Bitcoin 

Russian Ministry of Finance Considers Allowing Cryptocurrency Trading

A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21. Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation. A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year. Anatoly Aksakov,…

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Bitcoin 

Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister

Russia’s parliament, the State Duma, will adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks, according to a local senior finance official. The news was reported by Russian government-backed news agency TASS on June 19. Russia’s deputy finance minister, Alexei Moiseev, revealed that the State Duma is currently considering the DFA, and is expected to adopt the bill in the second reading within the next two weeks. Moiseev added that the authority has approved separate legislation for initial coin offerings, which will be…

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Blockchain 

Cypherpunk Adam Back Speaks of Blockchain Benefits at G20 Meeting of Finance Ministers

Adam Back, who invented the hashcash proof-of-work system and was one of the first people to work on bitcoin (BTC), spoke about the positive uses of blockchain at G20. Cointelegraph Japan reported on Back’s comments at a meeting of finance ministers and central bank governors in Japan on June 8. Sitting next to the governor of the Dutch central bank, Back said he believed blockchain was another move to open networking — and said financial institutions stand to benefit from the technology because it would mean international transfers no longer need to go…

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Bitcoin 

G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto

G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action: “We ask the FSB and standard setting bodies to monitor risks and consider work on…

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Ethereum 

Vast Majority of DApps for Finance Built on Ethereum Blockchain

Ethereum devs constitute the vast majority of Decentralized Finance (DeFi) application (DApp) creators, according to a report by Binance Research on June 6. Number of DApps per blockchain, courtesy of Binance Research According to the report, DeFi can be thought of as the following: “An ecosystem comprised of applications built on decentralized networks, permissionless blockchains, and peer-to-peer protocols for the facilitation of lending/borrowing or trading with financial instruments.” This ecosystem purports to offer a permissionless, decentralized network for users, who reportedly retain full custody of their crypto assets. According to…

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Blockchain 

Russia’s Third Largest Food Retail Firm Uses Blockchain-Based Open Trade Finance Platform

Russia’s third-largest food retail firm, Dixy, has implemented blockchain technology in its corporate finance system, according to a press release shared with Cointelegraph on June 5. The Moscow-based retailer has deployed blockchain in cooperation between suppliers and factoring firms, which represent third parties that purchase businesses’ invoices at a discount in order to help those businesses to raise funds. Specifically, following a successful pilot test, Dixy is now moving the interactions between suppliers and factoring companies to an Ethereum (ETH) blockchain-powered open trade finance platform called Factorin. The Factorin platform…

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Blockchain 

Blackstone Majority-Owned Indian Tech Firm Partners With Bitfury on Trade Finance Project

Indian tech firm Mphasis — majority-owned by the American multinational private equity firm Blackstone Group — has partnered with blockchain tech giant Bitfury on a trade finance project, Reuters reported on May 28. The report notes that Blackstone owns 52.3% of Mphasis, which is listed on the National Stock Exchange of India. According to Reuters, details of the Mphasis-Bitfury project are still evolving, but Mphasis’ senior vice president and global head of payments Andres Ricaurte has reportedly stated that: “Our goal is to accelerate the disruption and transformation in the…

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Blockchain 

Finance IT Infrastructure Firm Partners With Institutional Crypto Exchange Seed CX

Trading IT infrastructure company Avelacom has partnered with digital currency exchange Seed CX, according to a press release published on May 23. The partnership aims to allow institutional clients of Avelacom —  an IT infrastructure provider for the financial services industry — to utilize Seed CX’s real-time market data and order-routing products. Currently, Seed CX provides services of a licensed exchange for institutional trading and settlement of spot digital asset products, with plans to offer its products for Commodity Futures Trading Commission-regulated digital asset derivatives. Managing Director of Avelacom Aleksey…

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Blockchain 

We Haven’t Found a Blockchain Use Case in Finance

Catherine Bessant, chief technology officer at Bank of America, admitted that the institution has yet to find blockchain use cases for the financial services sector. Bessant made her comments during an interview with Bloomberg published on May 14. Speaking to Bloomberg, Bessant said that — while she believes this technology to hold a lot of potential — blockchain is “full of sound and fury, yet to signify something.” Still, she noted that she believes blockchain has practical applications: “I believe that there are use cases that makes sense today, we…

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Blockchain 

Digital Asset Finance Firm BitGo Announces Off-Chain Clearance and Settlement Service

Digital asset finance firm BitGo announced the launch of its off-chain clearance and settlement service in a press release published on May 14. Per the announcement, the service will be available to clients of qualified custodian BitGo Trust Company, and assets are not moved from custody while reportedly allowing fast, compliant and secure settlement. The company explains that — since the funds never leave the custodian’s wallet — this method eliminates counterparty risk: “Until now, in a digital asset trade, one party needed to assume all of the risk and…

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