Russia is set to “integrate” its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year’s end. Per Prime, the State Duma’s Committee on Budgets and Taxes has approved a private member’s bill that seeks to amend the Tax Code. The amendment will allow tax bodies to “integrate…
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Elvira Nabiullina, Governor of the Bank of Russia, talked about the future of cash in the context of the digital ruble pilot currently being executed in the country. Nabiullina explained that physical money was not disappearing and that the future implementation of the digital ruble was directed to offer payment options to users. Bank of…
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The Russian Central Bank says that its CBDC, the digital ruble, “has nothing to do with” state efforts to collect biometric data. The bank began piloting its CBDC just over a month ago in 11 cities nationwide. Russian MPs last year voted in a law that allows banks and state agencies to collect biometric data…
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The legal struggle between the SEC and Binance.US continues, with the company hitting new lows in trading volume. The legal struggle between crypto exchange Binance and the United States Securities Exchange Commission (SEC) continues. The SEC has accused Binance.US of noncooperation in the ongoing investigation. The agency points out that Binance.US’s holding company, BAM, has…
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The National Payment Corporation will be responsible for the development of “digital financial infrastructure,” including the implementation of the digital tenge. The National Bank of Kazakhstan (NBK) has established a separate entity to lead the development and implementation of the country’s central bank digital currency (CBDC), the digital tenge. According to an official statement on…
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The United States House Financial Services Committee is going forward with the legislative measures aimed at controlling the issuance of a digital dollar. Chairman Patrick McHenry recently announced that the Committee has scheduled a markup session for two crucial bills related to the potential digital dollar. … Read More: US House Financial Services Committee Advances Bill…
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On Sep. 20 the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States. The United States House Financial Services Committee is moving forward with legislation aimed at preventing the issuance of a central bank digital currency. According to an announcement from chairman Patrick McHenry, the Committee…
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The American Bankers Association (ABA), an organization that represents banks custodying $18 trillion in deposits and processing $11 trillion in loans, believes that issuing a central bank digital currency (CBDC) in the U.S. is “unnecessary” and would introduce “unacceptable risks” to the financial system, given that the dollar “is already digital.” ABA Opposes Idea of…
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Swift has partnered with three central banks to conduct beta testing of its central bank digital currency (CBDC) connector solution in an effort to advance cross-border payments using CBDCs. In a recent press release, the global financial messaging network said that the Hong Kong Monetary Authority and the Central Bank of Kazakhstan are among the three central banks currently integrating its solution with…
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The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial payment services, has announced that its central bank digital currency (CBDC) connector has entered beta testing stages. SWIFT reported that three central banks are already testing this interlinking solution, while more than 30 financial institutions are testing its various applications in a…
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