ALBAWABA- This week's crypto news recap highlights major developments worldwide. In the US, two bills bring regulatory clarity for crypto firms, while Ethereum's Vitalik Buterin comments on Worldcoin's "proof-of-humanity" token. In Russia, President Putin signs the digital ruble bill into law, set to take effect from August 1, 2023. All that and more so let's dive in!
US House Panel Approves Crucial Crypto Regulation Bills
US House Panel Approves Two Bills Advancing Crypto Regulation: The Financial Innovation and Technology for the 21st Century Act brings registration rules for crypto firms, while the Blockchain Regulatory Certainty Act eases guidelines for blockchain developers. However, the Digital Assets Market Structure bill lacked broad support.
Vitalik Buterin Analyzes Worldcoin's Proof-of-Humanity Concept Amidst Controversy
Vitalik Buterin, the Ethereum co-founder, has published an extensive essay sharing his insights on Worldcoin's recently launched human identity verification system, specifically addressing the concept of the Worldcoin token, known as "proof-of-humanity." Worldcoin publicly launched on July 25 after a lengthy two-year development and beta testing phase. However, the project faced immediate criticism, leading to potential investigations by the United Kingdom's Information Commissioner's Office for potential violations of data protection laws and questioning of its legality by the French National Commission on Informatics and Liberty. In response to data collection concerns, the project released an audit report on July 28.
Russia's President Putin Approves Digital Ruble Bill
Russia is taking significant strides towards implementing its central bank digital currency as President Vladimir Putin signed the digital ruble bill into law on July 24. The official enactment of the digital ruble law is scheduled to commence from August 1, 2023. Notably, individuals in the country will have the autonomy to decide whether to adopt the digital ruble or not. According to Bank of Russia Deputy Governor Olga Skorobogatova, the government does not anticipate widespread adoption of the digital ruble in Russia before 2025.
