The volume of cryptocurrency flows on darknet markets — which are involved in illegal drug and arms trafficking, remittance and transfer of illicit funds — have doubled for the first time in four years, a new report says. Accordingly, Russia has been updating its bribery and Anti-Money Laundering laws regarding cryptocurrencies to aid its burgeoning digital economy. Related: Presumed Guilty: Financial Watchdogs See Crypto as Illicit by Default Cryptocurrency bribery Bitcoin (BTC) hit the headlines in Russia after it emerged that the Russian Federal Security Service, or FSB — successor agency to the Soviet KGB — had tried to extract …
India is fostering a digital future via Prime Minister Narendra Modi’s “Digital India” initiative: A national blockchain strategy that includes quantum computing, machine learning and artificial intelligence as digital technologies become the primary platform for economic activity and growth. The IMF and the World Bank have forecasted that India’s GDP will grow at the rate of 7%–8% for the next few years, driving a rapid rise in its hydrocarbon-fueled energy demand tied to growing urbanization, rising incomes and a steadily increasing population. Studies suggest that India’s share of total global primary energy demand is set to roughly double to around …
Russian President Vladimir Putin is the most influential person in the blockchain industry, according to Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, which added five trading pairs: Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP at the beginning of December, as well as adding Tether (USDT) later the same month against the Russian ruble. Putin was the first to propose a multinational cryptocurrency along with the Eurasian Economic Union, or EAEU, and BRICS countries after being advised by Vitalik Buterin in the wake of the 2017 cryptocurrency bubble. Related: Pax Crypto: Russia Proposes First Multinational Cryptocurrency, Expert …
According to one official in attendance, members of international association BRICS discussed the creation of a new cryptocurrency at a recent summit. On Nov. 14, Russian financial news outlet RBC reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council supported the idea of creating a single payment system for settlements between the member countries at the 11th annual BRICS Summit in 2019, held in Brazil. Creating a “BRICS” cryptocurrency? The member nations — namely, Brazil, Russia, India, China and South Africa — are reportedly planning to develop a single payment …
The Union Cabinet of India has approved a Memorandum of Understanding (MoU) on the collaborative research of distributed ledger technology (DLT), local news outlet ANI reported September 12. The Union Cabinet is the supreme decision-making body in India consisting of cabinet ministers and led by the prime minister, Narendra Modi. The MOU, which is a cooperative initiative under the BRICS Interbank Cooperation Mechanism, aims to foster better understanding of DLT and define areas where the technology can be deployed to improve operational efficiency. The research will be jointly conducted by the Export-Import Bank of India (Exim Bank) and banks from …
Five major banks from each BRICS member state signed a Memorandum of Understanding (MoU) on the development of distributed ledger technology (DLT), according to an official press release July 26. During the 10th International BRICS Summit in Johannesburg, banks from the emerging economies of Brazil, Russia, India, China and South Africa agreed to a joint study of DLT technology like blockchain, “in the interests of the development of the digital economy.” BRICS countries have met annually since 2009 to discuss initiatives for economic, cultural, and political cooperation between member states. The State Corporation Bank for Development and Foreign Economic Affairs …