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In advance of presenting its comprehensive view on crypto regulations, the Central Bank of Russia has indicated that it sees no place for cryptocurrencies in the country’s financial market. The monetary authority also announced that the prototype of the platform for its own digital currency is already completed. Bank of Russia to Issue Report on Cryptocurrency Known for maintaining a hardline stance on the question of legalizing cryptocurrencies, the Central Bank of Russia (CBR) is now preparing a report that will provide its view on the matter in detail. The regulator intends to push for adopting rules to govern the circulation of digital assets through legislative changes, Deputy Chairman Vladimir Chistyukhin revealed in comments to Russian media. “I think that we will resolve the issue through amendments to the legislation. There will be a more precise definition of how cryptocurrencies can be traded,” Chistyukhin said speaking to reporters in the State Duma, the lower house of parliament. The official noted that Russian citizens and businesses have the right to purchase and keep cryptocurrency, but not through the country’s financial infrastructure and intermediaries. He made the remark in response to a question of whether the CBR advocates for banning transfers to crypto exchanges from accounts held by Russian citizens. A working group on crypto regulation is set to hold its first meeting at the Duma this month, starting with a review of a CBR report, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, announced in November. Commenting on the contents of the upcoming report, Chistyukhin said: I’ll give you a hint — we don’t see a place for cryptocurrency in the Russian financial market. His statement comes after sources quoted by Reuters indicated that the regulator is considering a ban on Russian crypto purchases. Then, during a press conference on Friday, CBR Chair Elvira Nabiullina reiterated the bank’s skepticism towards cryptocurrencies and insisted that Russia’s financial system should not be used to facilitate crypto transactions. Russia’s Central Bank Ready With Digital Ruble Prototype While clarifying its stance on cryptocurrencies, the CBR has been working to develop a Russian central bank digital currency (CBDC). The prototype of the digital ruble platform is now completed, First Deputy Chair Olga Skorobogatova told journalists this week. Quoted by the Interfax news agency, she added that the authority plans to begin piloting operations with the currency after the holidays in January. A dozen Russian banks will participate in the first of several stages of the trials that will continue throughout 2022. Earlier in December, Bank of Russia explained that it will invite credit organizations and carry out consumer-to-consumer operations during the first stage. The Federal Treasury, along with financial intermediaries, will join at the second stage when transactions between

So how and when are the evil globalists and Communists, whom Satan is behind, going to roll out a CBDC and Digital ID across the world? The governments will collude with the Central banks after a MASSIVE, GLOBAL EMERGENCY. Let me properly set the table to paint this picture. Authoritarian governments will pass laws mandating Digital IDs to have access to bank accounts and payment cards or to access the Internet or use or even access a mobile phone. AI will be used to enforce it all. Nefarious governments can do this as they already control or can control through mandating a Digital ID and pairing it to a Social Credit Scoring system. Laws requiring a Digital ID be required to access banking or communications systems will be required. ISPs, MVNOs, mobile networks, payment networks, banking platforms will require users have a Digital ID that is linked to Social Credit System. Laws banning use of Crypto/Bitcoin will also be issued. A truly evil government will have no boundaries and wants no competition to alternative banking, payments, stored value of communications. All such laws and the near ubiquity of dominance will grant authoritarian control over people, businesses and even local governments relying on such systems. In light of this Crypto/Bitcoin will not be a safe haven. How can you exchange, buy or sell currency if you don’t have access to the Internet or your mobile phone or mobile services? Accessing the Internet or using your mobile phone will be under rule of a nefarious Gov that demands you follow their evil mandates and laws passed. Of course paper currencies will be banned and outlawed. Gold and silver can be outlawed to possess or use as currency. Oh and let’s not forget a nefarious Gov will control access to medical services, traveling by plane, train, bus or ship. Now, if you are scared of such a bleak picture of the near future world, you should be. It’s coming soon! How soon? As soon as the UN, WEF, WHO, BIS, IMF and many other 3-letter organizations or agencies gain full control over our governments. Yet, such is going to eventually happen. How do I know this with certainty? Read Revelation 13. The Mark of the Beast system will be implemented worldwide to control the ability of all to buy or sell. “It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17 so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.” Revelation 13:16 This is just one brutal aspect of the soon coming time of Tribulation coming upon the Earth. Read the book of Revelation to gain a more full scope of the wars and evils to come upon the Earth during the last 7-years before the reign of Jesus from Jerusalem for 1,000 years. Read Matthew 24 too! You can escape this wrath! Jesus is coming soon in the Rapture. Pray a prayer of repentance to God and accept Jesus’ sacrifice to pay for your sins.

