Stricter rules China due to Terra-failure, Russia open for international bitcoin payments and Worldbank rejects CAR crypto-plan

2 min readJun 1, 2022
Photo by Pierre Borthiry on Unsplash

Russia open to bitcoin for international payments

The Central Bank of the Russian Federation is open to allowing the use of bitcoin and other cryptocurrencies for international payments, according to a report from Reuters.

“In principle, we do not object to the use of cryptocurrency in international transactions,” said first deputy governor of the central bank, Ksenia Yudaeva.

However, the financial authority’s open-mindedness only stretches so far.

Yudaeva continued to explain “We still believe that the active use of cryptocurrency within the country, especially within Russia’s financial infrastructure, creates great risks for citizens and users. We believe that in our country those risks could be reasonably large.”

World Bank rejects Central African Republic’s Bitcoin Island plan

Recently, the Central African Republic became the second country in the world to adopt Bitcoin as legal tender. Soon after, the country announced plans to build a crypto hub called “Sango” on an island, taking further inspiration from El Salvador’s example. However, the World Bank strongly opposes the nation’s strategy.

The official site of the Sango crypto hub states:

“The Central African Republic received approval for a $35 million fund from the World Bank for the digitalization of the public sector.”

However, it now seems that the World Bank wants nothing to do with the ongoing crypto project, responding to the statement with the disclaimer:

‘The World Bank is not supporting ‘Sango: The First Crypto Initiative Project’, nor any other crypto initiatives”.

Source: Dailycoin

Chinese Media outlets signal stricter crypto regulations

The Economic Daily, China’s state-owned media organization, signaled that the country’s government may bring stricter regulations to manage cryptocurrencies, stablecoins, and other altcoins in the wake of the Terra aftermath.

Terraform Labs went through one of the most challenging months in its history. The depeg of the TerraUSD/ UST and crash of the overall Terra ecosystem resulted in the collapse of the cryptocurrency industry earlier this month.

The article also used the “black swan” event to commend the Chinese government’s call to ban cryptocurrency.

Source: Coinnounce

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