Bitcoin has recently regained its one trillion dollar market cap, and many other cryptocurrencies have seen recent success. This has countries around the world looking into regulations for this alternative finance.
The US Senate has gone back and forth on different regulations for cryptocurrencies. The President of the United States, Joe Biden has hinted at using his executive power to push through cryptocurrency regulations that could be potentially damaging to the industry’s growth.
Many crypto enthusiasts do not mind some regulation, but the latest crypto bill proposed by the United States inhibited involvement in digital currencies.
The United States’ aim is to know the identities of everyone involved with trades and purchases. This means in order for someone in the US to make a trade they must know the identity of the recipient
In a space filled with anonymous developers and those who wish to keep their holdings private for safety reasons, this could potentially make Americans miss out on ample opportunities.
In a recent interview with CNBC, Putin defended cryptocurrencies and said they are acceptable for use in payments. This is exciting news as Russia is still heavily regulating the usage of cryptocurrencies for its citizens.
The Bank of Russia is well known for warning investors that the cryptocurrency markets are very volatile. Like most banks worldwide, the Bank of Russia does not accept cryptocurrency as a means of payment.
Putin’s stance with cryptocurrencies likely spawns from his issues with the US dollar, which comes from sanctions placed against Russia.
While cryptocurrency as payment may be acceptable, Putin still warns that it might be too early for digital currencies to be used in trading commodities like oil.
Russia currently ranks 11th in the world with respect to the economy. If Putin and the Bank of Russia begin to use cryptocurrencies – it could do a lot for the industry.
Today only 12% of Russians hold cryptocurrency which means there is a lot of room for growth.
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