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Russia’s Central Bank Governor: CBDC Is Future for Country’s Financial System

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Russia’s central bank governor, Elvira Nabiullina, believes that digital currencies will be the future of financial systems as the country’s economy moves more online. 

Moscow published a consultation paper back in October on the feasibility of the digital ruble and is looking to launch their central bank digital currency (CBDC) by the end of the year. Nabiullina believes the transition to a CBDC would fill the demand for a fast and cheap payment system in Russia, she told CNBC news. 

The consultation paper elaborates by pointing out the development of digital payments and access to a digital ruble will lower the cost of payment services. Additionally, remittances will be cheaper and promote healthy competition amongst financial institutions.

The idea is to jump-start innovation in retail payments and help the emergence of a digital economy. The entire system’s stability is also expected to increase, as users become less dependent on individual providers. Essentially, Russia is looking to inject some fresh blood and ideas into their economy in the form of a CBDC. Pilots and trials for the digital ruble could begin in 2022, says Nabiullina.

Advocates for sovereign digital currencies say they could promote financial inclusion and make cross-border transactions easier. Nabiullina, however, believes there are a number of hurdles standing in the way, before such inclusions could occur. Primarily, as she points out, if each bank does its own thing, how would they communicate with one another? 

“If each bank creates [its] own system, technological systems with local standards, it will be very difficult to create some interconnections between these systems to facilitate all cross-border payments,” Nabiullina said.

As it stands, cryptocurrencies still cannot be used as a payment method in Russia or be owned by public officials.

The U.S. is raising concerns over CBDCs from certain countries

According to former U.S. Treasury official, Michael Greenwald, “What alarms me is if Russia, China, and Iran each creates central bank digital currencies to operate outside of the dollar and other countries followed them.” He added that such a development, “would be alarming.” 

Nabiullina admitted that U.S. sanctions on Russia are a “persistent risk” and the main reason why their fiscal policies are on the conservative side.

Washington has imposed a number of sanctions on Russia in the past for issues ranging from cyberattacks to possible interference in the last two presidential elections. 

As far as China goes, it seems the United States is more concerned with being left behind as the rapid development of the digital yuan continues. Just this morning China announced it will continue their CBDC trials by handing out $6.2 million digital yuan to people in Beijing via a lottery drawing. This is the third such trial, after both Chengdu and Shenzhen hosted their own lotteries in the last year. 

The United States is concerned that the success of these trials, and the digital yuan in general, would strengthen China’s domestic economy. Furthermore, they are worried that it could increase international competition that might threaten the dominance the U.S. dollar has long enjoyed.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/russias-central-bank-governor-on-digital-currency/

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ConsenSys Backed Virtue Poker and Binance NFT to Launch “Mystery Box” for Celebrity Tournament on Sept 23

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Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

The crypto and blockchain space is maturing at a rapid pace. Most financial industry experts agree that this nascent industry is here to stay because there are many different use-cases emerging for blockchain-enabled platforms.

In addition to the rise of Bitcoin (BTC) as a widely accepted medium-of-exchange and store-of-value, Ethereum (ETH) has become a globally recognized name in the crypto space. Large corporations such as Visa have acknowledged Ethereum’s role in the future of finance and its ability to support a wide range of other applications.

A growing number of online platforms have also been deploying solutions on Ethereum, despite its relatively slow transaction speeds. Even though there are many other blockchains that outperform Ethereum in terms of transactions per second (TPS) and cheaper transaction costs, they do not have the same powerful network effect that Ethereum has been able to acquire. There are also many Ethereum scaling solutions such as Polygon that will aim to make the leading smart contract platform a lot more efficient in the foreseeable future.

Yet Another Ethereum-powered Platform

Virtue Poker, a decentralized platform developed on the Ethereum (ETH) blockchain, reveals that it will be holding a Celebrity Charity Poker Tournament, which will be taking place on September 26, 2021.

The charity poker tournament participants will reportedly include Hall of Fame (HOF) poker player, Phil Ivey, former NBA all-star Paul Pierce, YouTube’s superstar Mr. Beast, TRON blockchain founder and serial crypto entrepreneur Justin Sun, Hollywood actor and accomplished filmmaker Vince Vaughn, Polygon Co-Founder Sandeep Nailwal, and Ethereum Co-Founder and ConsenSys founder Joe Lubin.

The Binance Mysterybox Collection

To commemorate this special event, the Virtue Poker team plans to launch a Binance MysteryBox collection, starting on September 23, 2021 –  representing each card in a typical 52 card deck. Collectors who possess the winning hand for each knockout during the Celebrity Event will get a chance to win prizes ranging from $2,500 to a $25,000 reward for the top prize.

Participants need to purchase two mystery boxes in order to assemble a hand. The participants can then trade with each other so that they can assemble the best poker hand through the secondary market.

The Mystery box will reportedly include an Ace of Spades that will come with Phil’s digital signature and a $5,000 prize.

