Russia and China vs USD, Fed chairman on Bitcoin, FATF targets at DeFi + More news

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Get your daily summary of crypto-asset and blockchain-related news – investigating the stories that pass under the radar of today’s crypto news.

Fiat News

  • During his visit to China, Russian Foreign Minister Sergei Lavrov called on Moscow and Beijing to reduce their dependence on the US dollar and Western payment systems to push back what he called the ideological agenda of the West, Reuters reported. “We must reduce the risk of sanctions by strengthening our technological independence, switching to payments in our national and global currencies which serve as alternatives to the dollar,” Lavrov said, adding: “We must move away from international payment systems. controlled by the West. “


  • Talk to a Bank for International Settlements event, the US Federal Reserve (Fed) President Jerome Powell mentionned that the Fed is in no rush to adopt a digital currency, but that the central bank is currently exploring and discussing the technology behind it. Powell said he had to be “on the cutting edge of understanding the technological challenges as well as the potential costs and benefits of issuing a CBDC“(central bank digital currency). He added that bitcoin (BTC) is too volatile to be money, and that it is “backed by nothing”. Crypto assets are “more of an asset for speculation, so they are not particularly used as a means of payment. It is more of a speculative asset. It is essentially a substitute for gold rather than the dollar.” This is similar to what Powel mentionned in 2019, also comparing BTC to gold.
  • The head of the plant People’s Bank of China (PBoC) -run Digital Currency Research Institute admitted that ensuring complete anonymity will “not be possible” when the digital yuan unfolds, adding that cash-like anonymity in transactions would pose unacceptable money laundering and terrorist financing risks – and could allow the token to be used in tax evasion schemes . However, by the Securities Times, the institute’s leader, Ma Changchun, said that the “anonymization” technology built into digital yuan wallets would provide some protection against third-party access to spending data.
  • Russia’s finance minister said the nation is a world leader in blockchain and confirmed the central bankdigital ruble plans. By Vesti, longtime chief financial officer Anton Siluanov, said the release of the digital ruble and the development of blockchain is part of a new development strategy plan that will see the country through to 2030. Siluanov said: “We are planning to launch our own digital currency. Costs will be reduced, the possibility of using smart contract technology will be simplified. In this area, we are at the very heart of the [global] orient themselves. “

Regulatory news

  • A new public consultation paper published by the Financial action group (FATF) kept its previous promises to focus on decentralized financing (Challenge), and contains a mention of decentralized exchanges and non-fungible tokens (NFT) as possible risks of money laundering. In an analysis room of Encryption trace, the blockchain analytics firm said one of the FATF’s findings included the conclusion that “some NFTs that do not initially appear to be virtual assets (VAs) may in fact be VAs due to secondary markets that allow the transfer or exchange of value or facilitate money laundering, terrorist financing and proliferation financing. “
  • The Indian government is reportedly considering blocking the Internet Protocol (IP) addresses of exchanges and companies that trade cryptoassets. By Business Today India has attempted to block the IP addresses of adult sites and some Chinese apps, but its success was limited due to the use of VPNs. This follows several rumors that the government will soon introduce the Cryptocurrency and Official Digital Currency Regulation Bill 2021 to Parliament.

Economic news

  • President Biden’s economic advisers prepare to recommend spending up to $ 3 billion on a broad package of efforts to stimulate the economy, reduce carbon emissions and reduce economic inequality, starting with a plan giant infrastructure that can be financed in part by tax increases on businesses and the wealthy, The New York Times reported, citing someone familiar with the situation.

News from the exchanges

  • Coinbase is now aiming to go public in April after his plans to a direct announcement this month have slipped, reported Bloomberg, citing “people familiar with the subject.” The US Securities and Exchange Commission (SEC) reviewed the company’s plans for a direct listing, an alternative to a traditional initial public offering, while backers of Coinbase this week registered up to 114.9 million shares to trade when the shares are on the list, he said.
  • Speaking of Coinbase, the United States Commodity Futures Trading Commission (CFTC) announced that it has issued an order to file and settle charges against the exchange for “reckless false, misleading or inaccurate reports as well as wash operations by a former employee on Coinbase’s GDAX” (now – Coinbase Pro) Platform. According to the CFTC, GDAX’s trading rules specifically revealed that Coinbase trades on GDAX, it did not disclose that it operates more than one trading program and trades through multiple accounts. The order requires Coinbase to pay a civil monetary penalty of $ 6.5 million and to cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, the press release mentionned.

Mining news

  • Major developer of computer processors AMD confirmed that it will not block mining operations on its graphics cards, reported PC Gamer. Nish Neelalojanan, product manager at AMD, reportedly said that “we will not block any workloads, not just mining for that matter. […] However, mining specifically benefits, or scales with, higher bandwidth and bus width. [than gaming] there will therefore be limitations at the architectural level for the mining itself. “This follows the news of a Ethereum (ETH) mining limiter implemented on NvidiaGPU’s.

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