Russia revives “Bitcoin” market, and Europe threatens if used for money laundering

The world’s cryptocurrency is oscillating between bans and rationing, especially in recent times in which it has suffered a decline in its value with its price decline as it fell 57% from its highest level reached on November 10 at $ 68,992, with Bitcoin that lost. 5.5% of its value in Last week it has fallen by 36% so far this year.

The regulation of cryptocurrencies in recent months has become a priority issue for many governments around the world, which are currently focused on trying to control the technology that appeared in 2008, and cryptocurrencies have caused controversy in recent times. , especially with the war in Ukraine, and Russia’s attempt to turn it around to avoid The sanctions imposed on it, as well as the legalization of some countries, especially El Salvador.

In Russia, the head of the finance department of the Russian Ministry of Finance, Ivan Chepskov, confirmed that the Russian authorities are considering allowing the use of cryptocurrency to settle international payments.

The Spanish newspaper La Bangordia quoted Chipskov as saying that the relevant Russian authorities were discussing the use of digital currencies in transactions for international settlements, especially as it would help counteract the impact of Western sanctions, which would affect Russia’s access to made traditional cross-border. payment mechanisms “limited”.

In the United States, the New York State Senate has approved a bill that would ban PoW for two years, used to mine Bitcoin through fossil fuel energy Mining of the new regulations.

The collapse of the interconnected Luna and Terra, which took place in May, was the straw that broke the camel’s back, and in recent weeks has become the unanimous slogan among some institutions, including the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Group of Seven, and the bankers of the Davos Forum, of Among others, it is the need to establish the legal framework for Bitcoin, according to a report published by the Spanish newspaper “Crypto Notes “.

But this was not always the case, in the early years of Bitcoin there was little interest from the authorities in regulation, and the world of cryptocurrency moved in parallel with the world of finance, a situation that was changing and leading led to increased monitoring of the ecosystem.

The great public interest and the prestige that Bitcoin has gained in recent years, with an important role in the global economic and geopolitical game, is one of the reasons why the authorities have stopped considering the sector as a secondary industry. .

In this regard, the Bank for International Settlements (BIS) last May drew up a report which spoke of the increase in the acceptance of Bitcoin and the implications – in the traditional financial environment – of the acceptance of assets issued under the promise of decentralized and unmediated money management.

BIS analysts point to the rhetoric that most regulators have been repeating for several years, and see cryptocurrencies as a threat to finances and a focus on crime. The argument behind the recognized fear of losing control of the world’s financial system.

In Brazil, Nubank announced the legalization of cryptocurrencies throughout Brazil and the rest of Latin America.

David Velez, CEO of the company, explained that this initiative arose from the perceived interest among its customers to start using cryptocurrencies to conduct various operations such as online buying and selling, investing, savings, and more .

It is noteworthy that the platform will initially only be available in Brazil and will only work with Bitcoin, Bitcoin and Ethereum.

Nubank currently has about 59.6 million users. Of this total, 57.3 million are in Brazil (the country of origin), 2.1 million in Mexico and 200,000 in Colombia. Its annual growth rate is 61%.

The report noted that some countries such as El Salvador and the Central African Republic, which decided to legalize bitcoin, others banned cryptocurrency activity,

In Peru, crypto-entrepreneurs want to invest in El Salvador, and about 21 crypto-entrepreneurs from Peru have been invited by the Salvadoran Ministry of Foreign Affairs to learn more about blockchain-related business models.

During their stay in the country, the 21 visitors will receive complete information on: trade, strategic projects, legal framework, investment, business climate, tax incentives, financial services and operations, innovation and tourism.

In recent weeks, businessmen and politicians connected to the financial sphere have visited El Salvador, which hosted a major event on “Digital Financial Services and Financing for Small and Medium Businesses”, in which more than 44 countries participated to address the following issues speaks: financial inclusion, the digital economy and Bitcoin.

In Argentina, the case of Bitcoin has expanded to the extent that the authorities have included it in the educational sector, and the competent authorities have included the Bitcoin Schools Project, which is a program dedicated to teaching leading cryptocurrencies to high school students, where the project plans to teach more than 4,000 students about Bitcoin.

In Europe, there is a proposal to revoke the licensing of companies operating in the Bitcoin and cryptocurrency sector that allow money laundering and terrorist financing by crypto-assets,

The text, published by the European Securities and Markets Authority (ESMA), emphasizes that the proposed measure is “a last resort and must respect proportionality requirements”.

In addition, they are asking to add it as a condition so that exchanges and service providers can operate with cryptocurrency on European soil, so that it can be evaluated by various regulatory bodies.

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