1. By the end of 2021, the Ministry of Internal Affairs of the Russian Federation should work out a proposal to create a legal mechanism for the arrest of virtual assets with the aim of confiscation.
The authority to seize cryptocurrencies with the aim of confiscation will be received by employees of the UK and the FSB, as well as police investigators. The procedure will be possible only after the approval of the court.
Some experts draw attention to the fact that at the moment cryptocurrencies are in the gray zone. This suggests that an appropriate regulatory framework will be prepared for them, otherwise there is no point in developing confiscation rules.
The technical component is also interesting. What happens if the offender, on the pretext of forgetfulness, says that he cannot provide private keys? Cryptocurrency exchanges are also not an option, because most of them are not in Russian jurisdiction and can simply ignore the request of the authorities.
2. Elvira Nabiullina, the head of the Central Bank, said that the Central Bank of the Russian Federation doesn`t accept monetary surrogates that can move the state currency, but at the same time supports financial innovations aimed at solving other problems.
«We favour the development of financial technologies, but we don`t support private money in any form» she said.
Nabiullina noted that, along with other countries, the possibility of launching a national cryptocurrency is being considered, highlighting the initiative of China and Sweden as an example.
3. Meanwhile, the Central Bank of China has revealed new details of its future digital currency. Mu Changchun, the head of the payment and settlement solutions department of the central bank, noted that commercial banks and other financial institutions will compete among themselves for the opportunity to provide the best instruments based on the national digital currency.
According to him, initially cryptocurrency will be distributed among financial institutions, and their work will include working with the public.
«At the initial stage, it will resemble horse racing – whoever is the most efficient and provides the best service will take over this market» he said.
4. Binance and the Ministry of Digital Transformation of Ukraine signed a memorandum of understanding aimed at determining digital currencies in the country.
The parties to the agreement will form a working group that will develop a strategy for introducing blockchain technology in the state.
«We are opening Ukraine for one of the largest cryptocurrency exchanges in the world. We allow Binance to legally operate in our jurisdiction» Mikhail Fedorov, the Minister of Digital Transformation of Ukraine, said. «We are pleased that Binance agreed to provide us with advisory assistance. The experience of the leader of this industry will be extremely useful for us at the stage of forming the legislative base».
Also on Thursday, Binance confirmed the addition of the Ukrainian hryvnia, the Kazakhstan tenge and the euro.
As in the case of the ruble, the account can be replenished by using the Advcash service.
5. The Chinese authorities decided to remove mining from the «list-guide for structuring the industry», in which it is in the category of «suppression».
It should be reminded, that in April, the National Development and Reform Commission of China published a draft version of its proposal, in which there were three positions:
– Recommended for development.
– Recommended to restrict.
– Recommended for suppression.
Mining was in the last category, but it is not in the updated list.
6. Venezuelan President Nicolas Maduro spoke on the central television of the country, where he advertised a hardware wallet for storing cryptocurrencies. According to preliminary data, the device was manufactured by Trezor.
Representatives of Trezor on Twitter reported that they have no official representatives in Venezuela as well as they were not aware about the events.
7. According to representatives of Calibra, mass distribution of Libra will require several decades.
At Web Summit in Lisbon, Calibra vice president of product Kevin Weil said that one shouldn`t expect the rapid growth of the popularity of digital currency.
«Libra is unlikely to repeat the success of the social network. This is work for many years, decades» he said.
8. According to Chainalysis, the number of retail payments with using cryptocurrencies is growing steadily. The company made to this conclusion by analyzing the transactions of 16 processing services, such as BitPay. The indicator has grown by 65% since the beginning of the year.
Such dynamics is different from last year, when the number of payments on the contrary decreased.
«These results indicate increased confidence in cryptocurrencies» Kim Grauer, Chainalysis senior economist, said.
9. Crypto exchanges, vice versa, have been seeing a steady decrease in traffic since the beginning of June.
A similar trend is observed in Google Trends. The number of requests jumped sharply in June, but has been declining since then.
10. We note the Bakkt record once again. Last week, the volume of active positions amounted to $ 1 million, but the figure doubled to $ 2 million in less than a one day.
This suggests that institutional investors are increasingly interested in deliverable bitcoin futures.