Putin Backs Bitcoin as Russia Advances Digital Asset Taxes and Mining Growth
Russian President Vladimir Putin has signed a law classifying digital assets as property for taxation purposes, offering much-needed clarity to Russia’s burgeoning digital sector. This legislation, which amends Russia’s Tax Code, exempts profits in the sector from value-added tax while subjecting them to income tax. Individual earnings below 2.4 million roubles will be taxed at […]
Central Bank of the Philippines Completes Testing for Project Agila: Wholesale CBDC
The Bangko Sentral ng Pilipinas (BSP) has successfully concluded testing for Project Agila, a pioneering initiative aimed at enabling financial institutions (FIs) to conduct fund transfers seamlessly, even outside traditional business hours. This includes evenings, weekends, and holidays. The innovative project leverages open-source distributed ledger technology (DLT) through Oracle Cloud Infrastructure, setting the stage for […]
Central Bank Coalition Share Legal and System Design Considerations of Retail CBDCs
A coalition of seven central banks – the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve Board of Governors, Sveriges Riksbank, and the Swiss National Bank – in collaboration with the Bank for International Settlements (BIS), has been examining key aspects of central bank digital […]
China Enhances CBDC Offline Wallet with Touch, Visual, and Scan Capabilities
China has consistently prioritised inclusivity in its development of a central bank digital currency (CBDC). With the digital RMB, or eCNY, the country aims to make the currency accessible to those who may lack smartphones or experience unreliable internet connectivity. This inclusivity is particularly important for elderly users and tourists who might prefer not to […]
China’s Digital Yuan CBDC Gains Momentum with Huawei and IATA Integrations
In a significant leap for China’s central bank digital currency (CBDC), the digital yuan is now finding integration across diverse sectors, from mobile operating systems to global aviation. Huawei has embedded the digital yuan directly into its Harmony OS, allowing seamless in-app payments with the CBDC, while the International Air Transport Association (IATA) has announced […]
BIS Departure from mBridge: A Strategic Exit or a Political Move?
Last week, the Bank for International Settlements (BIS) announced its exit from the mBridge cross-border payments project, a significant initiative in the field of central bank digital currencies (CBDCs). Agustín Carstens, BIS General Manager, confirmed the decision at the Santander International Banking Conference, attributing the move to the project’s progress rather than political pressures or […]
Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion, Signalling Major Step into Digital Assets
In a landmark acquisition, Stripe, the global payments processor, has acquired stablecoin platform Bridge for $1.1 billion. This acquisition, confirmed by Stripe and Bridge, marks Stripe’s largest acquisition to date and one of the most significant in the cryptocurrency sector. Bridge, founded by entrepreneurs Sean Yu and Zach Abrams, has emerged as a prominent software […]
Avalanche Expands Crypto Utility with Launch of Visa-Backed ‘Avalanche Card’
Avalanche has announced the launch of the Avalanche Card, a crypto-friendly payment solution designed to facilitate everyday spending of digital assets like WAVAX, USDC, and sAVAX. The card, powered by Rain Liquidity, allows users to make purchases anywhere Visa is accepted, with the convenience of both physical and virtual cards. Initially available to residents in […]
China Reports Rapid Growth for Digital Yuan: 180 Million Wallets and 7 Trillion Yuan in CBDC Transactions
The People’s Bank of China (PBOC) has reported notable progress in the adoption of its central bank digital currency (CBDC), the digital yuan, with 180 million individual wallets opened as of 31 July, according to local media reports on 11 October. The CBDC has facilitated transactions amounting to over 7.3 trillion yuan (£1 trillion) across […]
Palau Unveils Blockchain-Based Savings Bonds Prototype with Soramitsu Support
The Government of Palau has taken a significant step towards modernising its financial infrastructure with the launch of a blockchain-based savings bond prototype system, Palau Invest, developed in collaboration with Soramitsu and Japan’s Ministry of Economy, Trade, and Industry (METI). This initiative is part of METI’s “Global South Future-Oriented Co-Creation Project,” showcasing Japan’s ongoing support […]
