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The Central Bank of Russia and the Russian treasury are exploring the possibility of testing the use of the digital ruble, the country's central bank digital currency (CBDC), for budget-related payments. This move aims to enhance the efficiency of budget settlements by introducing the digital ruble for payments from and to businesses and citizens. Governor Elvira Nabiullina highlighted the potential benefits of utilizing the digital ruble for targeted payments, such as social aid and subsidy disbursements, which aligns with earlier statements made by Finance Minister Anton Siluanov. The discussions signal a potential expansion of the ongoing digital ruble pilot, which has seen approximately 25,000 operations completed to date. While initially focusing on transactions between consumers and retail businesses, the pilot may now encompass budget-related payments as well. Notably, Russian authorities have clarified that pensions and benefits are not planned to be paid in digital rubles,...

HSBC has unveiled its HSBC Gold Token, marking its entry into the real-world asset tokenization market for retail customers in Hong Kong. This move underscores the bank's commitment to embracing digital assets and leveraging blockchain technology to offer innovative investment opportunities. The HSBC Gold Token, operating on the HSBC Orion digital assets platform, allows investors to access tokenized gold while complying with regulations set forth by the Securities and Futures Commission (SFC). The introduction of the HSBC Gold Token reflects a broader trend toward real-world asset digitization, providing investors with a new avenue to engage in traditional investments through digital means. This initiative aligns with Hong Kong's efforts to position itself as a leading hub for digital assets, amidst ongoing developments in regulatory frameworks and the exploration of central bank digital currencies (CBDCs) and stablecoins by financial institutions. HSBC's move underscores the...

Anton Siluanov, Russia's finance minister, has signaled readiness to address uncertainties surrounding cryptocurrency mining and the utilization of its proceeds. In a recent lecture, Siluanov emphasized the need for clarity on what activities related to cryptocurrency are permissible within the country, acknowledging that discussions on this matter have been ongoing for years. Despite his opposition to the circulation of mined cryptocurrencies domestically, Siluanov highlighted the necessity of defining rules governing these assets. Siluanov's stance aligns with the Central Bank of Russia's historical resistance to the legalization of cryptocurrencies, citing concerns over loss of control over monetary flows. However, there appears to be openness towards exploring the potential use of mined cryptocurrency for international payments, an idea previously supported by Russian President Vladimir Putin. Recent legislation signed by Putin regulates the use of digital currencies for...

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against KuCoin, a prominent digital asset exchange, citing violations of the Commodity Exchange Act (CEA) and CFTC regulations. The lawsuit targets multiple entities operating under the KuCoin name, alleging a range of offenses including illegal commodity transactions and failure to adhere to registration requirements. The legal battle highlights the challenges of regulating the cryptocurrency industry and underscores the CFTC's commitment to enforcing U.S. laws within the sector. KuCoin has denied the allegations, asserting compliance with regulations and ongoing internal investment efforts. As the legal proceedings unfold, the CFTC seeks significant penalties, including disgorgement of profits, monetary fines, trading and registration bans, and injunctive relief against further violations. The case also involves parallel criminal charges related to the Bank Secrecy Act and operating an unlicensed money transmitter...

The European Commission has initiated a non-compliance investigation into tech behemoths Apple, Meta, Amazon, and Alphabet, under the Digital Markets Act (DMA). This move, announced on March 25, comes as the Commission suspects that these companies' measures may not effectively comply with their obligations under the DMA. Specifically, EU antitrust regulators are scrutinizing Alphabet's practices concerning "steering" in its Google Play store and self-preferencing on Google Search, Apple's rules on steering in the App Store and Safari's choice screen, as well as Meta's "pay or consent model." In addition to these focal points, the Commission is delving into aspects related to Apple's new fee structure for alternative app stores and Amazon's ranking practices on its marketplace. The companies have been instructed to maintain specific documents to monitor effective implementation and compliance with their obligations. The proceedings are allotted 12 months to conclude, with potential...

The Philippine Securities and Exchange Commission (SEC) has ordered the blocking of cryptocurrency giant Binance's online presence within the country. The decision, announced on Monday, stems from the SEC's concerns over the security of Filipino investors' funds. Following a formal request to the National Telecommunications Commission (NTC), the SEC aims to prevent public access to Binance's website and associated platforms due to the exchange operating without the necessary license. SEC Chairperson Emilio B. Aquino discussed the threat posed by Binance's activities, due to the absence of proper licensing. The SEC's investigation revealed that Binance had been enticing Filipino investors through promotional campaigns on social media, prompting the regulator to take action. Despite its popularity, Binance has failed to comply with Philippine regulations, lacking the required license to solicit investments or operate as a securities exchange, as mandated by the country's Securities...

