Payments

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Russian Parliament to Review Bill Prohibiting Crypto Payments

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Legislation making it illegal to pay with cryptocurrencies has been filed with the State Duma, the lower house of Russia’s parliament. The sponsors of the bill want to task crypto platforms to prevent transactions that could facilitate payments with digital assets. Draft Law Banning Use of Cryptocurrency for Payments Submitted to Russian Parliament Russian lawmakers … Read more

Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets

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Moneygram, a remittance and payments company based in the U.S., has announced the integration of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash to crypto and crypto to cash program. The company will first allow users to exchange USDC for cash and vice versa in certain markets, including Canada, Kenya, the Philippines, … Read more

Mastercard to Implement Payments for NFT and Web3 Projects

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Payments giant Mastercard has announced it is working to bring direct payment support for a number of NFT and Web3 platforms with its cards. According to the company, this will enable more customers to enter the industry as the barrier to acquiring such digital goods is lowered via more flexible payment products. Mastercard To Enable … Read more

Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

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Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think … Read more

Blockchain Firm Edge Launches Confidential Crypto Mastercard

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The San Diego-based cryptocurrency firm Edge has announced the launch of a confidential crypto Mastercard that doesn’t collect KYC data and doesn’t charge transaction fees. Edge’s website notes that there’s “no name or address associated with [the] Edge Mastercard” giving privacy advocates peace of mind. Edge Reveals Privacy-Centric Crypto Mastercard The digital currency firm Edge … Read more

Russia’s Industrial Giant Rostec Announces Blockchain-Based Alternative to SWIFT

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Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a … Read more

Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments

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The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite Bank … Read more