The Indian central bank has reportedly urged lawmakers to keep banks insulated from crypto and private stablecoins, while preserving room for regulated tokenization. According to a report by The Economic Times, RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance on Thursday. The RBI warned that applying traditional regulation to crypto could legitimize speculative assets and create a false perception of safety among users.
Regulatory Updates
Russia’s central bank governor, Elvira Nabiullina, confirmed that the country was prepared to roll out its central bank digital currency (CBDC) in two months, following the timeline it laid out last year. The CBDC will launch as a complement to Russia’s fiat currency, the ruble, and will initially be accepted by financial and credit institutions. The digital ruble has already been targeted by preemptive sanctions from European Union authorities.
Mining and Sanctions
SBI Crypto, a cryptocurrency-focused division of Japanese financial conglomerate SBI, is shutting down its Bitcoin mining pool after a five-year run. The company announced Wednesday that it will end mining pool operations on July 31 and will stop accepting mining shares at the same time. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 134 cryptocurrency wallet addresses identified as belonging to terrorist group ISIS-Khorasan (ISIS-K).
Investment and Licensing
Japanese investment company Metaplanet acquired 2,823 Bitcoin during the second quarter at a price below its average purchase price, as its holdings surpassed 43,000 BTC. The Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator, has granted its 50th virtual asset service provider (VASP) license. Dubai’s 50 licensed VASPs exceed the totals reported in Hong Kong and Singapore.
Tokenization
Hyun Song Shin, the governor of the Bank of Korea, praised tokenization for its ability to simplify the issuance and management of government bonds. Shin said during a Wednesday panel discussion at the European Central Bank (ECB) Forum on Central Banking that tokenized bonds would make it easier to verify collateral, credit the asset provider’s account and reverse transactions at the appropriate time.
Based on reporting from crypto.news.
