This week, there was a lot of discussion about the regulation of cryptocurrencies after the U.S. Securities and Exchange Commission (SEC) revealed that it is looking into several cryptocurrency exchanges. The SEC is looking into whether the exchanges are properly registering and informing investors of their activities. The crypto market was generally quiet this week.
Putin Approves CBDC Bill
Russia is taking a big step toward the future of money by launching the Digital Ruble, a central bank digital currency (CBDC). On July 24, a law establishing a digital platform for the usage of the Digital Ruble went into effect thanks to President Vladimir Putin.
The Central Bank of Russia is launching the Digital Ruble, a brand-new digital currency. In addition to cash and non-cash rubles, it will be a third form of payment that will be managed and stored by the Central Bank.
Namibia Approves a Regulatory Bill
Instead of outright banning cryptocurrency exchanges, the Namibian government has changed its stance and decided to regulate them.
The law that the Namibian government passed to regulate Virtual Asset Service Providers (VASPs) was published in the Gazette of the Republic of Namibia on July 21, 2023. The National Assembly approved the bill on July 6, and President Hage Geingob signed it on July 14.
South Korea Launches Crime Unit
South Korea is taking action to protect investors from cryptocurrency scams and other unlawful behavior by creating a new unit dedicated to investigating these crimes.
South Korea Sets Up a Crime Unit to Fight Illicit Cryptography 30 professionals from several fields, including law, finance, taxation, and customs activity, make up the formidable Joint Investigation Centre for Cyber Crimes, which is fighting crypto crime.
Indian Supreme Court Demands Crypto Agency
The Supreme Court said it was “unfortunate” that the government had not yet established clear restrictions on cryptocurrency since this could lead to problems in the future.
The Supreme Court urged the government to take action and questioned whether it intended to set up a new federal agency to look into cryptocurrency-related charges to address the problem of growing illegal activity.
French authorities are Investigating Worldcoin
Worldcoin, a cryptocurrency initiative based on digital identities that has drawn criticism for its methods of gathering biometric data, is being investigated by French authorities.
Worldcoin intends to create a digital identification platform that makes use of biometric data, such as iris scans, to empower people. They’ve set up registration centers all around the world that employ a gleaming sphere called an “orb” to verify identities.