{"id":398545,"date":"2022-01-24T21:15:00","date_gmt":"2022-01-24T18:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\/"},"modified":"2022-01-24T21:15:00","modified_gmt":"2022-01-24T18:15:00","slug":"law-decoded-when-central-banks-seek-public-discussion-jan-17-24","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\/","title":{"rendered":"# Law Decoded: When central banks seek public discussion, Jan. 17\u201324"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b0d790c309\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b0d790c309\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\/#The_Fed_Not_advancing_particular_policy\" >The Fed: Not advancing particular policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\/#CBR_Ban_domestic_operations\" >CBR: Ban domestic operations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\/#Crypto_ads_Second_phase_of_regulation\" >Crypto ads: Second phase of regulation?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Law Decoded: When central banks seek public discussion, Jan. 17\u201324 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvZGE3M2Q3OGYtOWE2ZC00NDU2LTk4YTYtZDZiM2JlMmViMGU0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Last week, two central banks dropped public reports that can have a sizable impact on the crypto landscape in their respective countries and beyond. The U.S. Federal Reserve published a discussion paper entitled \u201cMoney and Payments: The U.S. Dollar in the Age of Digital Transformation,\u201d which summarizes years of the Fed\u2019s research on CBDCs. Meanwhile, the Central Bank of Russia released a report that called for a blanket ban on domestic cryptocurrency operations and mining. Both documents are framed as an invitation for public discussion, but the kinds of discussions that they will trigger are likely to be very different.<\/p>\n<p>Below is the concise version of the latest \u201cLaw Decoded\u201d <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter. For the full breakdown of policy developments over the last week, register for the full newsletter below.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Fed_Not_advancing_particular_policy\"><\/span>The Fed: Not advancing particular policy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The authors of the Fed\u2019s much-anticipated report make a point to note on several occasions that the paper \u201cis not intended to advance any specific policy outcome.\u201d Indeed, the report gives off a vibe of open-endedness and covers both risks and benefits of a potential U.S. CBDC. Specifically, it acknowledges user privacy concerns that some crypto advocates have previously voiced in the context of the potential digital dollar\u2019s design.<\/p>\n<p>On <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, crypto-friendly members of the U.S. Senate sounded content with the document\u2019s findings and framing. Senator Cynthia Lummis welcomed the report\u2019s concession that the ultimate fate of the U.S. CBDC project rests with Congress:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m pleased the Federal Reserve released their long-awaited report on central bank digital currencies this afternoon. Here\u2019s a quick thread of my thoughts.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UAJFIPwiqG\">https:\/\/t.co\/UAJFIPwiqG<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenLummis\/status\/1484305318788354049?ref_src=twsrc%5Etfw\">January 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Senator Pat Toomey called the paper a constructive contribution to the public discussion around the issuance of a CBDC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I\u2019m glad the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/federalreserve?ref_src=twsrc%5Etfw\">@federalreserve<\/a> has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/10ld3lfXt6\">https:\/\/t.co\/10ld3lfXt6<\/a><\/p>\n<p>\u2014 Senator Pat Toomey (@SenToomey) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenToomey\/status\/1484299263433711616?ref_src=twsrc%5Etfw\">January 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"CBR_Ban_domestic_operations\"><\/span>CBR: Ban domestic operations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In contrast to their U.S. counterparts, Russian central bankers are very much advocating for a particular policy. They\u2019ve suggested that investor safety and financial stability risks that cryptocurrencies pose warrant a complete ban of domestic crypto operations and mining activity, as well as introducing punishments for individuals breaching these rules. Notably, the proposed ban specifically concerns the usage of domestic financial infrastructure for crypto transactions, and during a press conference that followed the report\u2019s publication, a Central Bank of Russia official suggested that Russian citizens would still be allowed to engage with crypto using overseas rails.<\/p>\n<p>The report is remarkable for making some candid points as to why the ban is needed. For one, the authors recognize that emerging economies, including Russia\u2019s, are more susceptible to the adverse effects of crypto compared to those of developed nations. Furthermore, it states that wide adoption of crypto could undermine Russia\u2019s monetary sovereignty and be at odds with a potential sovereign CBDC that the report passingly praises.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_ads_Second_phase_of_regulation\"><\/span>Crypto ads: Second phase of regulation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of moves that almost looked coordinated, regulators in the United Kingdom, Spain and Singapore took on cryptocurrency promotions and ads last week. While the first two mainly focused on ensuring <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate risk disclosures, Singapore opted for a stricter stance of outlawing any and all crypto-related advertisements in public spaces. Binance CEO Changpeng Zhao questioned the capacity of these measures to limit crypto demand because of the prevalence of word-of-mouth marketing in the digital asset space.<\/p>\n<p>Such a shift of focus could mark the next step in the evolution of crypto regulation. Jurisdictions that have put comprehensive AML and CFT rules in place are now turning to consumer protection measures as the rapid mainstreaming of digital assets gives rise to marketing strategies that target mass audiences far beyond the tech-savvy core of early crypto adopters.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/law-decoded-when-central-banks-seek-public-discussion-jan-17-24\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Law Decoded: When central banks seek public discussion, Jan. 17\u201324 &#8221; Last week, two central banks dropped public reports that can have a sizable impact on the crypto landscape in their respective countries and beyond. The U.S. Federal Reserve published a discussion paper entitled \u201cMoney and Payments: The U.S. Dollar in the Age of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":398546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvZGE3M2Q3OGYtOWE2ZC00NDU2LTk4YTYtZDZiM2JlMmViMGU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75046,75022,74863,88784,76308,55229,70934,5012,14026,67874],"class_list":["post-398545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cbdc","tag-central-bank","tag-cryptocurrencies","tag-uk-government","tag-ban","tag-law","tag-regulation","tag-singapore","tag-spain","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=398545"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/398546"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=398545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=398545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=398545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}