Just in: Swedish Central Bank Chief Seeks to Curb Bitcoin's Influence: Erik Thedeen, governor of Sweden's central bank, the Riksbank, has made his concerns about Bitcoin clear, calling for its limited involvement in the country's financial system. Thedeen expressed his reservations during a parliamentary hearing on monetary policy, citing the cryptocurrency's volatile nature and potential to expose consumers to financial risks. "I want as little Bitcoin as possible in the Swedish financial system," Thedeen told reporters after the hearing. He elaborated on his stance by characterizing Bitcoin as an "instrument that is impossible to value" and primarily driven by speculation. This perspective comes amidst a record-breaking surge in Bitcoin's price, attracting significant investment but also raising concerns about a potential bubble. Thedeen's comments align with a broader trend of central banks worldwide grappling with the rise of cryptocurrencies. These digital assets operate outside traditional financial structures, posing challenges for regulatory bodies seeking to ensure stability and consumer protection. The Riksbank governor's specific anxieties seem to stem from Bitcoin's price fluctuations, which can be dramatic and unpredictable. Unlike established currencies backed by governments, Bitcoin's value relies solely on market forces, making it susceptible to bubbles and crashes. Thedeen also highlighted the potential dangers for consumers venturing into the cryptocurrency market. The decentralized nature of Bitcoin transactions eliminates intermediaries like banks, leaving users exposed to scams and fraudulent activity. Additionally, the lack of clear regulations surrounding cryptocurrency exchanges raises concerns about investor protection. The Riksbank's stance on Bitcoin reflects a cautious approach towards cryptocurrencies as a whole. While the central bank is exploring the potential of creating its own digital currency, a project known as the e-Krona, its primary focus remains maintaining financial stability within Sweden. The limitations of Bitcoin, particularly its speculative nature and consumer risks, likely fuel Thedeen's desire to minimize its presence in the country's financial system. It remains to be seen how Thedeen's comments will translate into concrete actions. The Riksbank may explore potential regulatory measures to restrict Bitcoin's accessibility within Swedish financial institutions. Alternatively, it may focus on raising public awareness about the associated risks, encouraging consumers to exercise caution before investing in cryptocurrencies. One potential consequence of Thedeen's stance could be a push for stricter regulations governing cryptocurrency exchanges operating in Sweden. These regulations could aim to establish consumer protection measures and ensure transparency within the industry. However, crafting such regulations would be a complex task,…

“What also needs to be considered is the use cases for stablecoins, tokenized assets and CBDCs between different institutions." “Paul authored a white paper published in November 2023 for Fireblocks, which considers the potential of a smart contract-managed system that allows a central bank to issue a CBDC as a base asset for commercial bank tokenized deposits and stablecoins." "The paper outlines how a country can have a consistent set of money, which protects and preserves this concept of uniformity." "Specific use cases will ultimately decide between the need for stablecoins and CBDCs. Crypto-natives may feel more comfortable using USDT, while older generations may lean toward centralized digital currencies issued by trusted financial institutions." To be frank, the idea of using a CBDC as a base asset for commercial bank tokenized deposits and stablecoins to achieve a consistent set of money (https://lnkd.in/gC47E6T6), which I interpret as meaning the unity of a currency (i.e. different forms of money denominated in the same currency can be converted on par), does not seem novel. In fact, the use of CBDC as the backing asset or collateral for the issuance of stablecoins was previously explored in Project Aurum (https://lnkd.in/gbkwuiz7), which I documented the technical design and architecture in the e-HKD technical whitepaper (https://lnkd.in/gYtPGhuy) in 2021, that is, at least two years earlier. I conceived the idea and formulated the work much earlier, back in 2020. The long latency was due to various administrative works and approval processes before the project can be kick-started, given that Project Aurum was the first retail CBDC project of the BIS Innovation Hub. Viewed positively, perhaps, I should consider my idea of a CBDC-backed stablecoin co-existing with rCBDC could be a very innovative idea back in 2 to 3 years’ time. On the other hand, we might possibly conclude that CBDC has very little use. After two years have passed, similar ideas still keep coming up. After two years’ exploration, with so many smart brains involved, all potential use cases should have been scratched hard already. No stone should be left unturned now. However, really “novel” ideas do not seem to emerge. Sir Issac Newton once said, “If I have seen further, it is by standing on the shoulders of Giants.” For the exploration of CBDC, it appears that everyone is standing or stepping on one another’s toe. Not sure when this meaningless CBDC arm race will end. The reviving crypto market could possibly be a dominant force to drive the arrival of the end of this race. The crypto winter over the past 2-3 years has forced my technology vendors to step into the CBDC space to market their crypto inventories. As the crypto market has been warming up, triggered by the Bitcoin ETFs, etc, many of these vendors will likely exit this less profitable venture. #CBDC #rCBDC #stablecoin #coexist #tokenizeddeposit #Aurum #e-HKD

Trump Says He'd Oppose CBDCs, Pardon Ulbricht, and Create a 'Strategic National Bitcoin Stockpile': Speaking at the Bitcoin Conference in Nashville, Republican presidential nominee Donald Trump made a number of cryptocurrency-related pledges. In a speech which lasted for over an hour, the 78-year-old former president also criticized his political opponents, touching on topics like inflation, immigration, and his promise to "drill, baby, drill." But he also made several announcements specifically about cryptocurrency: Trump promised to commute the sentence of Silk Road creator Ross Ulbricht to a sentence of time served. "It's enough." Trump promised that if elected, he'd change the top personnel at America's Securities and Exchange Commission. "On Day One, I will fire Gary Gensler and appoint a new SEC chairman," told the crowd, drawing a long round of applause. ("I didn't know he was that unpopular," Trump joked -- then repeated his promise to appoint "a new SEC chairman who believes America should build the future, not block the future, which is what they're doing.") Trump also promised that 'As president, I will immediately shut down Operation Chokepoint 2.0." (For context, Operation Chokepoint was an Obama-era program -- ended during Trump's presidency -- to scrutinize bank lending to "high-risk" merchants, mostly predatory "payday" lenders. Concerns were raised that bank regulators were pressuring banks to cut off certain businesses, and while there is no official "Choke Point 2.0," the phrase has been used colloquially to describe the possibility of bank regulators to pressuring specific industries like cryptocurrency.) Trump also announced he'd oppose a central bank digital currency -- although his wording was a little idiosyncratic. "Next I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary -- because, you know, there's a thing going on in your industry. They want to move the creation of a central bank digital currency. It's over, forget it." ][Audience boos CBDC's ] "CBDC - there will never be a CBDC while I'm president of the United States." (In fact a 2023 statement from America's Federal Reserve about CBDC's stresses that "no decisions have been made at this time" and that the Federal Reserve has would only proceed after passage of an authorizing law.) Trump also told the audience that "We will create a framework to enable the safe and responsible expansion of staple -- stablecoins," then teased the crypto-friendly audience by asking playfully "Do you know what a stablecoin is? Does anybody know - please raise your hand." Trump promised the move would "allow us to extend the dominance of the U.S. dollar to new frontiers all around the world," and that "there will billions and billions of people brought into the crypto economy and storing their savings in bitcoin." Toward the end Trump said that if elected, he would direct the government not to sell any of its currentl

