Global #Cryptocurrencies

In a recent paper, the Basel Committee on Banking Supervision (BCBS) has underscored the multiple risks faced by banks engaging in transactions on permissionless blockchains.

Russia is poised to begin trials for crypto exchanges starting September 1, as part of a strategic move to mitigate the impact of international sanctions. According to Bloomberg, citing knowledgeable sources, these trials will focus on enabling conversions between rubles and cryptocurrencies through the National Payment Card System, which is regulated by the Bank of Russia.

A recent survey has revealed that Ripple (XRP) is the fourth most-held cryptocurrency among institutional investors, with over 20% of respondents claiming to hold the token in their portfolios.

Cryptocurrencies have increasingly become a central element in the global financial ecosystem, offering novel opportunities for investment, trading, and technological innovation.

For years, Beijing-based Bitmain Technologies has held an iron grip on the Bitcoin mining industry, commanding an estimated 90% of the global market for the specialized hardware essential to powering the cryptocurrency’s decentralized network.

The Indian government is gearing up to introduce a comprehensive regulatory framework for cryptocurrencies. A panel led by the Secretary of the Department of Economic Affairs (DEA) is set to release a consultation paper on the matter between September and October 2024.