US president Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
To stop Russia evading Ukraine war sanctions Joe Biden to sign an executive order on crypto (this week)
ComplianceX | Jack Kelly | March 8, 2022
US president Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.
The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the rouble to historic lows and have closed the country’s stock market.
Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war. Both people spoke to the Associated Press on condition of anonymity to preview the order.
See: Over 400 SEC new enforcements in 2021 including Crypto, Dark Web, DeFi targets
The order is expected to describe what government agencies, including the US Treasury Department, need to do to develop policies and regulations on digital currencies. It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of US allies and will ask the Financial Stability Oversight Council — which monitors the stability of the US financial system — to study illicit finance concerns.
Additionally, the order will explore the possibility of a new central bank digital currency. The Federal Reserve issued a paper on the topic in January that explores the risks and benefits of US-backed digital currency.
Stopping Russia from evading sanctions
While US officials have played down the significance of cryptocurrency to Russia’s ability to evade sanctions, it remains a concern.
See: SEC Considering 50 Rule Changes: “One of the largest regulatory agendas in years”
US Treasury Secretary Janet Yellen said last week:
“We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched.”
A senior administration official who spoke on condition of anonymity said the president’s national security team has already been on the lookout for the use and creation of front companies and alternative financial institutions that Moscow might try to employ to get around sanctions.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Visa, Mastercard suspend business; Russian banks turn to China
Fortune | Bloomberg | March 6, 2022
Sberbank
PJSC said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard Inc. suspended operations following the invasion of Ukraine.
The move could allow Russians to make some payments overseas, with UnionPay operating in 180 countries and regions. Visa and Mastercard said that any transactions initiated with their cards issued in Russia will no longer work outside the country from March 10.
See: Medvedev Says Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions
Cards issued by domestic banks will continue to work in Russia using its payment system. Russia’s biggest lender, Sberbank, said it would announce timescales later.
Visa and Mastercard have joined the list of international companies suspending activities in Russia in response to President Vladimir Putin’s invasion of Ukraine. The move further isolates Russia’s economy. Cards issued outside of Russia won’t work at ATMs or merchants inside the country, the firms said.
The Bank of Russia is also temporarily reducing the amount of information commercial banks are required to publish in an effort to limit the risks from international sanctions. Starting with statements for February, banks will no longer have to release accounts prepared to national standards or make any additional disclosures on their websites, the central bank said in a statement.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Crypto’s humanitarian side in the time of War
Vox | | Mar 1, 2022
Cryptocurrency is now a more mainstream part of the global financial system, which means that — for better or for worse — it’s inevitably a part of international conflict, too. This is on full display as Russian forces invade Ukraine. Millions of dollars in crypto have flowed in to support Ukraine’s army and hacktivist groups. Even the Ukrainian government is now soliciting donations in crypto and has already raised more than $15 million. Some Ukrainians are also turning to crypto as an alternative to Ukrainian financial institutions, which are limiting people’s access to bank accounts and foreign currency. In a scenario where governments are in chaos, it’s difficult to rely on traditional banks, and there’s fear of surveillance. So a relatively anonymous system where no government is involved is appealing.
“The fact that it can’t be frozen, the fact that it can’t be censored, and the fact that it can be used without ID is very, very important,” Alex Gladstein, chief strategy officer at the Human Rights Foundation, told Recode. “And they are why bitcoin is such an important humanitarian tool.”
See: Amid Russian invasion Ukraine’s official Twitter account posts pleas for crypto donations
Just how useful an avenue crypto is for people in crisis or organizations in need of donations is up for debate. You need a relatively sophisticated understanding of technology to use crypto, and if you weren’t already set up for it, the onset of a war might not be the moment to try to do it. Plenty of donations to Ukrainian groups are flowing in just fine using more traditional currencies.
Ukrainians are using crypto — but there are limitations
Right now, at least some Ukrainians escaping the country seem to be taking their crypto with them, which they hope to convert back into fiat currency once they arrive to safety. Others seem to be looking toward crypto as a way to store their wealth as Ukraine’s economy collapses; the country’s central bank has already suspended electronic cash transfers and is blocking Ukrainian citizens from withdrawing foreign currency. Trading on the Ukrainian crypto platform Kuna reached its highest level since May 2021 this past Friday.
