news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

No Result
View All Result
news4global
No Result
View All Result
Home Regulation

Russian Stablecoin Would Test US Regulations

September 7, 2022
Reading Time: 5 mins read
0
Russian Stablecoin Would Test US Regulations
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Federal lawmakers eye cryptocurrency regulations – FOX21News.com

February 2, 2023
Meta CEO Steadfast On Metaverse Plans Despite Huge Losses, North Korea-linked Hackers Steal $1.7b Worth Cryptos In 2022

Meta CEO Steadfast On Metaverse Plans Despite Huge Losses, North Korea-linked Hackers Steal $1.7b Worth Cryptos In 2022

February 2, 2023

Get ready to see the stablecoin regulation wars heat up.

Tuesday (Sept. 6), Russia’s official government news agency, Tass, reported that the government was turning to stablecoins to make cross-border payments to friendly nations as a way to bypass sanctions.

This is exactly what naysayers in Congress have been fearing for months: that cryptocurrencies will be used to bypass sanctions — resulting in tougher, less privacy-friendly regulations in the U.S.

See also: Crypto’s Impact on Russian Sanctions Could Lead to Tougher Regulation

Since its invasion of Ukraine, these U.S.- and EU-led international sanctions have cut off Russia’s access to standard payments rails like SWIFT.

End-around

“The Finance Ministry and the Bank of Russia agreed that in the current conditions ‘it is impossible to do without cross-border settlements in cryptocurrency,’” Tass reported on Tuesday (Sept. 6.).

As a result, Russia is working to create new bilateral payments platforms using “mutually acceptable tokenized instruments” to bypass the need to use dollars or euros for international settlements, Deputy Finance Minister Alexey Moiseyev told Tass.

These are “essentially clearing platforms that we are currently developing with these countries,” he said. “Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants.”

It isn’t the first time Russia has talked of using crypto to bypass sanctions, even as it bans its use by citizens to make payments.

Read more: Trolling Sanctions, Top Russian Pol Suggests Bitcoin For Gas

While pretty clearly speaking tongue-in-cheek about using bitcoin to bypass sanctions that prevent it from getting paid gas exports in dollars — the world’s reserve currency — or euros.

“We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan,” Pavel Zavalny, head of the Russian State Duma’s Committee on Energy, said in March. “With Turkey, it will be lira and rubles. The set of currencies can be different, and this is normal practice. If there are bitcoins, we will trade bitcoins.”

Breaking the dollar’s hold on international trade pricing may be difficult, but using stablecoins could be an efficient workaround on sanctions.

An Impact on U.S. Thinking

Russia’s overtures come at a delicate time for crypto — especially the stablecoin industries.

With the $48 billion collapse of the Terra/LUNA algorithmic stablecoin pair in May, the generally dollar-pegged tokens are considered a higher priority than broader crypto regulation. Besides that, many regulators and central bankers are highly skeptical about stablecoins’ ability to let consumers bypass national currencies altogether, undermining their control of their economies.

The push across some 100 countries to at least consider central bank digital currencies is in large part a response to stablecoin fears.

The focus on Russia was highlighted in March when four Democratic U.S. Senators including Elizabeth Warren (D-Mass.) wrote to Treasury Secretary Janet Yellen, saying that “such digital assets and alternative payment platforms may facilitate evasion of U.S. and global sanctions, potentially undermining the efficacy of our sanctions regime.”

See more: US Stablecoin Bill Hits a Snag as Negotiations Break Down

Negotiations in Congress that would lead to stablecoin-only regulatory action this year before a broader crypto-focused bill next year, look to be stalling over a number of issues, including how far the privacy vs. anti-money-laundering (AML) balance should tilt in one direction or another.

Another big debate is who should be able to issue stablecoins: Federally regulated and FDIC insured banks or institutions chartered at the state level as well. Again, a focus on stablecoins — even private ones — as sanctions busters could push that toward more centralized control.

Current Coins Need not Apply

If Russia does turn to stablecoins for international settlements, it won’t use the major existing ones.

Both Tether, issuer of leading stablecoin USDT, and Circle, issuer of No. 2 stablecoin USDC, have frozen stablecoins in a way that developers of decentralized cryptocurrencies largely can’t.

While centralized exchanges like Coinbase, FTX and Binance can shut off access to crypto held in their wallets, once someone has a bitcoin or other cryptocurrency in their possession and knows the private key code, there is no way to stop them from sending it to someone else, and no way to prevent the recipient from getting it.

Off-ramping that crypto for fiat is another story as the size of the transactions alone would make them noticeable on a public blockchain.

But a private payments platform, particularly one backed by a reserve containing a relatively price-stable commodity like gold, would make that far easier.

After all, for all of crypto enthusiasts’ talk of privacy, every transaction on a public blockchain is traceable. The same can’t be said for gold.

 

For all PYMNTS Crypto coverage, subscribe to the daily Crypto Newsletter.

aml / kyc

NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

Sign up for our daily newsletter.

You have successfully joined our subscriber list.

.

We’re always on the lookout for opportunities to partner with innovators and disruptors.

Learn More


https://www.pymnts.com/cryptocurrency/2022/stablecoin-issuers-account-for-2-of-u-s-treasuries-market/partial/

See More In: Connected Economy, cross-border payments, cryptocurrency, Digital Payments, Editor’s Picks, News, Russia, sanctions, Stablecoin, TechREG, ukraine

Share76Tweet47

Related Posts

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Federal lawmakers eye cryptocurrency regulations – FOX21News.com

by admin
February 2, 2023
0

Federal lawmakers eye cryptocurrency regulations  FOX21News.com

Meta CEO Steadfast On Metaverse Plans Despite Huge Losses, North Korea-linked Hackers Steal $1.7b Worth Cryptos In 2022

Meta CEO Steadfast On Metaverse Plans Despite Huge Losses, North Korea-linked Hackers Steal $1.7b Worth Cryptos In 2022

by admin
February 2, 2023
0

Despite Meta’s Reality Labs losing record $13.7 billion in 2022, the company has no plans to change its long-term strategy...

Live news: Peloton cash burn slows as revenue jumps

Live news: Peloton cash burn slows as revenue jumps

by admin
February 1, 2023
0

Monetary policy: The Federal Reserve is expected to lift borrowing costs, albeit at a slower pace than last year. Economists...

The good news about the Dow’s drop- POLITICO

K Street’s crypto gold rush continues

by admin
February 1, 2023
0

With Daniel LippmanCRYPTO SPENDING KEEPS RISING: Crypto interests nearly tripled their investments in federal lobbying last year compared to the...

Economic Survey 2023 Common Approach A ‘Necessity’ To Regulate Crypto RBI

Economic Survey 2023 Common Approach A ‘Necessity’ To Regulate Crypto RBI

by admin
January 31, 2023
0

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, kicking off the Union Budget session. As per...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Billionaire Draper Pitches Sri Lanka on Bitcoin, Gets Rejected – Bloomberg

February 3, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Silvergate Faces US Fraud Probe Over FTX and Alameda Dealings – Bloomberg

February 2, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Federal lawmakers eye cryptocurrency regulations – FOX21News.com

February 2, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

The Institute of Internal Auditors' General Audit Management … – PR Newswire

February 2, 2023

Latest News

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Billionaire Draper Pitches Sri Lanka on Bitcoin, Gets Rejected – Bloomberg

February 3, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Silvergate Faces US Fraud Probe Over FTX and Alameda Dealings – Bloomberg

February 2, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global