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Category: cryptocurrencies – Page 45

‘Highest form of money’: Russia set to have first digital ruble prototype this year

The launch of the first prototype of the new form of Russia’s national currency, the digital ruble, could be just several months away, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, has told RT.

“The digital ruble is currently the highest form of money,” the official said in an interview to RT. He said that the central bank is set to publish the roadmap for development of the digital currency soon and its prototype should be ready by autumn.

“The tests of this form of money may start at the end of 2021 or at the beginning of 2022,” he went on, adding that the digital currency may be used for domestic transactions in two to three years.

Visa will allow the use of a dollar-backed cryptocurrency to settle payment transactions on its network

US payments firm Visa announced Monday that it will enable the use of USD Coin to settle payment transactions on its platform.

Visa piloted the payment option via payment platform Crypto.com, and plans to allow more partners the same route later this year.

“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” Jack Forestell, Visa’s executive vice president and chief product officer, said in a statement.

Central banks around the world want to get into digital currencies—here’s why

Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.

“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”

Single dogecoin account holds $2 billion fortune

Dogecoin may have started as a joke, but one of its holders is sitting on some serious dough.

A single cryptocurrency account contains about $2 billion worth of the meme-inspired coin whose price has been pumped up by celebrities such as Elon Musk, Snoop Dogg and Gene Simmons.

The account holds about 36.8 billion dogecoins — a massive stash that accounts for more than 28 percent of all the coins currently in circulation, according to cryptocurrency data website Bitinfocharts.

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