28 May

The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the Financial Policy Division within Russia’s Finance Ministry, is actively considering the possibility of incorporating crypto payments.

The idea of using digital currencies in transactions for international settlements is being actively discussed.

The Finance Ministry is considering adding the proposal on international payments to an updated version of a crypto law that’s still under construction.

Support for cryptocurrency legalization appears to be coming from all segments of the Russian government. According to trade minister Denis Manturov, Moscow plans to legalize crypto payments “sooner rather than later.” In April, the country’s Finance Ministry supported legalization in a bill titled On Digital Currency.”


Bangkok-headquartered Siam Commercial Bank (SBC), the oldest and one of the biggest banks in Thailand, has entered the decentralized finance (DeFi) realm via Compound Treasury. Compound Treasury, a kind of institutional wrapper that leverages custody firm Fireblocks, converts U.S. dollars into fiat-backed USDC on Compound, which allows institutions to earn fixed annual yields of 4%.

We think Compound has created a regulated instrument that’s very easy to understand: U.S. dollar in, U.S. dollar out with a fixed 4% interest rate.

Large institutions including banks have been eyeing the DeFi space, with services like Compound Treasury and Aave Arc offering a serviceable entry point.”

See Also: JPMorgan trials blockchain for collateral settlement in after-hours trading


“Three ​​Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on Wednesday, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. According to the bill, app and software distributors in the U.S. shall not support or enable transactions in e-CNY or support any app that features such transactions in the country.

The senators reasoned that banning China’s digital yuan in the U.S. would help the nation avoid “direct control” and surveillance of users’ financial activity.

The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We cannot allow this authoritarian regime to use their state-controlled digital currency as an instrument to infiltrate our economy and the private information of American citizens.”


Bitcoin (BTC) and other cryptos traded lower on Friday despite another move upward in stocks. Crypto traders are still in risk-off mode after experiencing almost nine consecutive weeks of negative returns. BTC is on track for a 27% decline this month, although it is up 10% from its recent extreme low at $25,840 on May 12.

Over the short term, however, prices could stabilize. On the macro front, MRB Partners, a global investment research firm, expects equity markets to rebound should global growth conditions prove resilient. The firm is ‘[a]ssuming interest rate expectations and bond yields stay calm for a period of time, which is probable as inflation will temporarily decelerate, first in the U.S. and then elsewhere. Central banks, in turn, likely will briefly cool their newfound hawkishness.’

The short-term rise in stocks could be a tailwind for crypto, assuming the high correlation between both assets remains intact. In contrast, perhaps the decline in cryptos signals limited upside in stocks as risk-off sentiment prevails.”

See Also: Ether Accounts for Almost Half of $520M Liquidations Amid Weak On-Chain Data
See Also: UK Crypto Hedge Fund Weathers Market Storm With Arbitrage Strategy


“In a Wednesday blog post, Buterin noted that the increased amount of scrutiny placed on crypto and decentralized finance (DeFi) since the Terra crash is “highly welcome,” but he warned against writing off all algo-stablecoins entirely.

The Ethereum co-founder offered two thought experiments to determine if an algorithmic stablecoin is “truly a stable one.”

In Buterin’s view, if the market activity for a stablecoin project “drops to near zero,” users should be able to extract the fair value of their liquidity out of the asset. Buterin highlighted that UST doesn’t meet this parameter due to its structure in which LUNA, or what he calls a volume coin (volcoin), needs to maintain its price and user demand to keep its United States dollar peg.

Buterin also feels it is vital for an algo-stablecoin to be able to implement a negative interest rate when it is tracking “a basket of assets, a consumer price index, or some arbitrarily complex formula” that grows by 20% per year.”


Terra’s most valuable asset – the loyalty of their developers – is being challenged. With the launch of Terra 2.0, projects must decide whether or not they will stay loyal to the Terra ecosystem or choose another path. Competing blockchains are offering up major perks for them to develop on greener pastures.

Terra’s failure shouldn’t punish [the decentralized applications] built on it.

Kadena, a layer 1 blockchain founded in 2016, announced a $10 million Terra relief fund Thursday in an attempt to court projects into its ecosystem. Polygon, an Ethereum sidechain, has also announced a multimillion-dollar fund to assist Terra projects looking to build in the Polygon ecosystem.

These developers are also facing poaching efforts from Terra’s competitors, with some blockchains even launching eight-figure funds to help sweeten the deal.

Project founders are really exploring other options, even more than I was anticipating. Terra 2.0 has too much up in the air, the path forward is being questioned.”