduce the time of user verification.
Deribit, the largest exchange for crypt currency options by trading volume, will also require verification by the end of 2020.
The American Kraken Crypto Exchange will again allow residents of Japan to fund their accounts and trade in cryptov currencies on their platform.
Julian Sawyer, former top manager of Gemini, the American Cryptographic Exchange, will be the new head of Bitstamp.
The first regulated crypt exchange will be launched in Kazakhstan in January 2021.
According to Anatoly Aksakov, who heads the State Duma Finance Committee, testing of the digital version of the Russian rouble will begin in 2021. Aksakov also stated that Bitcoin and other cryptov currencies have no future.
According to Dmitry Peskov, special representative of the Russian President for digital and technological development, the introduction of cryptoruble may begin in 3-7 years.
The Russian Ministry of Finance believes that the emergence of a digital rouble will solve many economic problems. In the opinion of Alexander Brazhnikov, Executive Director of the Russian Association of Cryptographic Industry and Block-Check (RACIB), the development of a digital rouble will require a qualitative upgrade of the financial system infrastructure.
As of 2021, every Russian official who owns the cryptovoltaic currency will be obliged to specify it in his or her declaration. This was told by Igor Krasnov, who holds the post of Prosecutor General of the Russian Federation.
At the virtual conference of the International Monetary Fund, Jerome Powell, Chairman of the U.S. Federal Reserve System, spoke about cross-border payments and digital currencies.
The Central Bank of China may issue its digital currency (CBDC) earlier than it was originally conceived. The head of the People’s Bank Yi Gang called for a shorter token development and implementation period. The CBDC also wants to adopt amendments to the current law on the central bank to legalise the digital yuan, but bans the circulation of token linked to the national currency.
If necessary, the CBDC is also ready to issue the Bank of New Zealand. This was told to journalists by CBDC Deputy Head Christian Hoxby at a conference of the Royal Numismatic Society. The official stressed that the Bank of New Zealand recognizes the great potential of the CBDC, but now there is no need for such an instrument.
The U.S. Financial Crime Network (FinCEN) has fined $60 million to Larry Dean Harmon, head of Coin Ninja and operator of bitcoin mixer Helix.
Kik, the developer of the messenger of the same name, has agreed to pay a $5 million fine to the US Securities and Exchange Commission (SEC) as part of the settlement of a dispute over the sale of Kin tokens in 2017.
Ripple may move its headquarters to Japan or Singapore if it decides to leave the US due to regulatory uncertainty.
Translated with www.DeepL.com/Translator (free version)