Russia to Test Digital Rubles: Get Ready for the Digital Revolution

• Societe Generale subsidiary receives France’s first crypto services license
• DeFi bill introduced in Senate would hold major investors responsible for illegal use
• Russia could begin digital rubles testing as early as next month

Societe Generale Subsidiary Receives France’s First Crypto Services License

A subsidiary of Societe Generale, a French investment bank, has received the country’s first cryptocurrency services license. Terraform Labs has also appointed Chris Amani as CEO to replace Do Kwon.

DeFi Bill Introduced in Senate Would Hold Major Investors Responsible for Illegal Use

A new bill was recently introduced in the U.S. Senate that aims to hold major investors accountable for any illegal use of decentralized finance (DeFi) protocols. The bill states that any investor found to have knowingly used an illicit service or protocol would be held liable for any losses incurred by other users as a result of such use.

Dormant Ethereum Whale Stirring

An Ethereum whale, believed to be dormant since 2017, has started moving its funds again, sending $116M worth of ETH to Kraken exchange wallets. Furthermore, high-profile bounty hunters like Do Kwon and Sam Bankman-Fried have been targeting crypto wallets on Arkham Intel Exchange in hopes of finding potential whales.

Russia Could Begin Digital Rubles Testing Soon

Due to western sanctions imposed on the country, Russia is now looking into launching its own Central Bank Digital Currency (CBDC). If approved by the upper parliament and signed into law by President Vladimir Putin, the Bank of Russia could start testing its digital ruble currency as soon as next month. Individuals and companies will be able to create digital wallets on the bank’s platform with free individual transactions and modest 0.3% fees for companies.

Conclusion

The cryptocurrency industry continues to grow at a rapid rate with more countries looking into creating their own CBDCs while banks receive licenses for offering crypto services and major investors become held liable should they engage in illegal activities using DeFi protocols.