In our digest, we took a look at some of the important crypto industry news from the past week:
- Russia prepares BRICS Bridge platform for digital currency settlements;
- Bolivia lifts ban on bitcoin transactions;
- USDT supply in the TON network exceeded $500 mln;
- Turkey will jail for 22 years for cryptocurrency fraud;
- Pavel Durov visited Kazakhstan, where Toncoin trading was approved.
Now for more details. Reading time: 7 minutes.
Russia is preparing the BRICS Bridge platform for settlements in digital currencies.
Russia, together with the central banks of the BRICS countries, is developing the BRICS Bridge platform for settlements in national currencies, including digital currencies. Deputy Finance Minister Ivan Chebeskov said that the new system will make it possible to reduce the impact of Western sanctions and conduct transactions directly in digital rubles, yuan and rials.
Against the backdrop of sanctions by the US and the European Union, the demand for independent settlement instruments between BRICS countries has grown significantly. The unified platform will also increase the competitive advantages of the BRICS countries. Alexei Dolmatov, a member of the general council of Business Russia, noted that payments between Russia and Southeast Asian states are often blocked, making the new system particularly relevant.
Russia plans to launch a digital ruble in 2025–2027, adding it to cash and non-cash money. China is already testing the digital yuan, and Iran introduced the digital rial in June this year.
The first test transactions using digital national currencies are expected to take place in 2025, primarily in Russia, China and India. In the future, the system will be used for payments for energy resources and consumer goods.
The BRICS Bridge platform will become an important tool for independent international settlements, reducing dependence on Western financial systems and increasing the economic stability of the BRICS countries.
Bolivia has lifted its ban on bitcoin transactions.
The Central Bank of Bolivia announced the lifting of the ban on the use of cryptocurrencies introduced in 2014. Citizens are now allowed to use bitcoin to pay for goods and services, and banks can process cryptocurrency payments. The move is aimed at modernizing the country’s financial infrastructure.
The new cryptocurrency regulations were developed in conjunction with several agencies and are in line with the recommendations of the Financial Action Task Force on Money Laundering in Latin America. However, the Central Bank stressed that cryptocurrencies are not recognized as legal tender in Bolivia.
Bolivia is following the example of other Latin American countries by integrating cryptocurrencies into its financial system. At the same time, the authorities plan to launch economic and financial education programs to inform citizens about the risks associated with the use of cryptocurrencies.
The number of cryptocurrency users in the region continues to grow as many see bitcoin as a protection against inflation. Despite the lifting of the ban, the Bolivian government does not yet intend to classify bitcoin as a full-fledged means of payment, as it has done in El Salvador.
Thus, Bolivia is making significant steps towards the legalization of cryptocurrencies in an effort to keep pace with other countries in the region.
USDT supply volume in the TON network has exceeded $500 mln.
The volume of Tether (USDT) stablecoin offerings on The Open Network (TON) reached $520 million in less than two months after TON began supporting the blockchain. TON officials noted that sending “digital dollars” is becoming as easy as sending text messages.
The popularity of clicker games such as Notcoin and Hamster Combat has contributed to the growth of the figure. These games allow you to earn in-game currency that can be exchanged for real assets. The integration of Web3 into the Telegram messenger with over 900 million users also played a significant role.
In addition to USDT, the digital currency XAUT, backed by physical gold, appeared on the TON network, further drawing attention to the blockchain. The total blocked value in applications on TON has exceeded $670 million, indicating the development of the decentralized finance (DeFi) sector.
The Toncoin cryptocurrency ranked eighth in the global cryptocurrency ranking with a market capitalization of $18.41 billion, with a token value of $7.49 and trading volumes reaching $1.91 billion over the past seven days, highlighting the growing interest in the project.
The Open Network continues to demonstrate impressive results, actively developing the ecosystem and attracting new users.
In Turkey for fraud with cryptocurrency will be jailed for 22 years.
The Turkish Parliament has passed a law regulating cryptocurrency transactions. The Capital Markets Board of Turkey will now control these transactions, issue licenses and impose sanctions. For activity without a license faces 3 to 5 years in prison, and for fraud — from 14 to 22 years.
There are also fines ranging from $7500 to $182600 for violators. The bill was initiated by the Justice and Development Party in May 2024.
The government hopes the measures will help remove Turkey from the FATF gray list and improve the investment climate.
Experts warn that the regulation could lead to an outflow of crypto assets and complicate the work of global exchanges. However, the head of Blum Gleb Kostarev believes that local users will trade on licensed platforms, which will help control cash flows and collect taxes.
The effectiveness of the new measures will become clear in time.
Pavel Durov visited Kazakhstan, where Toncoin trading was approved.
Pavel Durov, the creator of Telegram, arrived in Kazakhstan at the invitation of the Minister of Digital Development Zhaslan Madiev. During the visit, Durov visited Astana Hub and the Astana International Financial Center (AIFC). The purpose of the visit — a demonstration of technological achievements of Kazakhstan.
Against the backdrop of the visit, it became known that the IFCA Financial Services Regulatory Committee (AFSA) approved the cryptocurrency Toncoin for trading on licensed platforms. After a comprehensive review, Toncoin’s compliance with regulatory standards was confirmed. Investors can now trade Toncoin on AFSA-licensed platforms in compliance with all regulatory requirements and safeguards.
Kazakhstan’s Ministry of Digital Development believes that this decision will attract new investors interested in cryptocurrencies. Durov’s visit and the approval of Toncoin emphasize Kazakhstan’s desire to develop digital infrastructure and attract foreign investment.
Thus, the visit of Pavel Durov and the approval of Toncoin for trading in Kazakhstan open new opportunities for investors and confirm the country’s technological development.
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Info taken from: bit.team/blog/en/cryptonews_en_02_07_2024/
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