This could help people of Russia to opt for a quicker, easier and more seamless payment option. Reportedly, Russia has showed interest in creating thier own digital currency (CBDC) which is believed to enable, equip and finally empower the functioning of future banking in the country. Russia previously also expressed its concerns around cryptocurrency as they believed that the asset could be used for money laundering and even financing terrorism. Related Reading | NGOs Use Crypto To Aid Afghans Facing Taliban Takeover The culmination of which has urged the Central Bank to form new laws and regulation which could help ban the digital asset in Russia.
In the report, “Cryptocurrencies: trends, risks, measures” an excerpt read that cryptocurrenices “offer an outlet for people to take their money out of the national economy, thereby undermining it and making the regulators job of maintaining optimal monetary policies harder.” The other major concern that led to this ban was the ever increasing dynamic and volatile nature of cryptocurrency along with illegal activities being funded by the digital asset. “Cryptocurrencies: Trends, Risks, Measures” The report stated that this measure of banning crypto might after all be in favour of Russial as this decision happens to be the “best” and “optimal” one that safeguards Russia. Despite Russia legalising cryptocurrencies in the year 2020, it always remained sceptical in regards to accepting the same as a medium of exchange. It also specified that the information collected will comprise of details of individuals who have previously traded in cryptocurrency, not only within the country but also outside of it.
This recent ban on cryptocurrency comes right after the Central Bank of Russia displayed interest in securing information from commercial banks in respect to private money transfers. Russia holds the third rank in bitcoin mining after US and Kazakhstan.
The digital asset apparently posed a serious threat to the sovereignty of Russia’s monetary policy. This blanket ban on cryptocurrency was tied to risks of financial instability and rising illegal activities. In the report put forth in an online press conference, the Russian government along with the Bank of Russia suggested this regulatory measure. The country’s Central Bank suggested that the trading of cryptocurrencies must come to a stop immediately.
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Russia has proposed a full ban on crypto, this includes both mining and use of cryptocurrencies. The total crypto market cap stays below $2 trillion | Source: Featured image from Pixabay, chart from The deal worth over $700 million is expected to cover the next 20 years. This was followed closely with its July partnership with the UFC worth over $175 million.įurthermore, mid-November saw the company with a new agreement of renaming the Staples Center in Los Angeles to the Arena. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This MeansĬ, in June ending, bagged a $100 million sponsorship deal with Formula 1. In addition, the crypto exchange has had several sponsorships deals from sports brands within the past few months which amounts to more than $1.5 billion. These include digital wallets, crypto-backed debit cards, and others. The Singapore-based crypto exchange,, provides many crypto services to its customers. The report indicated that while 16% of men were involved, only 7% were recorded. In August, a survey from CNBC disclosed that women’s participation in crypto investments is far below half of their male counterparts. So, is pleased to serve as their beck-on-call platform for any of their crypto-related activities. The general manager mentioned that such a discovery is quite encouraging.Īccording to Mohan, this indicates that crypto adoption in Australia cuts across all levels without any inhibition from either gender or background. Mohan stated that their latest research on their Australian customers revealed female investors in cryptocurrencies were over 53%. He revealed that his company’s attraction came from the high volume of interested women in cryptocurrency. Karl Mohan, the general manager of Asia and Pacific of, is on his part. Reason Behind Sponsorship Deal With Crypto.Com
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