India’s central bank renews efforts to insulate banks from cryptocurrencies: report

India’s central bank has reportedly urged lawmakers to insulate banks from cryptocurrencies and private stablecoins while maintaining space for regulated tokenization.

According to According to a report by The Economic Times, RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s view to the Parliamentary Standing Committee on Finance on Thursday.

In a briefing note submitted to the panel, the RBI reportedly stated that a ban remains a recognized policy option and recommended preventing the apply of cryptocurrencies in payments and settlements while limiting the exposure of the banking sector.

The central bank has reportedly warned that applying time-honored regulations to cryptocurrencies could legitimize speculative assets and create a false sense of security among users. However, he urged policymakers to distinguish cryptocurrencies from tokenized government securities, corporate bonds and other regulated financial instruments so that restrictions do not hinder tokenization.

Source: Chain Analysis

Russia on track to introduce digital ruble on September 1: central bank governor

Russia’s Central Bank Governor Elvira Nabiullina has confirmed that the country is ready to launch its central bank digital currency (CBDC) within two months, in line with the schedule set last year.

According to a Thursday report by Russian state media RIA Novosti, Nabiullina he said that “everyone is ready” for the introduction of the digital ruble on September 1. CBDC will be launched as a complement to Russia’s fiat currency, the ruble, and will initially be accepted by financial and lending institutions.

The digital ruble has already become the target of preventive sanctions from the European Union authorities announced restrictions imposed on CBDC in April in response to Russia’s “war of aggression against Ukraine.”

SBI Crypto closes Bitcoin mining pool after 5 years

SBI Crypto, the cryptocurrency-focused arm of Japanese financial conglomerate SBI, is shutting down its Bitcoin mining pool after five years.

Data from SimpleMining can be seen SBI Crypto is currently the 12th largest Bitcoin mining pool in the world, with approximately 21.46 Exahash per second (EH/s) hashrate and approximately 2.24% of the total share of the Bitcoin network.

Business announced on Wednesday that it will end the operation of mining pools on July 31 and at the same time stop accepting mining shares. She did not provide reasons for closing the pool.

SBI Crypto stated that miners should continue to funnel hashrate into the pool until the cut-off point so that the final payouts can be calculated correctly before the operation is completed. “We would sincerely appreciate your continued mining support with us until the last day of operations,” it said.

Source: SimpleMining

OFAC sanctions 134 ISIS-K crypto wallet addresses as Tether freezes funds

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on 134 cryptocurrency wallet addresses identified as belonging to the ISIS-Khorasan (ISIS-K) terrorist group.

In the past, ISIS-K has acquired cryptocurrencies through donation campaigns on various websites and messaging platforms. Wallet addresses have been added to OFAC’s Specially Designated Nationals (SDN). list on Wednesday.

Stablecoin issuer Tether froze balances associated with 131 Tron addresses while the remaining three sanctioned addresses were on the Monero network, blockchain forensics firm Chainalytic said on Wednesday. report.

This development comes more than a week after OFAC’s previous round of sanctions against ISIS-supporting financiers using cryptocurrency. On June 22, OFAC sanctioned three people and six entities in Europe, the Middle East and West Africa, including Syria-based MSB Bitcoin Xchange and Turkey’s MSB Spider.

OFAC said the previous round of sanctions targeted “key individuals facilitating ISIS’s movement of funds between its regional affiliates.”

Metaplanet buys 2,823 BTC, exceeds 43,000 Bitcoin holdings

Japanese investment firm Metaplanet acquired 2,823 Bitcoins at a price below the average purchase price in the second quarter as its holdings exceeded 43,000 BTC.

According to Thursday’s report, the company acquired its latest treasures at an average price of about 12.71 million yen ($78,850 at current exchange rates), reducing the average acquisition cost to about $95,117 per BTC from $96,258. announcement.