Trump Says He'd Oppose CBDCs, Pardon Ulbricht, and Create a 'Strategic National Bitcoin Stockpile': Speaking at the Bitcoin Conference in Nashville, Republican presidential nominee Donald Trump made a number of cryptocurrency-related pledges. In a speech which lasted for over an hour, the 78-year-old former president also criticized his political opponents, touching on topics like inflation, immigration, and his promise to "drill, baby, drill." But he also made several announcements specifically about cryptocurrency: Trump promised to commute the sentence of Silk Road creator Ross Ulbricht to a sentence of time served. "It's enough." Trump promised that if elected, he'd change the top personnel at America's Securities and Exchange Commission. "On Day One, I will fire Gary Gensler and appoint a new SEC chairman," told the crowd, drawing a long round of applause. ("I didn't know he was that unpopular," Trump joked -- then repeated his promise to appoint "a new SEC chairman who believes America should build the future, not block the future, which is what they're doing.") Trump also promised that 'As president, I will immediately shut down Operation Chokepoint 2.0." (For context, Operation Chokepoint was an Obama-era program -- ended during Trump's presidency -- to scrutinize bank lending to "high-risk" merchants, mostly predatory "payday" lenders. Concerns were raised that bank regulators were pressuring banks to cut off certain businesses, and while there is no official "Choke Point 2.0," the phrase has been used colloquially to describe the possibility of bank regulators to pressuring specific industries like cryptocurrency.) Trump also announced he'd oppose a central bank digital currency -- although his wording was a little idiosyncratic. "Next I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary -- because, you know, there's a thing going on in your industry. They want to move the creation of a central bank digital currency. It's over, forget it." ][Audience boos CBDC's ] "CBDC - there will never be a CBDC while I'm president of the United States." (In fact a 2023 statement from America's Federal Reserve about CBDC's stresses that "no decisions have been made at this time" and that the Federal Reserve has would only proceed after passage of an authorizing law.) Trump also told the audience that "We will create a framework to enable the safe and responsible expansion of staple -- stablecoins," then teased the crypto-friendly audience by asking playfully "Do you know what a stablecoin is? Does anybody know - please raise your hand." Trump promised the move would "allow us to extend the dominance of the U.S. dollar to new frontiers all around the world," and that "there will billions and billions of people brought into the crypto economy and storing their savings in bitcoin." Toward the end Trump said that if elected, he would direct the government not to sell any of its curren

Trump Says He'd Oppose CBDCs, Pardon Ulbricht, and Create a 'Strategic National Bitcoin Stockpile': Speaking at the Bitcoin Conference in Nashville, Republican presidential nominee Donald Trump made a number of cryptocurrency-related pledges. In a speech which lasted for over an hour, the 78-year-old former president also criticized his political opponents, touching on topics like inflation, immigration, and his promise to "drill, baby, drill." But he also made several announcements specifically about cryptocurrency: Trump promised to commute the sentence of Silk Road creator Ross Ulbricht to a sentence of time served. "It's enough." Trump promised that if elected, he'd change the top personnel at America's Securities and Exchange Commission. "On Day One, I will fire Gary Gensler and appoint a new SEC chairman," told the crowd, drawing a long round of applause. ("I didn't know he was that unpopular," Trump joked -- then repeated his promise to appoint "a new SEC chairman who believes America should build the future, not block the future, which is what they're doing.") Trump also promised that 'As president, I will immediately shut down Operation Chokepoint 2.0." (For context, Operation Chokepoint was an Obama-era program -- ended during Trump's presidency -- to scrutinize bank lending to "high-risk" merchants, mostly predatory "payday" lenders. Concerns were raised that bank regulators were pressuring banks to cut off certain businesses, and while there is no official "Choke Point 2.0," the phrase has been used colloquially to describe the possibility of bank regulators to pressuring specific industries like cryptocurrency.) Trump also announced he'd oppose a central bank digital currency -- although his wording was a little idiosyncratic. "Next I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary -- because, you know, there's a thing