As the Ukrainian government progresses with cryptocurrency-related legislation, a major local e-bank is preparing to launch a debit card featuring Bitcoin (BTC) trading. Ukrainian online banking application Monobank has completed a pilot integration with a cryptocurrency trading platform, Monobank co-founder Oleg Gorokhovsky announced Monday. According to the executive, the new integration will enable Monobank users to buy and sell Bitcoin with a debit card. Monobank expects to release the new feature later this month pending approval from the National Bank of Ukraine, Gorokhovsky noted. Launched in 2017, Monobank operates under the license of Universal Bank owned by tycoon Sergey Tigipko, …

Transparency, fairness and efficiency of government systems are some of the areas that are prime for blockchain disruption in public governance. Writing for the WEF Global Agenda section, Matthew Van Niekerk, co-founder and CEO of blockchain-as-a-service outfit SettleMint, highlighted how blockchain adoption could improve public procurement and land registries. According to Van Niekerk, public procurement is one of the main avenues of corruption and wastage in government. As part of the report, the SettleMint CEO argued that the closed-off nature of the process encourages illicit interaction between public officials and private businesses. Van Niekerk surmised that blockchain adoption could facilitate …

The State Bank of Vietnam is reportedly set to become the latest central bank to delve into explorations of the feasibility and operationality of central bank digital currencies (CBDCs). Its brief, distinct from other countries, is looking to trial a digital currency that would be expressly built on blockchain technology, rather than a centralized protocol. According to a July 3 report from the English-language daily Viet Nam News, Prime Minister Phạm Minh Chính announced the initiative as part of his wider e-government development strategy. The central bank is expected to work on the development and implementation of the pilot from …

Japan will have more clarity on the design of its central bank digital currency (CBDC) no earlier than late 2022, according to a ruling party official. Hideki Murai, head of the ruling Liberal Democratic Party of Japan’s panel on digital currencies, said that the Bank of Japan (BoJ) is still working on sorting out the key functions of the digital yen, such as defining what entities would serve as intermediaries between the central bank and its deposit holders. “By around the end of next year, we’ll have a clearer view of what Japan's CBDC would look like,” Murai said in …

Wouter Witvoet, CEO of DeFi Technologies: “In the past, El Salvador struggled with trust in its monetary policy, so in 2001, it ‘dollarized’ its economy and effectively gave control of its monetary system to the U.S. Federal Reserve. It saw the U.S. dollar as a more stable, trustworthy currency than its own. Since the 2008 global financial crisis, the U.S. has been pursuing a very experimental form of monetary policy involving tools like quantitative easing and a central bank that now directly monetizes, or purchases, government-issued debt to keep interest rates low. This is a playbook that is dictated by …

Binance, the leading cryptocurrency exchange by trade volume, continues to face scrutiny from regulators regarding the legality of its operations in certain countries. Thailand’s Securities and Exchange Commission (SEC) and the Cayman Islands Monetary Authority (CIMA) are the latest financial regulators to announce a regulatory crackdown on Binance. Thai SEC announced Friday that the agency had filed a criminal complaint against Binance, launching a criminal procedure and an investigation for allegedly operating a digital asset business without a license. The authority said that Binance had provided crypto trading services via its website by “matching orders or arranging for the counterparties …

The U.S. Department of State’s Under Secretary of State for Political Affairs Victoria Nuland said El Salvador should ensure Bitcoin is well regulated under its new legal framework. In a Wednesday press conference following a meeting with President Nayib Bukele, Nuland said the United States was taking a “tough look at Bitcoin” following the ransomware attack on the Colonial Pipeline and suggested El Salvador take a similar approach. The country passed a law in June making Bitcoin (BTC) legal tender, legislation that will go into effect on Sept. 7. "I did suggest to the President that whatever Salvador chooses to …

Reports alleged that cryptocurrency miners in China’s Yunnan province may be out of commission for a day if not longer due to the Chinese Communist Party’s 100th anniversary celebration this week. According to Kevin Zhang, the vice president of mining infrastructure company Foundry Services, all major Bitcoin (BTC) mining farms in Yunnan have been shut down as of today. Zhang said he personally knew of at least two crypto mining sites in the southwestern region that had received orders to cut power. The shutdowns are purportedly due to the impending Chinese Communist Party, or CCP, celebrations, which occur every year …

The United Kingdom Financial Conduct Authority’s (FCA) crypto licensing regime is reportedly proving arduous for cryptocurrency businesses looking to operate in the country. According to a Reuters report on Tuesday, the number of withdrawn licensing applications from crypto businesses increased by over 25% in June. Indeed, Cointelegraph reported near the beginning of the month that 51 crypto firms had withdrawn earlier submitted filings for registration with the FCA. An FCA spokesperson quoted by Reuters said that 13 more companies have pulled out of the approval process, bringing the total number of withdrawals to 64. Since January 2020, the FCA has …

The Monetary Authority of Singapore, the country’s central bank and a major financial regulator, is challenging fintech companies to pitch solutions for a central bank digital currency, or CBDC. On Monday, the central bank officially announced a global challenge that seeks new retail CBDC solutions which enhance payment efficiencies and promote financial inclusion. As part of the initiative, the MAS is planning to distribute 50,000 Singapore dollars, or $37,000 USD at time of publication, to each of three challenge winners. They will also provide expert mentorship to 15 finalists in an effort t encourage rapid development of digital currency solutions. …

Iran’s Ministry of Industries, Mining and Trade issued operating licenses for 30 crypto mining centers in the country, the country's Financial Tribue reported last Wednesday. Citing data from the ministry’s website, the report says that Iran’s Semnan Province received the most licenses, with six crypto mining farms now authorized to operate in the region. Alborz Province secured four such licenses, followed by Mazandaran, East Azarbaijan and Zanjan Provinces. Tehran Province, which houses the country’s capital, reportedly received only one license to operate a crypto mining center. The ministry also issued 2,579 establishment permits for new industrial crypto mining units across …

BTCChina, the operator of China’s oldest Bitcoin (BTC) exchange, is no longer in the crypto business, according to some reports. The company sold its stake in the Singapore-registered Bitcoin exchange ZG.com to an unidentified foundation in Dubai, Chinese news agency The 21st Century Business Herald recently reported. According to the report, ZG.com is a completely independent crypto exchange business with registrations in the United States, Singapore, Estonia, Seychelles and other countries. BTCChina reportedly invested in ZG.com in January 2019. According to a report by the South China Morning Post, BTCChina said that it was exiting the Bitcoin business “in response …