“In Ukraine right now, you can download a bitcoin wallet open source — totally unconnected from your ID — and you can generate an address via a QR code or an alphanumeric string,” Gladstein explained. “You can paste that to me, I can send you $1,000, and it goes through in a few minutes.”
See: Pomp: We Should Not Normalize Economic War On Innocent Civilians
Using crypto in the middle of a crisis isn’t necessarily easy. For one thing, you need an internet connection and a working device. You also need to know how to use crypto, which has a steep learning curve and is something people aren’t going to be able to pick up quickly in moments of crisis.
“It might work for some people, but they need first to unfreeze their assets, transfer them into digital currency, and then manage to get out [of the country], which is actually the main problem right now,” Coppi said. “And then when they’re out, hope it hasn’t devalued too much.”
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Following Russia’s Invasion: Ukraine Suspends The Use of Electronic Money
CryptoPotato | | Feb 24, 2022
Ukrainian financial services providers will halt the issuance, replenishment, and distribution of electronic money, the country's central bank announced.
Putin’s “special military operation” caused major financial uncertainty in Ukraine. To bring more clarity to the situation, the National Bank of Ukraine informed that local monetary institutions will suspend the issuance and distribution of electronic money.
Ukraine’s Central Bank Introduces Its Policies
It is safe to say that Russia’s military operation in Ukraine is the top news today (February 24). As Russian troops are heading towards the biggest cities of their neighbor, many of the latter’s citizens started leaving their homeland.
See: Open-source intel’s offers valuable insight into global conflicts but misinformation remains a challenge
The National Bank of Ukraine ensured that branches will work in an “uninterrupted mode in the absence of threat to life and health of the population.” It also provided access to safe deposit boxes and non-cash payments. In addition, ATMs are supported by cash without restrictions, the institution informed.
As of today, though, local banks will suspend the issuance, replenishment, and distribution of electronic money. Such funds usually refer to fiat currencies in digital form, as it remains unclear whether this extends to cryptocurrencies.
The central bank also introduced a moratorium on cross-border foreign currency payments. The move is expected to enhance the employment of the Ukrainian hryvnia and thus protect it from a freefall in the days to follow.
See: U.S. CISA Agency warns of potential increase in Cyber threats
Subsequently, the institution halted the financial operations of those residents who took part in the armed aggression against Ukraine.
“Appropriate actions are necessary to ensure the reliable and stable functioning of the country’s financial system and maximize the activities of the Armed Forces of Ukraine, as well as the smooth operation of critical infrastructure,” the National Bank of Ukraine summarized.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How open finance ecosystems should generate value for everyone
Platformable | Jan 2022
Our open banking/open finance ecosystem maps the way that APIs can help generate new products and create financial health for end users, and indirect benefits for society, local economies and the environment.
Governments direct regulators to expand digital financial services infrastructure through open banking and open finance (in some locations, markets themselves encourage greater action).
See: So what is financial exclusion in the era of Open Finance?
API providers (including banks and fintech platforms, like payment gateways) make APIs available, drawing on industry standards and internal API governance. These APIs are used by API consumers (such as fintech, API aggregators and marketplaces) to build new products and services.
The utility of these APIs depend on value enablers including the level of developer experience, security and privacy provisions, and are influenced by demand for digital services from end users. End users including individuals, businesses, and enterprises make use of API-enabled fintech to generate financial health and wellbeing.
The broader ecosystem could also generate indirect impacts on society including impacts on levels of participation and inclusion, support for local economies through increased employment opportunities, and the environment through more optimised use of resources and creation of sustainability products.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Aftermath Islands Metaverse Showcases New Interactive Demo for Oculus Devices
Liquid Avatar Technologies | David Lucatch | Feb 24, 2022
TORONTO, ON and BRIDGETOWN, BARBADOS / ACCESSWIRE / February 24, 2022 / Oasis Digital Studios Limited ("Oasis"), a wholly owned subsidiary of Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51) ("Liquid Avatar Technologies" or the "Company"), a global blockchain and fintech solutions company, focused on digital identity, integrated avatars and the Metaverse, is pleased to announce that its controlled subsidiary, Aftermath Islands Metaverse Limited ("Aftermath Islands") has completed its second pilot test activities designed for Meta's (formerly Facebook) Oculus system using the Quest 2 VR headset and hand controllers. The conceptual interaction with Dinosaurs, taken from the actual virtual experience, can be viewed here.
