Russia doesn’t need to be first with a digital currency, says state expert
A Russian official argued that the country should have launched research on a central bank digital currency four years ago in order to claim leadership in the field. However, according to Dmitry Peskov, a special representative of the President of the Russian Federation on digital and technological development, the first-mover advantage also brings a number of risks in terms of financial stability.
Michael Saylor claims the company will hold Bitcoin for ‘100 years’
Microstrategy CEO Michael Saylor said he will hold his company’s Bitcoin (BTC) for 100 years, and has no intention of selling it. On Aug. 11, the business intelligence firm announced it had purchased 21,454 BTC for $250 million. This investment is now worth more than $278 million, representing an 11% increase in two months, and has purchased more Bitcoin since. In a new interview with Real Vision CEO Raoul Pal, Saylor said the decision to invest $250 million was informed by a discussion between its board of directors and the firm’s investors, auditor and executives
Bitcoin soars to $12.9K as PayPal proves crypto is ready for everyone
Data from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over a year as 24-hour gains topped 7%. At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000. As Cointelegraph reported, PayPal plans to support Bitcoin and three altcoins — Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.
PayPal to offer crypto payments starting in 2021
PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports. PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said. The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay. This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
Swiss gov’t starts consultation process for blockchain laws
Switzerland’s Federal Department of Finance has initiated a consultation process for a blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among cantons, parties and other interested groups in this space. It is scheduled to continue for more than three months, ending on Feb. 2, 2021.
Vinnik trial for extortion and Bitcoin money laundering begins in Paris
The trial of the alleged launderer of $4 billion worth of Bitcoin (BTC), Alexander Vinnik, got underway in Paris on Monday. However, despite reported links to the 300,000 BTC hack of Mt. Gox in 2014, prosecutors are focusing on a 135-million-euro ($159 million) ransomware fraud targeting French businesses and organizations between 2016 and 2018.
Starbucks and McDonald’s reportedly not testing China’s digital yuan
American fast-food giants like Starbucks and McDonald’s are reportedly not participating in China’s ongoing digital yuan tests. According to an Oct. 14 report by news agency Sina Finance, China’s central bank digital currency, or CBDC, is still being piloted on a “small scale,” primarily involving the retail and catering industry.
Public companies hold almost $7B in Bitcoin in heads-up to Grayscale
Bitcoin (BTC) holdings at public companies topped $6.8 billion this year as newcomers catch up with industry heavyweight Grayscale. According to monitoring resource Coin98 Analytics, a total of 13 public companies have now invested in Bitcoin.
Bank of Russia issues consultation paper on digital ruble
Russian financial authorities have confirmed the government’s purported plans to issue the central bank digital currency, or CBDC. On Oct. 13, the Bank of Russia released a consultation paper on the development of the digital Russian ruble. In the statement, the central bank said that the digital ruble can become an “additional form of money alongside cash and non-cash.” The establishment of Russia’s CBDC project will require the creation of additional payment infrastructure, the bank said.
Billionaire UK newspaper owner calls DeFi technology 'revolutionary'
Alexander Lebedev, the owner of U.K. newspapers Evening Standard and The Independent, along with Russian publication Novaya Gazeta, has spoken glowingly of the potential for cryptocurrency and smart contracts to revolutionize finance. In an extensive 1800 word opinion piece published in The Independent on October 13, the billionaire predicted blockchain tech will disrupt what he described as a parasitic global banking oligopoly, asserting that “blockchain technologies and smart contracts will make it unnecessary to employ the vast majority of people in the financial sector.”