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Bermuda became the first government to accept digital currency payments
**This week the Bermuda Government announced that the country is ready to accept digital currency for government taxes, services, and fees payments.** Bermuda thereby became the first government providing such an opportunity. This means that around 60,000 residents of the island will be able to pay their taxes using the cryptocurrency. **For government services payments, Bermuda will accept U...
Path: BlogPros and cons of Central Bank digital currency in the view of the IMF
...Monetary Fund (IMF), about 80% of central banks are exploring CBDC at some level. Last week the IMF’s Managing Director briefed the pros and cons of CBDC, below are outlined some of them. Among the advantages of adoption of Central Bank digital currency is the enhancement of financial inclusion because there’re is no need for consumers to have a bank account to hold CBDC. This digit...
Path: BlogThe Central Bank of the Bahamas expressed digital currency plans
It is very likely that soon Bahamians will have their own digital currency. **The Central Bank of the Bahamas disclosed the plans to issue their own electronic money and establish digital currency as a legal tender.** According to the Central Bank, introducing the cryptocurrency will be a valuable input for handling economic issues. It will be the blockchain-based digital fiat currency dubbed...
Path: BlogCambodia will launch a central bank digital currency
**“Project Bakong” first trialed last summer is a specially designed digital currency that will serve as the national payment gateway for Cambodia.** Based on the blockchain technology, a peer-to-peer platform with its own digital currency will be launched in the coming months. Bakong central digital currency was designed by the Japanese blockchain company. The company Soramitsu has devel...
Path: BlogCryptocurrency Exchange License in El Salvador
El Salvador adopted Bitcoin as legal tender in June 2021 and became the first country to officially recognize the digital currency at the national level. The government's rapid development of the cryptocurrency sector is supported by tax incentives and exemptions for companies with a cryptocurrency license in El Salvador. Timeframe: within 3 – 4 months Minimum capital requirement: Share c...
Path: LicensingGovernmental digitalization in Malta
... Services Bill; and (III) the Virtual Financial Asset Bill. In a few words, blockchain is allowing digital information to be distributed at a high security level, blockchain technology created the backbone of network. Originally developed for the digital currency, the tech community is now finding other potential uses for this technology. A blockchain includes the whole history of all transacti...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...ging as a favorable jurisdiction for cryptocurrency businesses due to its evolving regulatory framework and attractive economic conditions. The country is part of the Eastern Caribbean Currency Union (ECCU) and is involved in a pilot program to test digital currency as legal tender. This guide provides a comprehensive overview of how to obtain a crypto license in SVG, detailing the necessary steps...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...ted that the SEC had been in talks with the Central Bank of Nigeria (CBN) as they are preparing the launch of the forthcoming CBDC, e-Naira. Last month, the CBN drafted a series of guidelines addressing domestic banks about the Nigerian central bank digital currency project. The document is aimed to detail the design and the operational structure of the coin, which is reportedly intended to be leg...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
...let ‘Jiji Press’ report, debates on the new crypto laws are already initiated by Japanese authorities. It is planned to develop risky digital asset regulation by summer-2022. The work on the new legislation is motivated by FSA will to stabilize digital currency industry without interfering crypto-projects development. Last month, Financial Services Agency formed a dedicated section and a ...
Path: BlogJapan and South Africa are to set new crypto regulations
...*Japan works on both regulatory and diplomatic levels to introduce Crypto Regulations.** In terms of introducing crypto regulations, Financial Services Agency (FSA), Japan’s financial watchdog, has recently established a new overseeing unit for digital currency regulatory frameworks, while the Ministry of Finance is considering increasing its headcount. Last Friday, Reuters issued a repor...
Path: BlogBitcoin fortifying its positions: El Salvador, Paraguay and Beyond
...ons may need to consider accepting BTC payments for international trade–or both. Another aspect which may affect the future of Bitcoin usage is idea of nationally-issued cryptocurrencies, as China has been working on issuing a nationally-issued digital currency for several years; the United States is considering launching a ‘digital dollar’, and the European Union has been exploring a ‘...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...nable investors to choose to participate in properly regulated virtual asset trading platforms. The approach by the regulator is also welcomed by market players in the region. Previously new rules were established as ‘opt-in’ which meant that digital currency trading platforms could choose whether or not to subject their operations under the SFC’s regulatory. However, the country’s secu...
Path: BlogLocal Swiss Authority Planning to Accept Taxes in Cryptocurrency
... a big step in this direction. It was also announced that despite the administration’s decision to receive cryptocurrencies as a form of payment, it will receive the amount in fiat that way administration will protect the tax office against the digital currency’s market volatility. To implement this, the Zug Department of Finance is collaborating with local crypto financial services comp...
Path: BlogLegalization of Cryptocurrencies in Russia
...w legal framework legalizing cryptocurrencies in Russia and also properly defining them. Draft law was approved by legislative branch in the third reading and the new law will come into effect on January 1, 2021. According to new legislation any digital currency will now be recognized as a set of electronic data which can be used for payments purpose or even as an investment tool. It has been ...
