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Celsius Network to Manage Funds for United Nations Initiative

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The Celsius Network has become a founding member of the SDG Impact Fund within the United Nations’ Sustainable Development Goals initiative.

Decentralized lending and borrowing platform Celsius Network will manage the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations Sustainable Development Goals initiative, according to a press release published September 21.

The Sustainable Development Goals is an international program focused on bringing a “better and more sustainable future for all.It addresses global challenges such as poverty, inequality, climate change, environmental degradation, prosperity, and peace and justice. The initiative aims to achieve a series of targets by 2030.

Per the announcement, the SDG Impact Fund will be launched by financial services firm Fifth Element with the aim to raise several hundred million dollars and deploy them in both fiat and digital format using a public blockchain. The fund will purportedly be the first to accept and operate all forms of crypto and digital assets in compliance with the UN Sustainable Development Goals.

Within the partnership with Fifth Element, Celsius Network is reportedly looking to “bring power back to the peopleby providing banking services typically reserved for top tier asset owners. Celsius CEO Alex Mashinsky said thatby offering earned interest rates up to 7.1 percent, we allow individuals to make the same passive income Wall Street has been making for years.Scott Stornetta, adviser to Celsius, commented:

“We see a great opportunity to use this technology to deliver the value collected by different U.N. organizations in a more precise and effective way to the people and organizations that need it most.

In February the United Nations International Children’s Emergency Fund (UNICEF) embraced cryptocurrency by starting a charity drive for Syrian children, asking PC gamers to use their computers to mine Ethereum (ETH) and donate their earnings. Later in April, UNICEF Australia also aangekondigd an initiative that allows users to give their computer’s processing power to mine cryptocurrency for charity.

Huis Crypto nieuws Russian Lobby Group to Present Alternative Bill on Digital Assets
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Russian Lobby Group to Present Alternative Bill on Digital Assets
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Russian Lobby Group to Present Alternative Bill on Digital Assets

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A lobby group of Russian industrialists and entrepreneurs wants to eliminate contradictions in the “unfinished and fragmented” state draft law on digital currencies.

A lobby group of the Russian Union of Industrialists and Entrepreneurs (RSPP) is working on an alternative crypto regulation bill, which will eliminate supposed contradictions in the state draft law “On Digital Financial Assets,” Forklog gemeld Thursday, September 14.

The alternative bill will be developed by a group of high-ranked Russian managers such as billionaire Vladimir Potanin, owner of the nickel and palladium mining and smelting company Nornickel, and Viktor Vekselberg, head of the Russian innovation fund Skolkovo. Both are listed among the top ten richest businessmen in the country by Forbes.

The expert council for the lobby group is formed by representatives of various ministries, departments and the Russian State Duma.

According to RSPP vice-president Elina Sidorenko, the new bill will divide digital assets in three groups: tokens, which will be equivalent to securities, cryptocurrencies, and digital “signs”. She further explained that cryptocurrencies will be treated differently:

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.

Sidorenko stressed that tokens will also fall under the law on securities, while “digital signissuers will not need to apply for licences from the central bank. She did not specify what “digital signmeant legally.

Sidorenko hopes that the alternative bill will help eliminate contradictions in the state bill that she calls “unfinished and fragmented”. Per Sidorenko, the RSPP document will rely on the actual legal framework in Russia and will take other countriesexperience into consideration.

The alternative bill must first be approved by the RSPP, which will then discuss it with Russian officials later in October, Forklog reports.

The bill “On Digital Financial Assetswas accepted by the State Duma in the first of three readings in May 2018. The law defined cryptocurrencies and tokens as property and soon drew criticism from industry figures.

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