Blockchain
Russia Weighs Stablecoin Framework for International Deals
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
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.
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
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Blockchain
ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases!
Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
The post ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases! appeared first on HIPTHER Alerts.
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