Path: BlogFirst central bank issued digital coin in the euro zone
**The Central Bank of Lithuania announced in April of 2018 that it was exploring the possibility of issuing its own digital currency.** Two years later, in July of 2020 Lithuania is about to issue the first central bank-produced digital coin in the euro zone. This week the Baltic country will issue the digital coin- LBCOIN, as part of a project to trial central bank digital currencies and blo...
Path: BlogNorwegian airline’s customers may be able to purchase flight tickets with bitcoin
... will start accepting payments for flight tickets in crypto as soon as this spring. **Norwegian Air, one of the biggest airlines in Europe is about to transform the aviation industry in 2020 by allowing its customers to purchase flight tickets with digital currency.** Founded in 1993, Norwegian Air is the largest airline in Scandinavia and operates around 500 routes to more than 150 destinatio...
Path: BlogAlbania is preparing a legal framework for virtual assets
...also have to adhere to the existing guidelines on the prevention of money laundering, including employing staff member with the necessary experience in the field. **Albania is the third country in Europe to have a comprehensive law regulating the digital currency industry.** The other two are Malta and France, with the former being nicknamed the “blockchain island” for being a pioneer in th...
Path: BlogNew hype or a real irreplaceable instrument. Contracts of digital age.
... were a lot of surveys stating that smart contracts are rather vulnerable and unstable instruments. In order to understand the essential thing about smart contracts we should learn a little bit of history. The term “smart contract” comes from digital currency pioneer Nick Szabo, who created it more than 20 years ago. But to this day, it’s not always clear what people mean under the term *...
Path: Blog“Sand Dollar” pilot testing in the Bahamas
**The Central Bank of the Bahamas launched a pilot testing of a Central Bank digital currency (CBDC)** that was introduced on 27 December 2019. A so-called “Sand Dollar” is starting a pilot phase in Exuma, one of the districts of the Bahamas, and will extend to the Abaco Islands in the first half of 2020. The testing will allow collecting the data on the performance of the digital currency. ...
Path: BlogHow political unrest affects cryptocurrency?
...ntify the ways in which political instability can affect the financial systems, there is doubt about the interdependent nature of finance, government, and politics. But what effects the political upheaval has on cryptocurrency? Since Bitcoin and digital currency is a relatively new phenomenon, the effects of political events on cryptocurrency have not been closely studied. However, by the year...
Path: BlogBritish Virgin Islands announces a dollar-backed digital coin
An on-going initiative of the British Virgin Islands government to boost the local Financial Technology sector includes the development of the sovereign digital currency. The British Virgin Islands have been using the United States Dollar as the national currency since 1959. Today, the government is cooperating with a blockchain startup LifeLabs to implement a central digital currency that w...
Path: BlogChina to become the first country to issue state-owned cryptocurrency
...ology. This is a big step toward the crypto industry for China. For years crypto technologies were viewed with skepticism in this country. This is evidenced by the cryptocurrency ban which is still in effect. It worth noting that despite the digital currency is still formally banned in China, the government passed new crypto regulations which will come into effect on January 2020. The regu...
Path: BlogLocal cryptocurrency could soon be used in Japanese regions
**Two Japanese companies have been cooperating for two years on local cryptocurrency and now are launching a trial of a local digital coin.** Mitsubishi Research Institute and Kintetsu Shimakaze railway company introduced a new regional digital currency for use in Mie Prefecture - a famous tourist area. **The newly introduced cryptocurrency will be available for use from November 11 to Januar...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...d control crypto assets was making those institutions really upset. Being a conservative country with solid roots in a traditional economy, Russia nevertheless has chosen the progressive path by adopting crypto legislation instead of prohibiting digital currency. Although even the Central Bank of Russia perceives cryptocurrency as a threat to Russia’s monetary system, many financial institut...
Path: BlogTierion: utilizing the bitcoin blockchain to verify documents
...ed integration plans for additional blockchain functionality into their platform in the coming months. This comes as a result of the positive response members gave regarding Tierion’s services. Additional upgrades could include smart contracts and digital currency transactions, according to a Bloomberg report done on the company. **Bitcoin’s Blockchain** Tierion utilizes a dual blockchai...
Path: BlogNew anti-money laundering rules for crypto exchanges in Norway
... - the customers will be obliged to provide information about the purpose of a transaction and/or the origin of funds. Service providers will have to report suspicious transactions to the FSA. It is worth noting that there are identical rules for digital currency exchange platforms in Australia. These businesses are required to comply with a range of AML/CTF requirements, including: • Impl...
Path: BlogDubai International Financial Center is planning to launch the world's first blockchain court
...sputes relating to blockchain-enabled agreements. In a few words, **blockchain is distributed ledger technology (also known as DLT) which allowing digital information to be distributed at the highest security level**. Originally developed for the digital currency, DLT technology is not restricted to it. Tech community is now finding out other potential uses for this technology. It has huge pote...
Path: BlogAustralia Crypto License
... in late 2023, with final decisions and licensing details expected by late 2024 or later. The Australian Securities and Investments Commission (ASIC) is anticipated to oversee licensing for crypto businesses like exchanges and brokers. Currently, digital currency exchanges must register with AUSTRAC as service providers. Companies offering financial services related to digital currencies, such ...
Path: Licensing