31 August

“Russia may soon be taking a cue from Iran by using cryptocurrencies for imports, according to comments from the Russian prime minister. The adoption of digital assets is necessary as a “safe alternative” for cross-border payments, Russian Prime Minister Mikhail Mishustin declared.

We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.

Mishustin’s remarks came shortly after Iran’s Industry of Mines and Trade Ministry approved the use of cryptocurrencies for imports.”

See Also: Iranian businesses get the green light to use crypto for imports
See Also: Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto

“Consumer watchdogs within the U.S. House of Representatives sent letters to the largest crypto exchanges in the U.S. on Tuesday, requesting “information and documents” showing how each company is working to “combat cryptocurrency-related fraud.”

Citing a Federal Trade Commission (FTC) figure, Krishnamoorthi estimates crypto fraud will con victims out of a whopping $1 billion in 2022 alone.

Given the growing popularity of cryptocurrencies both as a form of payment and as an investment, I am concerned by the rapid growth of fraud and consumer abuse. What mechanisms, such as insurance covering fraud or other criminal acts, does Coinbase have in place to ensure that individuals harmed while using your services are recompensed?

These House Committee letters suggest that the federal government wants to gather evidence quickly and no longer be a bystander in what some consider a largely unregulated industry.”

“The country’s financial regulator prohibited local crypto companies from carrying out ICOs – a way of raising funds by selling digital tokens – in 2017. Now, the central bank is arguing in favor of regulating ICOs rather than forbidding them, saying the ban is not effective.

The Bank of Korea says companies like stablecoin issuer Terra were able to circumvent the ban and sell digital tokens to locals by setting up corporations overseas.”