The IMF identifies six factors that could drive their rapid growth for digital payments and money are convenience, ubiquity, complementarity, low transaction costs, trust, and network effects. In its statement: “The first five reasons may be the spark that lights the fire of e-money; the sixth is the wind that could spread the blaze. The power of network effects to spread the adoption of new services should not be underestimated.”
One of the major bill relating to crypto bill “On Digital Financial Assets” (DFA) has been postponed for adoption by the State Duma (Russian parliament). The chairman of financial markets Anatoly Aksakov commented, “The law on the DFA is set to decide whether we will prohibit cryptocurrencies as a medium of exchange in Russian legislation, meaning that there will be no exchange points nor exchanges that work with cryptocurrencies.”
U.S. Congress is currently working on at least three bills that would resolve some of the tricky legal issues surrounding digital money. The Wall Street Journal commented, “Crypto’s backers in Washington say regulatory clarity is vital to the sector’s growth. They also worry the U.S. is falling behind: Japan and Switzerland have developed legal frameworks that have attracted cryptocurrency projects and investment.”
A fintech company headquartered in Barbados, Bitt, has been invited by the Central Bank of the Republic of Haiti, La Banque de la République d’Haiti (BRH) to showcase the potential of blockchain-based Central Bank Digital Currency. The BRH reported are now “considering a pilot to create a digital version of the Haitian Gourde, which aims to improve the domestic payments system and promote financial inclusion in Haiti”.
The Central Bank of Bahamas (CBOB) will sign an official agreement with transaction provider NZIA.io in order to build and implement Project Sand Dollar, the first digital currency in the Bahamas. CBOB will enter an official agreement for the development of a digital fiat currency system on May 30. The central bank said, “The Project Sand Dollar initiative will be an integrated, affordable electronic payment system for all businesses and residents,”
Belfast Coin will bring all the different elements of the city closer to each other, by empowering residents, businesses, NGOs, community groups and educational institutions to work together towards the same goals. Belfast Lord Mayor Councilor Deirdre Hargey claims that being selected to be part of the city currency challenge means an important opportunity for Belfast, and he is glad that this has been made possible through our partnership with 100 Resilient Cities.
Stealth Quantum Proof-of-Stake, currently in testnet, is the fastest cryptographically private digital currency has tokenized transaction validators purchase their rights as Non-Fungible Tokens (NFTs) called “stakers”. Dr. James Stroud, lead developer of Stealth explained, “Unlike other scheduled block validation systems, Stealth’s reputation system means that chain trust and block rewards are truly meritorious and based purely on objective performance statistics, uninfluenced by the whims of powerful stakeholders.”
The trademark application describes the project as a digital currency for an online community. Although the details for Cryptokicks have yet to be formally clarified by the company, the move is in line with Nike expanding the digital business sector. Some may discount the trademark filings by Nike as conjecture, but the company has no history of speculative filings.
Sergey Glazyev, counsel to Russian President Vladimir Putin on a provincial financial combination, encouraged the legislature to embrace advanced cash innovations to decrease cross-outskirt obstructions, the authority said at the Yalta International Economic Forum (YIEF). Russia still haven’t authorized any guidelines related with the crypto business, with the State Duma, having as of late conceded thought of the bill on Digital Financial Assets.
The cryptocurrency market is rapidly emerging in the Gulf region as it is showing a hint that the region is going to lead the digital currency world anytime soon. Hayvn cofounders Christopher Flinos explained, “Middle Eastern high-net-worth individuals generally have a higher risk tolerance… they like equities, they are used to volatility. They’re not afraid of new things, they’re not afraid of chasing yield.”