Ukraine central bank now officially allowed to issue digital currency

The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency. Ukrainian President Volodymyr Zelenskyy has signed the law titled “On Payment Services,” officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to a Thursday announcement. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the…

FinCEN’s new digital currency advisor says crypto’s ‘just another means of payment’

Michele Korver, the first-ever chief digital currency advisor for the Financial Crimes Enforcement Network’s (FinCEN), believes crypto assets are just another way of transferring value. Speaking to Law360 on July 29, the newly appointed Korver said cryptocurrency was “just another means of payment or value transfer that’s developed over time, just like any financial technology.” Korver offered a cool assessment of the digital asset sector, describing it as a natural evolution. “Financial technologies evolve over time and the innovation of money payments and value transfer will continue,” she said. “The…

IMF intends to ‘ramp up’ digital currency monitoring

The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy. “Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major…

EU entrusts $30M to new blockchain and digital assets fund

Analysts have long decried the European Union’s lack of homegrown tech giants, pointing to the gulf between the bloc and counterparts like the United States and China. However, the EU now appears to be making moves to up its investments in innovative technologies. The European Investment Fund (EIF), the EU agency responsible for SME financing, has recently backed a new digital assets and blockchain fund.  Fabric Ventures, a venture capital fund based in Luxembourg that invests in digital assets, tokenization projects and other blockchain applications, has secured $30 million from the…

US–Japan digital trade deal should include crypto: American think tank

Sale Lilly and Scott W. Harold of the American policy think tank Rand Corporation have called on the United States and Japan to include crypto in the bilateral digital trade agreement between the two nations. In an opinion piece published in the Nikkei Asia on Wednesday, Rand Corporation analysts put forward arguments supporting their clamor for crypto to be a part of the digital trade deal. According to the article, the fact that both nations play host to two of the largest crypto markets in the world makes the exclusion…

Genesis Digital Assets raises $125M as mining sector pivots to the west

Genesis Digital Assets has become the latest Bitcoin mining firm to raise millions towards plans for aggressive expansion amid the exodus of miners from China due to its crackdown on the sector. On July 28, Genesis announced it had closed a $125 million equity funding round led by U.K.-based Kingsway Capital. The capital will be mobilized to purchase mining hardware and launch new data centers in the United States and Nordic region. The terms of the deal will also see Kingsway Capital CEO, Manuel Stotz, join Genesis’ board of directors.…

Ghana’s vice president declares Africa should embrace digital currencies

Ghana’s vice president Dr. Mahamudu Bawumia believes that African governments need to embrace digital currencies to facilitate trade throughout the continent. As reported by Ghanaweb Bawumia outlined his argument during the Fifth Ghana International Trade and Finance Conference, which boasted the theme of “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.” He argued that trade between African countries demands a “single central payment” system. Currently, moving goods over African borders is costly and time-consuming. A digital payments system, Dr. Bawumia believes, would rectify these issues.…

Anchorage Digital will custody crypto seized by US Marshals

Crypto custody bank Anchorage Digital will be providing digital asset services for the United States Marshals Service for seized funds related to federal crimes. In a Wednesday announcement from Anchorage, the digital asset platform said the U.S. Marshals Service, or USMS, “seized some amount of digital assets in recent years” which required a partner in the space to provide certain financial services. Anchorage will be responsible for custodying, liquidating, and other actions as part of the forfeiture process. Anchorage co-founders Diogo Mónica and Nathan McCauley cited the platform’s “stringent processes and procedures”…

Digital currency may be an answer to help the unbanked, Sen. Warren says

Senator and former United States presidential candidate Elizabeth Warren believes that the digital asset industry may be a tool to tackle some challenges in the traditional financial system. A known skeptic of cryptocurrencies like Bitcoin (BTC), Warren appeared to have softened her stance on the crypto industry in a CNBC Squawk Box interview on Wednesday, stating that digital currencies could be an instrument to bank the unbanked: “There has been an enormous failure by the big banks to reach consumers all across the country. Digital currency and central bank digital…

One tenth of Russians ready to get salaries in digital ruble, report says

Amid the Bank of Russia continuing progressing with its central bank digital currency (CBDC) development, one survey suggested that not many Russians are ready to accept salary payments in the digital ruble. Almost half of the Russian respondents strongly objected to receiving salaries in the digital ruble in a new survey by local recruitment site HeadHunter. Only 11% of respondents said that they were ready to get salaried in the digital ruble, while 41% indicated that they were “categorically opposed” to being paid in the CBDC, local news agency Izvestia…