Ripple CEO loses his long-term bank account, Russia publishes new crypto law, BRICS payment system aims to be a SWIFT substitute, and more in this Week in Review.
Week in Review
Ripple’s CEO recently disclosed the closure of his 25-year-old bank account, citing his leadership role in a crypto firm as a potential cause. Russia has introduced a new law that expands state control over digital assets, aiming for clarity but imposing strict regional and transactional regulations. At the BRICS summit, Russia also discussed a new payment system to rival SWIFT, integrating digital assets and modernized financial messaging. In El Salvador, a public records inquiry has questioned the accuracy of the Bitcoin-driven ‘Adopting Bitcoin’ investor visa program’s reported success. Lastly, a U.S. Treasury report suggests tokenized assets could boost Treasury demand, especially during crypto market downturns.
Ripple CEO Loses Bank Account After 25 Years, Given 5 Days to Withdraw Funds
Ripple’s CEO has revealed that his 25-year-old bank account was closed due to his role leading a crypto company, underscoring rising regulatory pressures and uncertain U.S. policies. Read more.
Editor’s comment: It’s arguable that banks are reluctant to be connected with crypto due to antagonistic government regulators such as the SEC.
Russia Publishes New Crypto Law Expanding State Control Over Digital Assets
Russia’s new crypto law amplifies state control, enabling regional restrictions, tighter infrastructure regulations, and enhanced transaction monitoring. Read more.
Editor’s comment: While some of the new regulations implemented might seem restrictive, the fact that the government is setting out clear rules is net positive for growth.
BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages
The Russian Finance Minister offered insight into the inner workings of the new BRICS payment system at the recent summit held in Kazan. Anton Siluanov stated that the modern system will take digital financial assets into account and will be able to deliver financial messages. Read more.
Editor’s comment: The proposed SWIFT competitor will be able to ditch the incumbent’s cumbersome technical debt. Whether they can do more than talk, is to be determined.
Public Records Inquiry Reveals the Failure of Salvadoran Bitcoin Millionaire Investor Visa Program
A recently disclosed public records request reveals contradictions between the number of visas issued under the ‘Adopting Bitcoin’ program, which allowed millionaires to acquire Salvadoran nationality, and the numbers publicly disclosed on social media. Read more.
Editor’s comment: Unfortunately, this appears to be yet another example of spurious claims about Bitcoin’s acceptance in El Salvador.
Crypto’s Unseen Impact on Treasury Demand: How Tokenization Might Redefine Market Hedging
The U.S. Treasury’s report shows tokenized assets could drive significant demand for Treasuries, especially during crypto downturns. Read more.
Editor’s comment: It’s bizarre to see one appendage of the government attacking crypto, while another, in this case the U.S. Treasury Department, seemingly embracing it.
Source: Bitcoin