going on in your industry. They want to move the creation of a central bank digital currency. It's over, forget it." ][Audience boos CBDC's ] "CBDC - there will never be a CBDC while I'm president of the United States." (In fact a 2023 statement from America's Federal Reserve about CBDC's stresses that "no decisions have been made at this time" and that the Federal Reserve has would only proceed after passage of an authorizing law.) Trump also told the audience that "We will create a framework to enable the safe and responsible expansion of staple -- stablecoins," then teased the crypto-friendly audience by asking playfully "Do you know what a stablecoin is? Does anybody know - please raise your hand." Trump promised the move would "allow us to extend the dominance of the U.S. dollar to new frontiers all around the world," and that "there will billions and billions of people brought into the crypto economy and storing their savings in bitcoin." Toward the end Trump said that if elected, he would direct the government not to sell any of its curren

🌎 The Dencun upgrade last week means chains within the Optimism ecosystem are running well below one penny per transaction. Highly secure and incredibly fast settlement like this is something countries launching/researching CBDCs and looking at cheap blockspace overall may take more seriously in 2024... 1) Finance ▪ Last call-out within Finance, Nation States as a whole is a narrative that may not get the highest amount of attention in 2024 but will be one to watch this year and next. Here are some high-level details on the fifth sub-vertical I'll be following: 1.5) Nation States ▪ With the 2024 US election on the horizon, the real window for regulation to happen will be in H1 of 2024. We are halfway there and there is little to no progress. ▪Those close to US federal legislators do not see anything happening at all this year, as it is a sensitive topic that most do not want to be exposed to with the upcoming elections. ▪ With Patrick McHenry (crypto-advocate and chairman of the House Financial Services committee) stepping down, the most likely time for US regulation will be in 2025, contingent on the presidency and other macro events. ▪ Thus, outside of a potential ETH ETF (which may or may not include staking) being approved by the SEC in June/July of this year, the primary regulatory landscape to look at is in Europe (MiCA coming on line with Titles III and IV in June of this year), and markets around the world that have already shown positive signs towards crypto regulation (ex: Singapore, Japan, Brazil, etc.) or those who are in high need of the store of value of USD-based stablecoins.  ▪ Tracking CBDCs and their deployment, along with Nation State IDs will be interesting narratives to track this year within this sub-vertical (as mentioned in more detail in the Stablecoin narrative). If you're at the federal, or even state/city, level in a country that is looking at using secure, yet cost effective blockspace, send me a message. Very eager to see more countries adopt L2 (layer 2) roll ups. Variety of Nation States with Clearer Regulatory Guidance and/or Appetite Latam | Argentina, El Salvador; Asia | Singapore, Taiwan, Hong Kong, South Korea, Japan; Europe | UK, MiCA participants; North America | Canada; Africa | Nigeria, Ghana, Senegal, South Africa; Middle East | UAE, Dubai Sources - CBDC Tracker: https://lnkd.in/grczDq6z - Country Specific Exploration | Norway: https://bit.ly/43n3hPa - MiCA Titles III and IV: https://lnkd.in/eMnnAHrp - Crypto Regulation Tracker: https://bit.ly/3TfxzP6 Overview 1) Finance 1.1) Stablecoins: https://bit.ly/3V8awZc 1.2) DeFi: https://bit.ly/3TcyiR8 1.3) TradFi/Fintechs: https://bit.ly/3IUC8Kh 1.4) RWA & Tokenization: https://bit.ly/4cmTzQR #ethereum #optimism #cbdc #stablecoins #blockchain #dencun #4844

"Latvia’s central bank opens pre-licensing consultations to crypto companies .Latvia’s central bank is taking proactive steps to align with the EU’s upcoming crypto regulations by offering free pre-licensing consultations for crypto-asset service providers... In Latvia, the central bank announced that it will offer pre-licensing consultations for any local crypto asset service providers (CASPs) seeking to gain a MiCA-compliant license in the country.  Navigating MiCA From January 2025, the bank will be in charge of accepting applications and issuing licenses for CASPs in the country. In the meantime, it said it is helping to prepare companies for the process with free pre-licensing consultations.  