It has been alleged that both the Russian Ministry of Finance and the Russian Central Bank are helping this initiative in some capacity. When it comes to the government’s approach to the oversight of cryptocurrencies inside the nation, these two organizations have a long history of being at odds with one another.
The lower house of the Russian parliament is known as the Duma. On November 23, local media reported that members of the Duma had been participating in conversations with industry players proposing revisions to the country’s current cryptocurrency law titled “On digital financial assets.”
The amendments, which would set up a legislative foundation for a national exchange, would first be brought to the attention of the central bank in the country.
Anatoly Aksakov, the chairman of the Duma’s Committee on Financial Markets, made a recommendation in June that a national cryptocurrency exchange in Russia may be created as part of the Moscow Exchange. Aksakov’s comments were made in reference to the Moscow Exchange.
In September, the Moscow Exchange developed a bill on behalf of the central bank to enable trading in digital financial assets. This law is intended to facilitate trading in digital financial assets. The purpose of this measure is to make it possible to trade in digital financial assets.
A measure to legalize the mining of cryptocurrencies as well as the sale of cryptocurrencies that have been mined was presented to the Duma at the beginning of this month. The law also legalizes the selling of cryptocurrencies that have been mined.
However, local miners would still be allowed to utilize platforms located in other countries, despite the fact that the law would create a Russian platform for the sale of cryptocurrencies and set up a Russian platform for selling cryptocurrencies.
In the second scenario, the transactions in question would not be subject to the currency controls and rules that are in place in Russia; however, they would still be required to be reported to the Russian tax service. This would be the case even though they would not be subject to the currency controls and rules.
Central Bank Executive Says Hong Kong Working On Investor Protection Measures
The chief executive officer of the central bank in Hong Kong seemed to have an optimistic perspective on the future of decentralized technology in the wake of the current crypto pandemic; nevertheless, the governor of the central bank in Korea had his worries about the subject.
At this very moment, the governors of central banks from all over the globe are assembling in Thailand in order to discuss the function of central banks in this day and age of fast advancing financial technology.
The Bank of Thailand (BOT) and the Bank for International Settlements will both act in the capacity of co-hosts while they are present at the conference (BIS).
A panel discussion on digitalized monetary systems was attended by Eddie Yue, chief executive of the Hong Kong Monetary Authority; Changyong Rhee, governor of the Bank of Korea; Adrian Orr, governor of the Reserve Bank of New Zealand; and Cecilia Skingsley, from the Bank for International Settlements. The panelists examined the growing popularity of digital assets and central bank digital currency (CBDC), in addition to the dangers that are linked with the recently established technology.
The chairman of the Hong Kong Monetary Authority highlighted the innovations and benefits brought about by blockchain technology, as well as the potential implications that it would have on central banks. He also underlined the conceivable effects that blockchain technology would have on monetary policy.
According to Yue, CBDCs and stablecoins may eventually be able to offer a way of transaction that is not only more efficient but also more cost-effective in the long run.
He did make the point, though, that every new piece of technology has its own unique set of hazards, whether they be innovation risks or operational risks, and that these risks are unavoidable.
Yue pointed out that blockchain is, by its very nature, a decentralized technology; as a result, it is far more difficult to mitigate the risks that are associated with on-chain activities.
The governor of the Bank of Korea, Changyong Rhee, has voiced some skepticism regarding the possible uses of blockchain technology in the future, especially in the financial sector. This is in light of the recent crypto outbreaks.
Binance employs Trump audit company to check crypto reserves
The United States branch of Mazars served as the corporation of former United States President Donald Trump’s accounting firm for a significant amount of time.
In order to carry out the proof-of-reserve (PoR) audits that were prompted by the decline of FTX, the cryptocurrency exchange Binance is collaborating with the accounting firm Mazars.
According to a report published by the Wall Street Journal on November 30, Mazars, an accounting firm that previously worked for the company of the former President of the United States Donald Trump, has been appointed as an official auditor to carry out a “third party financial verification” as part of Binance’s PoR updates. Mazars will be conducting the audit.
A spokeswoman for Binance is quoted as saying that the accounting firm is allegedly already analyzing all of the publicly disclosed information on Bitcoin PoR and will also be confirming any future upgrades or tokens. The individual went on to say that the first verification upgrade for BTC will be finished by the end of this week.
Mazars is a global accounting business with its headquarters in the French capital of Paris.
Since 2019, its United States branch, Mazars USA, has been embroiled in a dispute with a request from the House Oversight and Reform Committee for some of President Trump’s financial documents. Mazars USA has been serving as Trump’s longstanding accounting company.
It was alleged that the company severed all relations with Trump and his family in the year 2022.
The announcement comes as Binance is now conducting PoR audits, which require it to move massive sums of money.
On November 28, Binance sent 127,351 bitcoins, which is equivalent to around $2 billion, to an unknown wallet. Subsequently, CEO Changpeng “CZ” Zhao said that the transaction was a part of the current PoR process.
The measure has caused some anxiety within the community since CZ has previously indicated that it is undesirable for cryptocurrency exchanges to be required to transfer significant sums of cryptocurrency in order to verify their wallet address.
As was previously reported, in reaction to the fall and subsequent bankruptcy of the FTX cryptocurrency exchange, Binance initiated a Proof of Reputation (PoR) procedure and mechanism.
In addition, the company announced the publication of a Merkle Tree-backed proof of funds for Bitcoin on November 25. This action was just one of several that Binance took to demonstrate its transparency.
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