This is the second of many early-stage interactive experiences planned for Aftermath Islands as the Company is currently working to complete several initial pilots of virtual and interactive platforms and technologies, including but not limited to Oculus, as it assesses a range of initiatives for its first launch program expected for mid-2022. Future demos that may lead to full version experiences may include western gun fights, light sword dueling, survival training, virtual art galleries, entertainment, business events and more.
See: Liquid Avatar Technologies and Bonifii Make Verifiable Credentials Accessible for People and Financial Institutions in the Metaverse
As previously announced, other initial launch programs include virtual escape rooms, with award winning, real world and virtual escape room creator Hourglass Escapes LLC. and The Lost Kingdom of T'Sara, the upcoming P2E (play to earn) game which will allow users to gather resources and Credits for Aftermath Islands. Both these programs are currently in development for an expected Q2 beta launch.
As part of its Metaverse program, Aftermath Islands is developing the Aftermath Islands Explorers League, creating a virtual location for Aftermath Island virtual landowners and account holders to start their journey in Aftermath Islands, getting acquainted with new products, features and services and create their avatars. Users will be able to hone skills, share experiences, visit a virtual café and stores, engage with other users, participate in a variety of activities and transport to their favorite islands all from the Explorers League.
"We continue to accelerate experiences and new offerings at Aftermath Islands as well as throughout the entire Liquid Avatar Technologies organization, delivering world-class solutions for digital identity, avatars, NFTs and the Metaverse," said David Lucatch, CEO Liquid Avatar, Managing Director Oasis Digital Studios Limited & Aftermath Islands Metaverse Limited.
See: 7 Ways the Metaverse is Changing Enterprises
"This is the second pilot for the Oculus platform and further demonstrates our abilities to reach milestone activities and drive forward with a range of technologies and the first phase launch of Aftermath Islands Metaverse."
In addition to its recently announced premium virtual islands, Fab Island, Vegas Island and Cannabis Cove, additional premium theme islands are planned for release. Aftermath Islands Metaverse is working with brands and agencies and welcomes the opportunity explore partnerships that will create new and interactive virtual experiences for players.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Decentralization and Resilience are Key to Bitcoin’s Value
Coindesk via Yahoo Finance | | Feb 17, 2022
People sometimes ask me for a single reason why I think bitcoin is an attractive investment. It’s simple: Bitcoin is the hardest monetary asset ever created.
By “hardest” I mean “hardest to create more of” – it’s the monetary asset in which I have the highest confidence that the supply is limited. It’s like gold, but better.
Decentralization is the key
Decentralization isn’t a goal unto itself. Instead, decentralization is key because it makes the Bitcoin network maximally resistant to attack from anyone who might seek to change its monetary policy and thereby threaten its inherent scarcity.
No other cryptocurrency comes close to Bitcoin’s level of decentralization, and it seems unlikely that any ever will.
So what makes bitcoin (BTC) the most decentralized digital asset?
Satoshi is a ghost
The most straightforward way to change an organization is to influence its leader. Bitcoin has no leader. Its founder, Satoshi Nakamoto, has managed to remain pseudonymous for well over a decade. And ever since Satoshi ceased communicating with the Bitcoin community, no individual or group has managed to exercise enough influence to make significant changes to Bitcoin’s monetary policy.
See: Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts
No other digital asset can make this claim to having a long track record without influential leadership. There is no leader to coerce, no committee to bribe, and no constituency strong enough to change it.
Running a node is 'easy as (Raspberry) Pi'
One of Bitcoin’s most important decentralizing factors is the ease with which a user can run a node. Such nodes both relay transactions through the network and also verify the entire transaction history. This allows anyone to verify the entire transaction history of Bitcoin and also make sure that future transactions comply with the rules of the protocol, including the fact that no bitcoins are double-spent and that the overall supply is strictly limited. All this can be done with less than $300 worth of computer gear and a low-bandwidth internet connection.
13 years of conflict have proved Bitcoin’s decentralization
Bitcoin has likewise survived numerous challenges in its 13-year history, culminating in the Block Size Wars. In this struggle, a group of companies with interests in Bitcoin attempted to change the protocol to allow an increased number of transactions per second.
See: Decentralization of Startups (and Capital) Spur Economic Growth and New Startup Cities Across the U.S.
The lesson drawn from this conflict was that Bitcoin would not be changed by an economically powerful group of individuals seeking to impose their will over the objections of the average users of the network.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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