Metaplanet currently holds 43,000 Bitcoins purchased for approximately $4.1 billion. It also reported about $10.95 million in revenue from its Bitcoin income-generating strategy this quarter, which earns premiums by selling cash-secured options and pursuing other Bitcoin-related profit strategies.

Meanwhile, Nasdaq-listed South Korean company K Wave Media sold its remaining 88 BTC to pay off $6 million in debt, exiting its Bitcoin treasury strategy, according to a report Tuesday. filing with the US Securities and Exchange Commission.

Dubai’s cryptocurrency market reaches 50 licensed companies following approval by up-to-date company VARA

The Virtual Assets Regulatory Authority (VARA), Dubai’s cryptocurrency regulator, has granted its 50th Virtual Asset Service Provider (VASP) license.

On Thursday, VARA announced that the latest approval had gone to tokenized asset platform Tribe Tokenisation FZE.

This milestone provides one measure of the development of Dubai’s cryptocurrency licensing system, although license totals alone do not show how many companies are operating or the level of business they are generating.

In this context, the 50 licensed VASPs in Dubai exceed the total number recorded in Hong Kong (13) and Singapore (37).

Bank of Korea governor unveils vision for tokenized bonds and unified general ledger plan

Hyun Song Shin, governor of the Bank of Korea, praised tokenization for its ability to simplify government bond issuance and management.

Shin said on Wednesday panel discussion at the European Central Bank (ECB) Central Banking Forum in Sintra, Portugal, that tokenized bonds will facilitate collateral verification, crediting of the asset provider’s account and timely withdrawal of transactions.

“The biggest prize is tokenizing government bonds,” Shin said, adding that “it is much easier and much less error-prone if everything is tokenized.”

According to the data, U.S. Treasury debt is the largest tokenized asset class in the real world, representing $14.6 billion, or about 46% of the $31.7 billion RWA market supplier RWA.xyz.

Shin also outlined plans to introduce tokenized government bonds, wholesale central bank digital currencies and tokenized commercial bank deposits to the unified registry, as an extension of “Project Hangang,” a pilot project led by the Bank of Korea testing a wholesale blockchain-based CBDC system.

Related: South Korea adds token securities to capital market overhaul

Taiwan’s legislature enacts regulations on cryptocurrencies and stablecoins

Taiwanese lawmakers have passed a law establishing a regulatory framework for cryptocurrencies that includes licensing and rules for stablecoins.

Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), he said that the Legislative Yuan has passed a law requiring all virtual asset service providers, or VASPs, to obtain regulatory approval to operate.

The law also stipulates that stablecoins issued in Taiwan must obtain approval from the central bank and the FSC, and that issuers must maintain sufficient reserves with a custodian and submit to regular audits.

The law is the first to regulate cryptocurrencies and stablecoins in Taiwan, bringing it in line with those of other governments in the region such as Japan, Singapore and Hong Kong, which have long passed laws to regulate the sector in a bid to attract the industry.

Solana Company will support Kazakhstan’s ambitions of becoming a $6 billion crypto megacity

Nasdaq-listed cryptocurrency company Solana Company has signed an agreement to support the development of Alatau City, a primarily digital megacity planned in Kazakhstan.

The company signed a memorandum of understanding to assist build blockchain and cryptocurrency infrastructure in Alatau City during the Alatau City Roadshow in Shenzhen and Hong Kong in June, which reportedly secured 30 cooperation agreements with a combined investment potential of more than $6 billion.

“We look forward to deepening this partnership and expanding the reach of the Solana ecosystem throughout the region,” said Solana Company President and CEO Joseph Chee.

The deal pushes Kazakhstan even further towards Solana. Last year Kazakhstan fired The first Solana Economic Zone in Central Asia in the capital of Astana with the Solana Foundation.

The Kazakhstan Stock Exchange (KASE) launched its first Solana ETF last week, providing investors with regulated exposure to Solana (SOL) through one of the largest stock exchanges in Central Asia.

The village of Zhetygen will become Alatau. Source: Wikimedia Commons

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