Central bank digital currencies (CBDC) like Russia’s digital ruble do not pose any threat to United States sanctions, according to U.S. Deputy Treasury Secretary Wally Adeyemo. In a CNBC interview on Wednesday, Adeyemo argued that the U.S. dollar “will remain the dominant currency in the world” despite the increasing popularity of cryptocurrencies. Adeyemo pointed out that digital assets provide an “opportunity in lots of ways” for the U.S. economy, but it’s also associated with many challenges like money laundering. However, there are ways to combat this in order to benefit from the growing industry, the official said: “We do think …

The Reserve Bank of Australia (RBA) has warned Aussie investors about speculating on digital assets as it casts doubt over the entire crypto sector. During a Nov. 18 address to the Australian Corporate Treasury Association, the RBA’s head of payments policy Tony Richards offered an overview on distributed ledger tech, crypto assets, stablecoins, and central bank digital currencies (CBDCs). In his speech, Richards raised questions over crypto’s validity and growth in 2021 as he took aim at the amount of capital invested into memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB): “The recent boom in this area is perhaps …

The Russian central bank continues disclosing more details about its upcoming digital currency, now reportedly planning to take commissions for the digital ruble transactions. The fees for Russia’s central bank digital currency (CBDC) transactions will be lower than those of wire transfers, Bank of Russia’s director of financial technologies department Kirill Pronin reportedly said. Pronin elaborated that the CBDC transactions’ commissions will not be higher than those implemented within Russia’s Faster Payments System (FPS), a service that lets individuals make instant interbank transfers, the local publication Prime reported Wednesday. The FPS system was launched in 2019, allowing users to transfer …

The Bank of Russia will only fully adopt a central bank digital currency (CBDC) if the digital ruble meets several conditions within pilot tests, governor Elvira Nabiullina said. Nabiullina spoke of the digital ruble before the State Duma Committee on Financial Markets on Monday, disclosing more details about the CBDC rollout, local news agency Interfax reported. The Bank of Russia will only adopt the CBDC after the bank makes sure that rubles can be easily converted from cash into the digital ruble and non-cash, and only at a one-to-one ratio, she said. “It should be a real full-fledged ruble, no …

Sir Jon Cunliffe, the Deputy Governor for Financial Stability at the Bank of England (BoE) crypto may pose an imminent threat to the traditional financial system. During a Nov. 15 interview with the BBC’s “Today” program, Cunliffe argued that the rapid growth of digital assets and their integration with traditional financial services could soon pose systemic risks, stating: “[Cryptocurrencies] are growing very fast, and they’re becoming integrated more into what I might call the traditional financial system.” “So the point at which they pose a risk is getting closer. I think regulators and legislators need to think very hard about …

Zanzibar, a semi-autonomous territory in the United Republic of Tanzania, is reportedly exploring ways to regulate and adopt cryptocurrencies like Bitcoin (BTC). The government of Zanzibar is planning to conduct meetings with stakeholders like banks and ministries to discuss policies related to the cryptocurrency industry. Zanzibar Minister of State Mudrick Soraga announced the plans to Tanzanian news agency The Citizen on Nov. 10. The move is part of a potential plan to adopt crypto as Soraga previously met with local crypto enthusiasts who assured him that Zanzibar should recognize and adopt cryptocurrency as an official transaction method amid the total …

E-commerce giant JD.com took payments in China’s central bank digital currency (CBDC) at a massive local shopping event. JD.com accepted digital yuan (e-CNY) for payment on its e-commerce application for the Singles Day promotion period which began on Oct. 31 and ended on Nov. 11, the firm confirmed on Thursday. Singles Day is an unofficial shopping holiday in the country that also celebrates people who aren't in a romantic relationship. “100,000 people had used e-CNY on JD.com’s app during the Singles Day promotion period as of today,” a spokesperson for JD.com told Cointelegraph. “We will continue to work with related …

In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding that all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading. According to a report by local publication Leadership, an internal memo in one of the banks instructed employees to start monitoring accounts with significant transaction volumes or those that are believed to be used for cryptocurrency trading. The memo, according to Leadership, reads: “We wish to reiterate that the CBN is strictly …

Zimbabwe's Minister of Information publicly dismissed ongoing rumors about the country considering the adoption of cryptocurrencies and Bitcoin (BTC). Rather, Minister Monica Mutsvangwa clarified that the government of Zimbabwe is keen to experiment with a central banking digital currency (CBDC). The rumor about Zimbabwe’s crypto adoption was sparked based on numerous reports quoting Charles Wekwete, Permanent Secretary of the President’s office, saying that the government was in talks with the private sector businesses to help introduce cryptocurrency in the country. Just one day after the reports, Mutsvangwa took to a cabinet briefing to dismiss the ongoing crypto adoption claims: “Government …

On Tuesday, the governor of Russia's Central Bank, Elvira Nabiullina, said that the country will have a prototype of its digital rouble platform ready by early 2022 and will roll it out for trial use next year before making a final decision on whether or not to release its own digital currency, according to a Reuters report. Meanwhile, Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan to accommodate the digital currency. According to Izvestia, the State Duma Committee on the Financial Market head Anatoly Aksakov stated that these legal modifications would …

Singaporean central bank Monetary Authority of Singapore (MAS) has ramped up efforts to research and develop a central bank digital currency (CBDC) for retail use under the Project Orchid initiative. According to MAS managing director Ravi Menon, Singapore’s retail CBDC will be developed in partnership with private entities, which “would be the digital equivalent of today’s notes and coins.” Speaking at the Singapore FinTech Festival, Menon highlighted the benefits of retail CBDCs in aiding faster and secure online transactions and building an inclusive payment ecosystem. He also believes that building an in-house retail CBDC can reduce the inherent investment risks …

The Central Bank of Nigeria has reportedly ordered all commercial banks in the country to freeze accounts with at least two individuals engaged in crypto trading. According to a Nov. 7 report from Nigerian news outlet Peoples Gazette, the Director of Banking Supervision, J.Y. Mammanand, issued a notice directing the central bank to close the accounts of two alleged crypto traders and move their funds “in suspense accounts.” Mammanand cited a Central Bank of Nigeria, or CBN, circular issued in February as grounds for the account closures. The crackdown is reportedly part of a larger move by banking regulators to …