Russia

Russian authorities and regulators have been in a series of talks about releasing a central bank digital currency (CBDC) dubbed digital ruble for a long time.

Since the American people went to the polls on November 3, 2020, the incumbent President Donald J. Trump has “never conceded” defeat, citing rigging. How much easier would it have been for the US if a blockchain voting system was used?

The digital ruble should become the digital currency of the Russian Central Bank, and have all the necessary to perform the functions of money, stated the regulator in its latest report.

The Ministry of Finance of Russia has recently represented an update for the regulation of cryptocurrencies. Their new proposal includes an obligation for all Russian cryptocurrency holders to declare transactions on cryptocurrency and reporting on holding cryptocurrency wallets.

Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.

Global tech giant Microsoft is going to contribute to the development of a Russian corporate blockchain. The company’s representative office in the country signed a memorandum with a blockchain startup to enhance the technology development in the country.

The Blockchain-based voting system announced in Russia has a vulnerability allowing for decrypting votes before the official end of voting. This feature questions the anonymity of voting, thus making it possible to manipulate people’s votes by forcing them.

The Central Bank of Thailand (BoT) is creating a CBDC prototype called Project Inthanon for the business and corporate sectors.

The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.