Last week marked a significant moment for artificial intelligence-focused altcoins, particularly with Nvidia's major announcements. At the NVIDIA GTC 2024 event, which included a segment dedicated to cryptocurrency, NEAR Protocol's co-founder Illia Polosukhin participated as a speaker. He discussed topics such as the development of AI models and the role of blockchain in this domain. During the Transforming AI panel, Nvidia's CEO Jensen Huang addressed themes like the digital economy and programmable money. Polosukhin highlighted the challenges and opportunities arising from the convergence of AI and blockchain, emphasizing the potential of decentralized open networks. NEAR Coin made an impression during the event, with a NEAR Coin official outlining their Web3 goals within the context of AI and cryptocurrency. Jensen praised NEAR, calling it "very cool." Polosukhin emphasized NEAR's large user base in the blockchain space, highlighting the integration of programmable money and value...

In a trial at the US District Court for the Southern District of New York, the US Securities and Exchange Commission (SEC) has portrayed Terraform Labs and its co-founder, Do Kwon, as central figures in a massive financial deception that left investors in dire straits after the collapse of Terra. The trial is crucial in developmenmoment in addressing one of the crypto industry's most significant crises. The SEC alleges that Terraform Labs and Kwon engaged in a multi-billion dollar crypto asset securities fraud, leading to a lawsuit filed in February 2023. Describing Terra as a "house of cards," the SEC's legal team asserts that Terra USD (USTC) failed to maintain its peg to the US dollar, causing billions of dollars in losses and contributing to broader market turbulence in 2022. Originally scheduled for January, the trial was postponed to March, partly due to expectations of Kwon's in-person defense, though he remains in Montenegro after the country denied his extradition to the US....

The DeFi Education Fund and Beba LLC have jointly initiated legal proceedings against the US SEC to clarify the status of airdrops as non-securities offerings. They argue that the SEC's regulatory actions pose an existential threat to the crypto industry and are an overreach of its power. The lawsuit aims to halt further enforcement actions and obtain a court declaration that airdropped tokens are not securities. Beba LLC's concern over potential SEC scrutiny prompted them to take legal action to establish that their BEBA token airdrop does not constitute a security. They argue that airdropped tokens are free, lack a shared enterprise, and do not entail a reasonable expectation of profit based on the efforts of others. This legal move reflects broader industry apprehension regarding the SEC's stance on digital assets. The lawsuit also accuses the SEC, under Gary Gensler's leadership, of violating the Administrative Procedure Act (APA) by adopting a policy that broadly categorizes...

The emergence of Decentralized Physical Infrastructure Networks (DePINs) marks a significant development for Web3, operating as blockchain-based marketplaces that bring together hardware service providers from various industries. One notable player in this space is Wifi Dabba, a DePIN-based internet service provider aiming to decentralize internet access. Wifi Dabba recently announced its plans to distribute over 100,000 devices throughout India, hosted on the Solana blockchain. This initiative aims to address the challenge of internet access in a country where a significant portion of the population remains unconnected. Despite India's status as a technology hub, millions still lack regular WiFi access, highlighting the urgency of projects like DePINs. Karam Lakshman, CEO of Wifi Dabba, emphasizes the importance of widespread internet access for fostering economic growth, especially in a country with a burgeoning tech sector and significant crypto holdings. The DePIN model...

In a recent development, Silvergate Bank faces a class action lawsuit brought forth by FTX users, who accuse the bank of aiding and abetting fraud in the stock market, particularly through its association with Alameda Research, an affiliated trading company. On March 20, Judge Ruth Bermudez Montenegro of the San Diego federal court denied Silvergate’s request to dismiss the lawsuit filed in June. The decision underscores the allegations that Silvergate was aware of FTX’s fraudulent activities but still profited from them, unjustly enriching itself at the expense of FTX users. The court's decision highlighted the significance of the Silvergate Exchange Network (SEN), designed to facilitate fund transfers to crypto exchanges, which greatly benefited FTX customers. According to the judge, Silvergate had an obligation to FTX customers due to its integral role in facilitating FTX's operations. Notably, Silvergate provided banking services to both FTX and Alameda, processing transfers that...

Estonia has introduced a comprehensive overhaul of its crypto regulation framework, signaling a significant departure from its previous approach and establishing stricter oversight measures for digital asset businesses. Starting from 2026, crypto firms will fall under the rigorous surveillance of the Financial Supervision Authority, marking a shift from the previous focus solely on anti-money laundering efforts. Matis Mäeker, leader of the Financial Intelligence Unit, highlighted the necessity for crypto companies to adopt robust systems akin to traditional banks to effectively safeguard client assets. This shift in approach has led to a significant reduction in the number of crypto entities in Estonia, from thousands to around 50, reflecting the country's crackdown on non-compliant firms. The new legislation elevates operational and reporting standards while imposing fines of up to €5 million ($43,290). Finance Minister Mart Võrklaev emphasized that companies must adapt to these...