Author: William Torsney

The Bank of Russia has taken a notable step in its long-running debate over cryptocurrencies, proposing a new regulatory framework that would allow Russians to invest in crypto assets under strict conditions, while continuing to ban their use as a means of payment inside the country. In a policy concept published on 23 December 2025 and submitted to the Russian government, the central bank set out rules that would formally recognise cryptocurrencies and stablecoins as “currency values”. This would make them legal to buy and sell, but not to use for everyday transactions, reinforcing Moscow’s long-standing resistance to private digital…

The European Central Bank’s latest consumer research suggests that a digital euro would mainly be used as a means of payment rather than as a substitute for bank savings, easing concerns about large-scale deposit flight. The findings are based on micro-level data from the ECB’s Consumer Expectations Survey and are published in Research Bulletin No. 138, released on 22 December 2025. According to the study, many euro area consumers are open to using central bank money in digital form, but primarily for everyday transactions. Under normal, non-crisis conditions, the authors estimate that the introduction of a digital euro would lead…

Stablecoins could end up concentrating financial power and reinforcing the dominance of the US dollar, rather than delivering the decentralized financial system originally promised by crypto technology, according to a new article published by the International Monetary Fund. In a Point of View essay for the IMF’s Finance & Development, economist Eswar Prasad argues that stablecoins have solved some technical problems in digital payments but at the cost of reintroducing centralized control and governance. The article, titled The Stablecoin Paradox, was published in December 2025 . Prasad recalls that early crypto innovators aimed to remove central banks and large commercial…

US lawmakers have released a new discussion draft that would significantly change how digital assets are taxed, aiming to reduce the burden on everyday users while aligning crypto with traditional financial rules. The proposal focuses on small payments, stablecoins, and staking income, areas where existing tax treatment has drawn criticism for being impractical. The draft was introduced by Representatives Max Miller and Steven Horsford, signalling growing bipartisan momentum behind clearer crypto taxation. It is not yet a formal bill but is intended to gather feedback from industry, tax experts, and regulators. Payments and stablecoins at the centre One of the…

The Bank of Korea is moving quickly to restart its central bank digital currency programme, pushing ahead with a second large-scale pilot despite ongoing delays in legislation for won-denominated stablecoins. The renewed effort signals the central bank’s determination to test practical CBDC use cases even as political and regulatory debates continue. According to South Korean financial industry sources, the Bank of Korea has recently sent official notices to major domestic banks outlining plans for a second phase of CBDC testing, known internally as Project Hangang. A central bank official confirmed that discussions are underway but said that detailed structures and…

ANNA Money has secured a £10 million debt funding deal as it prepares for a major shift in UK tax reporting requirements for the self-employed. The London-based fintech, founded in 2017, offers business owners an integrated platform covering accounts, invoicing, payroll, taxes and administrative services. The new funding comes as the UK government prepares to expand its Making Tax Digital programme, which will require many self-employed workers and landlords to use digital software for tax reporting. The policy change, known as Making Tax Digital for Self Assessment, will mandate digital record-keeping and regular income and expense reporting to HMRC. From…

The European Central Bank has renewed its push for the digital euro, with President Christine Lagarde urging EU lawmakers to move quickly on legislation and framing the project as essential for financial stability and monetary sovereignty in the digital age. Speaking at the ECB’s monetary policy press conference on 18 December, Lagarde said central bank money must have a digital expression to remain the “anchor of stability” for Europe’s financial system. She explicitly called for the rapid adoption of the proposed digital euro regulation by the Council and the European Parliament. The comments came as the ECB Governing Council kept…

French President Emmanuel Macron has called on the European Union to strengthen the international role of the euro by developing euro-denominated stablecoins and accelerating work on the digital euro. He framed digital money as a strategic tool to enhance Europe’s financial sovereignty and support investment in defence and critical technologies. In an opinion article published in the Financial Times, Macron argued that Europe must adapt its economic model to a more competitive and fragmented global environment. He said reinforcing the euro’s global position should be part of a broader effort to mobilise European savings and reduce reliance on external financial…

Bitcoin could face a major price shock if it does not upgrade its security against future quantum computing threats, according to Charles Edwards, founder of crypto investment firm Capriole. In a recent post on X, Edwards warned that Bitcoin could fall below $50,000 by 2028 if the network fails to adopt quantum-resistant cryptography. Edwards argued that advances in quantum computing could eventually undermine Bitcoin’s current public key cryptography, creating systemic risk for long-term holders. He suggested that without clear progress on mitigation, markets may begin pricing in this vulnerability well before quantum computers become practically viable. The Capriole founder also…

The Reserve Bank of India’s Deputy Governor T Rabi Sankar has delivered a strong critique of stablecoins, arguing that they fail to meet the core attributes of money and pose significant risks to financial stability. Speaking at the Mint Annual BFSI Conclave 2025 in Mumbai on 1 December, Sankar said stablecoins do not serve any purpose that cannot be better fulfilled by sovereign fiat money. In his keynote address, Sankar traced the evolution of money from commodities to digital balances, emphasising that trust, sovereign backing and singleness are the foundations of modern monetary systems. He argued that cryptocurrencies challenge this…