Experts from the central bank will offer companies guidance on the regulations applicable to the company, all required documents and an initial assessment of each company’s level of compliance.  Reinis Znotins, the executive director of the Latvian Blockchain Association, said the association is “committed” to supporting local CASPs as they navigate the licensing process.  “Our goal is to make this transition as smooth as possible, ensuring companies can leverage the full potential of the Latvian market while complying with the new MiCA framework.” The central bank’s announcement said there are no limits to the number of consultations or meetings companies can request before filing their licensing application.  Latvia’s crypto market Latvia’s invitation for pre-licensing consultations is a preparatory measure to ensure that companies are ready to comply with MiCA when it comes into force. This proactive stance allows Latvia to align with MiCA’s requirements and position itself as an attractive location for crypto-asset service providers within the EU. ... Latvia has been actively working toward implementing laws that will help its local crypto ecosystem blossom.  In June, regulators in the country pushed forward its “Crypto Asset Services Law,” which aimed to offer a clear regulatory framework to foster growth and investment and support the country’s plans to be a hub for blockchain and crypto companies. At the time, the Minister of Economics, Viktors Valainis, spoke in an in-depth interview with Cointelegraph, stating: “We aim to double our economy over the next decade, reaching 83 billion euros in GDP by 2035. Smart technologies are a priority, with 183 million euros allocated for digitalization and 210 million euros for innovation.”... Cointelegraph

The USA Wants to Classify Cryptocurrencies as Traditional Currencies - The crypto landscape is about to undergo a major transformation in the United States.  - While digital assets have long evaded traditional regulatory frameworks, a new initiative from the U.S. Treasury and the Federal Reserve could change everything.  - By considering reclassifying cryptos as ‘currency’ under the Bank Secrecy Act, U.S. authorities are sending a strong signal: the era of light regulation is coming to an end. This decision, which could be finalized by 2025, represents much more than a mere legislative adjustment. It could reshape the future of the crypto industry by reaffirming the need for transparency and compliance, while challenging the very foundations of decentralization that have defined this ecosystem so far. - After long rejecting cryptos, the U.S. Treasury and the Federal Reserve are considering reclassifying cryptos as ‘currency’ under the Bank Secrecy Act, marking a decisive turning point in the U.S. regulatory approach to digital assets. This revision, aimed at treating cryptos on par with traditional fiat currencies, is driven by the need to strengthen transparency and reporting obligations for financial institutions.  - By officially classifying cryptocurrencies as currencies, the authorities aim to include these assets in existing anti-money laundering and anti-terrorist financing frameworks. This new definition will apply not only to digital assets that act as substitutes for traditional currencies but also to those that have not yet attained legal tender status. - This development comes in a context where cryptos, despite their exponential growth, remain partially outside traditional regulatory frameworks. By integrating these assets into the scope of financial transparency rules, regulators hope to fill current gaps and put an end to possible abuses. - The repercussions of this decision could be profound for the entire industry. By thinking of integrating these assets under the Bank Secrecy Act, U.S. regulators are already implicitly recognizing that cryptos have reached a sufficient level of maturity and importance to justify regulation akin to traditional currencies. This approach could not only strengthen the credibility of cryptocurrencies in the eyes of institutional investors but also pave the way for broader adoption. - The requirement for market players to comply with stricter rules could hinder certain initiatives and encourage companies to rethink their business models. Indeed, the redefinition of cryptos as ‘currency’ could raise questions about the very nature of these assets and force companies to review their strategies to align with new legal requirements. https://lnkd.in/gJ-TtFmy