Latest Crypto News: Russia to Mine Crypto for Cross-Border Deals, Says Bank of Russia

Here are some of the major events of crypto world of the past few days.

The Bank of Russia is now drafting legislation that would let it to conduct all export-import transactions exclusively using cryptocurrency. Elvira Naiullina, the executive director of the oversight body, claims as much.

While the Bank of Russia will use cryptocurrencies to settle international transactions, trading and payments in cryptocurrency will still be prohibited within the country, according to Naiullina.

A bill to establish a governmental body to licence and oversee cryptocurrency platforms operating in Russia is currently being worked on by the Russian government. Sergei Altukhov, a representative on the committee overseeing economic issues in the Russian parliament, says this.

Altukhov went on to say that the law would also include a new tax system for miners.

Nabiullina made this most recent development public earlier this week when addressing a group of "New People" lawmakers. The regulatory chief stated that the Bank of Russia's strategy calls for the establishment of unique businesses that will be tasked with processing payments for international trade agreements and mining cryptocurrencies.

TransUnion will start offering credit scoring with identity protection for DeFi loans.

The American credit reporting agency is teaming up with Spring Labs and Quadrata for a new service that should make DeFi borrowing easier and less risky.

One of the three major credit reporting agencies in the United States, TransUnion, declared on April 20 that it would start offering credit scoring to open blockchain networks. Web3 and decentralised finance (DeFi) applications have not previously had access to off-chain credit data.

With the new TransUnion service, customers can request that credit information be made available to decentralised applications, or DApps. The consumer will receive all available credit information, and portions will be sent to the DApp.

To deliver credit data through a digital passport network that would protect the user's identity on the blockchain, TransUnion teamed up with Spring Labs and Quadrata. Given that it was initially announced

more than a year ago, it appears that the project took some time to get off the ground.

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