VTB sealed the first deal with digital financial assets in Russia

VTB Factoring, a subsidiary of Russia’s state-owned bank, reported the first major deal with digital finance assets. As part of the deal, the bank subsidiary acquired a tokenized debt pool of the engineering company Metrowagonmash, issued via the fintech platform Lighthouse. On Wednesday, June 29, VTB reported the deal on its webpage, claiming it to be the first issuance and placement of digital financial assets secured by cash in the Russian Federation. In the announcement, the bank compares it with the issue of short-term commercial bonds. Anton Musatov, CEO at…

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Transparent financial systems won’t get real traction, blockchain exec argues

As the conversation around privacy intensified with the recent Litecoin (LTC) upgrade called Mimblewimble and regulators’ reaction to the feature, Adrian Brink, the founder of blockchain protocol Anoma, weighed in on the topic and shared his perspectives to Cointelegraph.  According to Brink, privacy is an essential tool for democracy because it prevents huge corporations from targeting people and segregating them into different bubbles. The Anoma founder told Cointelegraph that: “The fact that you have surveillance capitalism allows micro-targeting to such an extent that it can put people into their own…

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SEC boss worries crypto bill undermines financial protections

United States Securities and Exchange Commission (SEC) Chairman Gary Gensler said he’s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market. Speaking at The Wall Street Journal’s CFO Network Summit on June 14 Gensler was asked his thoughts regarding a recent bill introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). He responded saying “we don’t want to undermine the protections we have in a $100 trillion capital market,” adding: “We don’t want our…

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DeFi pulls the curtain on financial magic, says EU Blockchain Observatory expert

As decentralized finance continues its victorious march — although the road is sometimes bumpy — some significant questions on its nature remain. How can DeFi applications be protected from becoming nonoperational under extreme stress? Is it really decentralized if some individuals have way more governance tokens than others? Does the anonymous culture compromise its transparency? A recent report from the EU Blockchain Observatory and Forum elaborates on these questions and many others around DeFi. It contains eight sections and covers a range of topics, from the fundamental definition of DeFi…

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Coin Center takes US Treasury to court over alleged financial spying

Coin Center, a Washingon, DC-based non-profit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill. Coin Center lawsuit information about plaintiffs and defendants. Source: Case: 5:22-cv-00149-KKC In an official announcement, Coin Center revealed the filing of a suit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate within the Infrastructure Investment and Jobs Act. The lawsuit read: “In 2021, President Biden and Congress amended a little-known tax reporting…

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IRA Financial Trust to sue Gemini over $36M crypto assets exploit back in February

On Monday, IRA Financial Trust, a platform providing self-directed digital asset retirement and pension accounts, filed a lawsuit against cryptocurrency exchange Gemini for alleged negligence in safeguarding customers’ digital assets during a critical exploit. The firm’s client accounts were held in Gemini’s custody. On February 8, a breach led to the siphoning of $36 million in crypto assets from customers’ accounts via unauthorized withdrawals.  Since then, both companies have blamed each other for being responsible for the loss of funds. To complicate matters, an allegedly fake 911 call coincided with…

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Sound financial planning or gambling with the future?

In April, United States-based retirement plan provider Fidelity Investments moved to allow 401(k) retirement savings account holders to invest directly in Bitcoin (BTC), the flagship cryptocurrency, making crypto a potential part of one’s savings for the future. A 401(k) is a retirement savings plan offered by many U.S. employers that give the saver tax advantages and allow for several different investment options. Fidelity’s move will make it easier for Bitcoin to be among those options. In a typical 401(k) plan, employees agree to have a percentage of each paycheck paid…

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