Crypto news recap: Russia trials digital Ruble

Subscribe Subscribe ALBAWABA- In this week's crypto news recap, notable events are reshaping the digital landscape. Russia's live trials of the digital ruble and PayPal's launch of the PYUSD stablecoin are driving significant changes in the global crypto scene. Oman and the UAE are making strides in virtual asset regulation and blockchain-based climate initiatives. You know the drill, let's unravel all these development! Oman's CMA Unveils Virtual Assets Regulatory Framework to Drive Fintech Growth The Capital Market Authority (CMA) of Oman has taken a proactive stride by releasing The Consultation Paper for the Virtual Assets Regulatory Framework. This move underscores the CMA's dedication to nurturing Oman's digital assets and fintech sector. The CMA is diligently crafting a comprehensive regulatory framework encompassing all virtual asset activities, licensing structures for diverse VASP categories, and a vigilant supervisory system to detect and mitigate potential risks. The proposed framework, informed by global analysis and benchmarking, targets crypto assets, tokens, exchanges, and initial coin offerings. The CMA embraces an inclusive approach, inviting public input and feedback from various stakeholders to ensure a well-rounded and effective regulatory outcome. UAE Ministries and Foundations Forge Blockchain-based Carbon Credits System for Sustainable Development Mariam bint Mohammed Almheiri, the Minister of Climate Change and Environment, oversaw the signing of a Memorandum of Understanding (MoU) uniting the Ministry of Climate Change and Environment (MoCCAE), Industrial Innovation Group LLC, and Venom Foundation. This strategic alliance aims to pioneer a revolutionary national carbon credits system utilizing cutting-edge blockchain technology. By fostering transparency, efficiency, and security, the collaboration seeks to curb emissions and promote sustainability in agriculture, environmental well-being, and biodiversity throughout the UAE. The MoU outlines four key objectives, including achieving climate neutrality, advancing agribusiness, enhancing economic value through responsible investment in sustainable food systems, and preserving biodiversity. Through blockchain-driven solutions, the partnership will establish a secure platform for efficient carbon credit registration, integrating systems, and evaluating emission reduction projects. The comprehensive MoU also extends its reach to areas like green technologies, urban development, scientific research, and international environmental compliance. Russia Set to Begin Real-World Trials of Digital Ruble, Starting with Moscow Subway Russia is gearing up to initiate live trials of its central bank digital currency (CBDC), the digital ruble. The trials, set to commence on August 15, will involve actual transactions with real users across 11 cities, including the Moscow subway. About 600 individuals and 30 companies will participate in the initial phase, with the potential for expansion upon successful verification. The Moscow subway will serve as a testing ground for digital ruble transactions, paving the way for possible integration into public transportation systems. Over a dozen Russian banks are joining the trials, with plans to enhance non-cash transaction services, mirroring strategies seen in electronic banking. Notably, the digital ruble is intended to complement traditional cash and electronic bank money, with legislative approval and President Vladimir Putin's endorsement paving the way for CBDC integration into Russia's financial landscape. The future trajectory of the CBDC pilot program remains a topic of speculation and discussion. PayPal Unveils PYUSD Stablecoin for Seamless Payments PayPal has introduced PayPal USD (PYUSD), a novel stablecoin pegged to the U.S. dollar and constructed on the Ethereum network. Anchored by U.S. dollar deposits, short-term treasuries, and comparable cash equivalents, the stablecoin is poised to become a widely accepted payment method for diverse transactions. With a massive user base of over 350 million active accounts, PayPal stands poised to reshape the crypto payments landscape with this innovation. PYUSD offers the convenience of easy redemption for U.S. dollars and serves as a gateway for seamless cryptocurrency exchanges within the PayPal and Venmo ecosystem. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe