Russia agrees to legalize crypto for cross-border payments
Russia has agreed to legalize the use of crypto for international payments. According to the local news TASS, the Bank of Russia and the Ministry of Finance believe the move is imminent considering the country’s geopolitical changes after the war in Ukraine.
Russian Deputy Minister of Finance Alexei Moiseev said in an interview with the Russia 24 TV channel that the two institutions are re-evaluating their approach to crypto regulations. According to the Minister, regulations to legalize cryptocurrencies will be introduced soon.
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Given current market conditions, “It is impossible to do without cross-border settlements in cryptocurrency,” Russian Deputy Minister of Finance Alexei Moiseev.
Russia has been slapped with sanctions that have limited its international trade activities. The United States and its allies, including most members of the European Union, Australia, Canada, and Japan, have applied unprecedented economic pressure on Russia since its troops entered Ukraine in February. Since then, Russia has been looking for a way to navigate the hurdles by finding alternatives to the US dollar, euro, and other significant currencies affected by the sanctions. Crypto has proven the best alternative.
However, the deputy minister has recognized the need to lay tight regulations to prevent illegal uses of crypto assets.
“The infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow. On the one hand, give people the opportunity to do it, on the other hand, put it under control so that there is no laundering, paying for drugs, and so on,” Moiseev said.
Coinbase Releases Solana Archival Nodes
Coinbase cloud has expanded Solana infrastructure by launching Solana Archival Nodes to empower Solana developers. The nodes can run complex queries and simulate the network’s state at any point in history, enabling the accessible building of apps and services on Solana.
Coinbase confirmed the move on November 6.
“Coinbase Cloud has collaborated closely with the Solana team to support the network as it is growing and scaling securely,” explained Coinbase’s team. “Now, we are expanding our Solana offerings to include our Solana Archival Nodes to empower developers interested in building on the blockchain.”
Solana Co-founder Anatoly Yakovenko applauded the integration on Twitter.
The Layer-1 network often attracts critics for suffering network outages. The chain is in beta and expected to end once proven to deliver DeFi reliability and support large-scale NFT mints. Currently, developers can use the infrastructure to build Web3 projects.
Binance To Taunch Zero-Knowledge Proof Scaling Technology
Binance (BNB) chain has announced a new chain, zero-knowledge (zk) proofing scaling technology (zKBNB), to address the scalability issue plaguing the Layer 1 chain. ZK proofs are scaling and privacy technology that uses mathematical proofs to verify specific details in a network without revealing the details. The move also targets to solve other scalability-related issues such as poor transaction per second (TPS), transaction cost, and finality.
“The innovation will have a significant impact on the ability of developers to build large-scale BNB Smart Chain-based applications with guaranteed security and transaction speed, faster finality, and significantly reduced transaction fees,” Said BNB in its Release article.
While ZK proofing is a relatively old technology dating back to 1985, its implementation in the crypto space is relatively new. BNB believes that the ZKNB will create a conducive environment on the internet to create and run better functioning applications hence better user experience.
Serbian Royal Bullish on Bitcoin, Expresses Concerns over Altcoins
Prince Philip of Serbia expressed his opinions on Bitcoin and other cryptocurrencies in an interview with Cointelegraph.
Since Bitcoin (BTC) launched in 2009, there have been at least 20,000 other cryptocurrencies. Even then, BTC continues to reign supreme with a 36% dominance across the market. Across the sector, die-hard BTC enthusiasts like Prince Philip of Serbia view other cryptocurrencies with less enthusiasm.
In a conversation with Cointelegraph’s Joseph Hall, Prince Philip opined that Bitcoin’s concept is perfect and supersedes other cryptos. The Prince noted that altcoins are developed by known people and run like businesses – headed by CEOs and structured marketing strategies.
In a conversation with Cointelegraph’s Joseph Hall, Prince Philip opined that Bitcoin’s concept is perfect and supersedes other cryptos. The Prince noted that altcoins are developed by known people and run like businesses – headed by CEOs and structured marketing strategies.
The Prince further argues that Bitcoin conceptually destroys all crypto. He notes the excessive commercialization of crypto projects to raise funds rather than solve the inherent problem of fiat money. This phenomenon is especially notable with the surge in different crypto projects, each claiming to solve a unique problem compared to its predecessors.
Prince Philip’s main concern about altcoins is that the projects’ business-oriented structures make them susceptible to centralization. Pointing toward the anonymity of Bitcoin’s founder(s), Prince Philip views Bitcoin as a simple-yet-effective solution to problems with government-issued currencies.
The UK Elects a Crypto-Friendly Prime Minister
Liz Truss, the new UK Prime Minister, is a pro-crypto and blockchain technology who believes the country should adopt blockchain and cryptocurrencies.
In 2018, Liz Truss took to Twitter to announce her positive stand on accepting crypto and blockchain technology.
Two years later, Truss elaborated on her plans to foster blockchain development in the UK. The plans include opening up crypto technology to innovation and freeing it from overly strict regulations.