Prizes

All participants with completed hands can compete and have an opportunity to win:

A $2500 price for the winning hand for each knockout. If multiple players own the hand, then the $2500 prize will be split equally among all the winners. Furthermore, the player who possesses the championship knockout hand will be able to claim a $25,000 prize.

If more than one player is holding the championship knockout hand, then only 1 player will be randomly selected to claim the reward

Participants are able to collect as many as (50) completed hands (100 boxes). Participants must also HOLD the winning hand in their Binance account to be eligible for the rewards. Winning players should email [email protected] for confirmation.

Freeroll Tournament

Virtue Poker will also hold a freeroll tournament where ALL holders of (2) mystery boxes should be getting exclusive access to participate in a $10,000 free-roll tournament on the Virtue Poker platform.

Virtue Poker NFT holders need to send a message to [email protected] with their UID and NFT screenshot to obtain the Virtue Poker referral code.

Supporting NFT Use-Cases

The Virtue Poker team is looking forward to hosting their Celebrity Tournament and are focused on offering a truly unique NFT experience for their viewers that plan to tune in. Through their partnership with leading crypto exchange Binance, they plan to support the adoption of the Virtue Poker platform and also that of NFTs. They’ve decided to take this step to show that there’s yet another real-world use case for non-fungibel tokens or digital collectibles: interacting through a live event.

The team has also thanked the Virtue Poker community for their support of their platform as they continue to expand their ecosystem in the nascent blockchain-enabled gaming industry.

As noted in the announcement, Virtue Poker is described as a decentralized poker platform that leverages the Ethereum blockchain as well as P2P networking to offer an online poker platform that is safe, “honest” and fun. It was established in 2016 within New York-based Consensys, the leading Ethereum development studio and incubator launched by crypto billionaire and Ethereum co-founder Joe Lubin back in 2014.

Backed by Consensys and stakeholder Phil Ivey, Virtue Poker aims to make blockchain or distributed ledger tech (DLT)-powered betting mainstream.

Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

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Cabital To Facilitate Euro And Cryptocurrency Swaps Through SEPA Intergration

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Source: https://www.newsbtc.com/news/cabital-to-facilitate-euro-and-cryptocurrency-swaps-through-sepa-intergration/

Users of Cabital can now change their Euro to cryptocurrency, thanks to a recent integration by the digital asset institution. The Single Euro Payments Area facilitates such changes, plus making cashless payments in EUR through direct debit and credit transfer.

Cabital is a platform where users can sell, buy, or save crypto. It offers opportunities to earn passive income on savings.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

According to them, you can make 12% APY on cryptocurrency with them. Moreover, there are no hidden fees, and the institution is secured and registered in the European Union.

SEPA Facilitates Direct investment In Cryptocurrency Assets

By integrating this payment method, Cabital has boosted its services and automatically increased its patronage. All the 36 SEPA EU countries can use the service to buy and sell their crypto for Euro. Users can also change their cryptocurrency holdings to Euros and vice versa anytime they want.

The best part is that the payments will be safer, faster, and efficient without hidden charges. Users can make direct debit or credit transfers to even non-EU countries.

The institution disclosed the information yesterday, September 21, and its CEO Raymond Hsu stated that they would be rendering full-service to their users. In his statement, the CEO said the platform will help both EU countries and non-EU countries to manage and save their crypto without hassles.

Hsu also stated that this move has also given Cabital a competitive edge over its competitors. The company can pursue expansion across Europe and secure on-ramps to support its customer’s cryptocurrency investments.

Before this announcement, Cabital had completed a seed round that generated $4 million. The leaders of the round were GSR, SIG, and Dragonfly. The firm also had an angel round that generated $3 million. Now, the valuation of Cabital sits at $40 million.

Cabital And Regulations

The firm is regulated by the Republic of Lithuania laws. They operate under the guidelines of the “Lithuanian Anti-Money Laundering & Counter-terrorism Financing Rules.” According to Jonas Narbutas, the Senior Money Laundering Reporting Officer at Cabital, the firm fully adheres to cryptocurrency regulations.

Cryptocurrency

Crypto-market is back of recovery track by a 4% rise | Source: Crypto Total Market Cap on TradingView.com

Also, it is contributing towards developing the EU’s crypto industry and helping people in the region and beyond to achieve their investment goals safely and easily. Jonas Narbutas is one of the newly appointed leadership team members at Cabital. He was earlier working at Western Union and also headed the Luminor Group anti-financial governance team.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

On its official website, Cabital assures users of being protected by strong fireblocks against cyber-attacks on users’ assets. Moreover, the team is experienced in investment both in crypto and beyond. As a result, users can rely on their expertise to expand their crypto portfolio with high-yield assets.

Featured Image From Finance Monthly, chart from TradingView.com

Source: https://www.newsbtc.com/news/cabital-to-facilitate-euro-and-cryptocurrency-swaps-through-sepa-intergration/

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XRP Unfazed by New Turn in SEC vs. Ripple Case

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Source: https://cryptobriefing.com/xrp-unfazed-by-new-turn-in-sec-vs-ripple-case/?utm_source=main_feed&utm_medium=rss

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