Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry. BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…
Tag: Digital Ruble
Russia’s Central Bank Speeds Up Digital Ruble Rollout
Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date. Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…
2 months ago 409
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Russian Minister Urges Digital Ruble to be Fast-tracked
As part of efforts to evade UN-imposed financial sanctions, Russian legislator Sergei Mironov has proposed that Russia hasten its introduction of a CBDC. CBDC to Combat Inflation Mironov, who also heads the political party, A Just Russia, shared his thoughts with Russia’s central bank. The lawmaker believes that a digital ruble will be a good fit for infrastructural projects. Additionally, Mironov also pointed out that a CBDC could be instrumental in aiding advancement within the production and transport sector. Mironov’s proposal…
5 months ago 1.1 k
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Russian Mobile Operators To Adopt Digital Ruble With Smartphones
Russian mobile operators are gearing up to introduce wallets for the digital rubles, according to reports. The European country is currently developing its digital currency to increase financial inclusion within its region. Digital Wallets In Development This development was revealed by local media outlet Izvestia in a report published on Tuesday, February 16. According to the report, mobile operators have expressed interest in introducing wallets for digital rubles on smart devices. Two of the largest mobile operators Beeline and Megafon,…
2 years ago 288
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