Russia to issue ‘CryptoRuble’

According to the Russian President Vladimir Putin, Russia will issue its own ‘CryptoRuble’
16 October 2017   1571

The local news resources claim that that Russian President, Vladimir Putin, has decided to launch the state cryptocurrency - CryptoRuble. In fact, the news broke through Minister of Communications Nikolay Nikiforov. The man argues that the authorities plan to launch its own currency just for one simple reason.

I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.
 

Nikolay Nikiforov
Minister of Communications

Nikiforov highlights the main characteristics of the CryptoRuble:

  • it is to be created using Russian cryptography
  • it is not to be mined
  • the issue is to be regulated by the state
  • the blockchain is to be closed

It is worth mentioning, that the news was made against the reports from China, where the authorities are also discussing the creation of a national cryptocurrency

What the future has in stock for CryptoRuble, remains to be seen. With completely opposite news about Russia's attitude to cryptocurrency, that will be quite intriguing. 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   298

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.