Another batch of Russian online crypto exchanges in Russia face closure following a recent decision by a regional court. Information published on their websites has been deemed illegal meaning the country’s telecom watchdog can block access to their platforms.
Central Bank Digital Currencies are often classified as cryptocurrencies, but those who passionately believe in decentralization often view CBDCs with suspicion.
The Chief Executive Officer of derivatives trading platform, BitMEX, Alexander Höptner said El Salvador’s decision to adopt Bitcoin as one of its legal tenders is a move that “deserves praise, not derision” from global monetary heavyweights. According to a message from the crypto veteran, the Bitcoin move from El Salvador was born out of the need to try a more working alternative compared to what the current financial ecosystem offers.
In preparation to regulate its fintech space, the government of Sri Lanka has established a special committee tasked to formulate the country’s policy on digital banking and crypto-related activities. The committee comprises professionals from the public and private sectors.
The payment protocols come by way of a new company called Car for Coin, a digital currency marketplace designed to help crypto collectors purchase exotic and rare vehicles with their assets. Among the vehicles for sale on the site are Lamborghinis and, of course, electric Teslas. While there is always an option to purchase with fiat currency (USD), the preferred methods involve virtual assets.
Whether it’s baseball players or shiny Pokemon cards, collectibles have been a cultural mainstay in human behavior since the Renaissance. Memorabilia from famous films or items of clothing worn by a celebrity can be auctioned and sold for eye-watering amounts. Take the prototype Batmobile from the 1960s Batman TV show, it was sold for $4.2 million. With collectibles, the concept itself is simple: An item has value based on its scarcity. The less of it there is, the more it’s worth.
On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.”
Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, has been forced to stop its business in China from Oct. 11 following the crypto ban imposed by local authorities.
On September 2, Russia’s Kushnarenkovsky District Court of Bashkortostan prohibited several cryptocurrency exchanges for the information disseminated on certain pages on their websites.