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Russia Weighs Stablecoin Framework for International Deals

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Facing economic challenges and international sanctions, Russia is exploring the use of stablecoins to facilitate cross-border transactions, particularly with China. The Russian central bank, historically cautious about digital currencies, now recognizes the potential of stablecoins in international financial operations enabled by blockchain technology. This shift in policy could lead to the establishment of a lawful stablecoin system, opening new trade opportunities despite ongoing sanctions.

Development of Stablecoin Regulations

Alexei Guznov, the deputy governor of the Bank of Russia, announced that the country is negotiating the development of stablecoin regulatory measures. This proposal aims to create a legal framework for the transfer, accumulation, and utilization of stablecoins in international payments. Guznov emphasized that while the initiative is currently experimental, it could soon transition to a stable regulatory structure. The exact timeline for implementing this project remains uncertain as the central bank carefully navigates potential complications arising from international finance laws and sanctions.

Impact on International Trade

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The proposed regulation could significantly impact Russian businesses involved in international trade, particularly with Asian countries. By utilizing stablecoins, which are backed by reserve assets and have a central issuer, Russia can bypass some of the barriers imposed by current financial systems under sanctions. This could enhance trade possibilities and provide more flexibility in international transactions.

Global Adoption of Digital Currencies

As Russia explores stablecoins, other countries are also embracing digital currency innovations in the banking sector. For instance, Singapore’s largest bank, DBS Group Holdings, has ventured into the cryptocurrency market through a partnership with Paxos Trust Co. This collaboration involves offering custody services for stablecoins and managing related cash balances, reflecting a global trend towards the adoption of digital currencies.

Compliance and Regulatory Challenges

Despite the potential benefits, the use of stablecoins in international trade raises significant compliance issues, particularly regarding sanctions. For example, Tether, a major stablecoin issuer, has partnered with Chainalysis to adhere to global sanctions policies. This partnership aims to identify and prevent transactions involving risky or sanctioned entities, highlighting the importance of compliance in the evolving landscape of digital finance.

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Russia’s consideration of stablecoins for cross-border transactions represents a notable shift in its approach to digital currencies. This move could pave the way for more resilient and flexible trade mechanisms, especially with countries like China. However, the success of this initiative will depend on the development of robust regulatory frameworks that ensure compliance with international laws and sanctions, ensuring that stablecoins can be used effectively and legally in global financial operations.

Source: cryptonewsz.com

The post Russia Weighs Stablecoin Framework for International Deals appeared first on HIPTHER Alerts.

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UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System

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The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.

Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.

“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”

ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.

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“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”

The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.

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Bybit Supports Wildlife Conservation Through Sea Turtle Adoption Initiative with Subsum

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Libfx.com Announces Vision to Build a World-Class Financial Platform

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