An overview of current news in the crypto space

Bit Team
5 min readApr 8, 2024

In our digest, we reviewed several important crypto-industry news over the past week:

  1. “The digital ruble: mass usage expected by 2025”;
  2. Six African countries plan to launch their own digital currencies;
  3. Bitcoin Cash’s post-halving growth;
  4. New crypto fraud method identified in India;
  5. Lithuania will start licensing cryptocurrency companies from 2024;
  6. Argentina introduces mandatory registration for cryptocurrency exchanges;
  7. Telegram allows paying for ads with cryptocurrency Toncoin.

Now for more details. Reading time: 8 minutes.

  1. “Digital ruble: mass use is expected by 2025”
    Elvira Nabiullina, the head of the Bank of Russia, said that the transition to mass use of the digital ruble will take 5 to 7 years and will take place no earlier than 2025. The Russian authorities are currently testing basic transactions with real digital rubles. The pilot program involves 600 clients, 12 banks and 22 trading and service companies. The transition to the digital ruble, according to Nabiullina, will be a natural process that takes into account the choices of people and businesses. State Duma deputy Andrei Lugovoi emphasized that citizens need to understand the difference between the digital ruble and cryptocurrencies, noting that the digital ruble is Russia’s state currency issued and controlled by the Bank of Russia.
  2. Six African countries plan to launch their own digital currencies
    African countries are actively exploring the launch of their own central bank digital currencies (CBDCs), according to a report by the International Monetary Fund (IMF). Six of the 23 African central banks surveyed plan to introduce their CBDCs in the next five years. This growing interest in CBDCs is indicative of African countries’ desire to improve their citizens’ access to financial services. It can also improve the efficiency of international payments and ensure transparency and security of financial transactions. However, a number of legal complexities may hold back the launch of CBDC. More than half of the CBs interviewed will have to amend their national legal regulations before issuing a CBDC. Digital currencies are already becoming a reality in some countries. For example, Nigeria introduced the e-naira in October 2021, while Ghana and Kenya are testing their digital currencies. The introduction of CBDCs could lead to new forms of financial sovereignty and affect the global position of the U.S. dollar, experts say.
  3. Bitcoin Cash growth after halving
    Last week, the cryptocurrency market showed multidirectional dynamics. Bitcoin marked a decline of 2.74%, dropping to $64,500, which was the lowest in the last ten days. At the same time, Bitcoin Cash, which underwent the second halving in history, increased its value by almost 10%. Under the impact of the halving, which occurred on April 4, 2024, the reward for mining a block of Bitcoin Cash decreased, which contributed to the increase in its value. Despite the fact that the number of minus trading sessions outnumbered the plus ones, the BCH exchange rate surpassed the $700 mark for the first time since November 2021. While Bitcoin and Ether have shown declines, Bitcoin Cash is showing halving gains. This phenomenon emphasizes the importance of such events in the cryptocurrency sphere and their impact on market dynamics.
  4. A new method of cryptocurrency fraud has been uncovered in India
    A new method of cryptocurrency theft has been uncovered in India, with scammers posing as recruiters and luring their victims into a trap under the pretext of a job offer. Among the victims was 22-year-old Naved Alam from Pune, who lost $3,000 in such a scam. Alam was offered a position as a designer in a web3 application development company. After he expressed interest, the correspondence moved to the Discord service. The scammer, posing as a recruiter, was impressed with Alam’s portfolio and offered him an interview with a company representative. Alam received a link to the online interview, which was actually malware that allowed the attackers to access his assets on Kamino Finance’s DeFi platform Kamino Finance, which runs on the Solana blockchain. Indian law enforcement agencies are currently investigating this fraud case.
  5. Lithuania will start licensing cryptocurrency companies from 2024
    The Lithuanian Central Bank plans to start licensing cryptocurrency companies from July 2024 in order to prevent abuses such as money laundering and cheating investors. About 590 such companies are already registered in the country, including those founded by citizens of other EU countries. Full regulation, i.e. a ban on operating without a license, is planned to be introduced by the summer of 2025. It has been clarified that companies already licensed to operate in other European countries will likely not be required to obtain additional permits. The central bank also intends to invest in educational programs for its employees to better understand the business models of cryptocurrency platforms. The decision comes after dozens of cases of fraud, sanctions evasion and illegal financing of criminal organizations were uncovered. The new regulation is expected to improve the security situation in the cryptocurrency industry.
  6. Argentina introduces mandatory registration for cryptocurrency exchanges
    Argentina is strengthening controls over cryptocurrency exchanges and related companies. The country’s securities regulator, the National Securities Commission (CNV), is introducing a mandatory registry for all organizations and individuals dealing with cryptocurrencies. The new measures will affect companies offering services to buy, sell, send or receive cryptocurrencies, as well as digital asset trading and lending. The rules will apply to both local companies and firms operating in the Argentine market but registered outside the country. Despite criticism from the community, the country’s authorities see this as a move to increase control over the cryptocurrency market. Manuel Ferrari, co-founder of the Money On Chain protocol, called the initiative pointless and said it could be an obstacle to the development of the market. However, Nicolas Bourbon, manager of KamiPay payment service, claims that the new requirements will not particularly affect clients, as they are aimed at meeting the requirements of international financial organizations.
  7. Telegram allows users to pay for advertising with Toncoin cryptocurrency
    Telegram has unveiled a new feature that allows users to pay for advertising on the platform using the Toncoin (TON) cryptocurrency. Owners of public channels with more than 1,000 subscribers can now earn 50% of the revenue Telegram receives from displaying ads in their channels. Rewards for advertising will be available for withdrawal on the Fragment exchange without commissions. Telegram channel owners can also reinvest their TONs in advertising, collectible usernames or gifts. Telegram chose the TON blockchain for its low fees, fast transaction speeds and the record number of transactions it can process per second. This update increases the monetization of the platform and gives users more opportunities to promote their channels.

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