Blockchain offer by RACIB and IMF: top news of cryptocurrency world

Blockchain offer by RACIB and IMF: top news of cryptocurrency world

IMF is offering central banks to issue digital currencies, the RACIB (Russian Association of Cryptoindustry and Blockchain) is urging to refuse the cryptocurrency bill, while KuCoin is entering the Russian market. These and other events of the blockchain world are described below in the digest.

KuCoin Crypto Exchange plans to enter the Russian market

A Singapore-based cryptocurrency exchange, KuCoin, has announced its intention to enter the markets of Russia, Vietnam, Turkey, Italy, and all Spanish-speaking countries.

KuCoin is going to expand its activity by the end of the year and has already informed of searching for additional support team members.

Besides, the company reported that the Round A of funding was over: the exchange managed to raise $20 million. Now, KuCoin has such investors and partners as IDG Capital, Matrix Partners, and Neo Global Capital.

About 1% of Moscow residents use cryptocurrencies

Approximately 1% of Moscow citizens pay for goods and services in cryptocurrencies. This was found out due to the study conducted by Forbes, Yandex.Money, and the Department of Information Technologies of Moscow.

According to analysts, 34% of Moscow residents prefer non-cash payments. Around 5% of them are ready to pay in cryptocurrencies. Besides, nearly 60% of people use cash only.

RACIB offers to refuse the cryptocurrency bill

Members of the RACIB (Russian Association of Cryptoindustry and Blockchain) believe that the cryptocurrency bill won’t encourage the blockchain sector growth. Therefore, they offer to abandon it.

Association’s experts said that bills adopted by the State Duma would fail to attract investments in Russian companies. Specialists think that one should legalize the cryptocurrency turnover and permit users to issue tokens.

RACIB is going to develop necessary documents and certain amendments on its own in order to regulate the blockchain sector.

MobileGO partners with Xsolla

A Russian startup MobileGO has partnered with a major player of the video game industry – Xsolla.

MGO cryptocurrency is now available on the payment platform for Xsolla players: the service is designed for buying games and in-game items as well as paying for game subscriptions.

The partnership is aimed at providing players holding MobileGO tokens with an easy payment method and allowing developers to withdraw fees in MGO.

IMF offers central banks to launch digital currencies

Christine Lagarde, the head of the International Monetary Fund (IMF), has offered central banks across the globe to produce digital currencies in order to make transactions safer.

Besides, the advantages include fast and cheap payment and saving of the role of central banks in transactions.

Ms. Lagarde mentions that central banks of Canada, China, Sweden, and Uruguay are already analyzing the possibility to issue virtual currencies.

IMF’s blockchain experiments to regulate cryptocurrency market

Blockchain research carried out by the International Monetary Fund (IMF) is able to help to determine how to regulate the cryptocurrency environment in a proper way.

According to Ross Leckow, the Deputy General Counsel at IMF, a lot of countries and banks are considering options of regulating the blockchain industry. The IMF is ready to give its own tips.

At the same time, the Fund and the World Bank launched an initiative called the Bali Fintech Agenda in order to specify the current fintech challenges and suggest their solutions.


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