According to the latest news reports, Russia the 11th largest economy, has stated the legalization of cryptocurrency. Following this, Bitcoin got a hike to around $45000, and a legal notice was published by the Russian government on February 8. The decision came out not long after India took a step forward to legalize cryptocurrency, with a tax on digital asset transfers. The regulatory concept has been given a green go by the authorities of the Russian government.
Russian government has various mandates, assuring the safeguarding of the citizen’s rights. Service providers will also have to inform the natives about related-risks with bitcoin investment.The Finance Ministry and Bank of Russia have to produce a draft of the law by February 18. As per the reports, Russia accounted for 12% of the world’s Crypto holding worth $214 Billion.
The Plight of Bitcoin and Ethereum
In-spite of having the largest Gross domestic product value, U.S.’s evolution into digital finance and commerce is still unclear, U.S. cryptocurrency regulation is still conflicting. Crypto assets such as Ethereum and Bitcoin are having intense price volatility. Stable coins have gathered a lot of attention from private companies, they are highly fixed in terms of values, when compared to general cryptocurrency alternatives. Tether, the most popular stable coin, US Tether, pegged against the US Dollar in 1:1 ratio.
The NFT copyright wars begin
As per the latest news, Nike, the sneakers selling company has filed a lawsuit against Stockx, for selling unlicensed Nike shoes NFTs. Non- fungible token is unique, irreplaceable token, used to prove ownership in digital assets such as music, artwork. NFT can not be exchanged for another NFT unlike Indian rupees and cryptocurrencies. NFT transactions are recorded on blockchains, a digital public ledger. NFTs are a part of new financial system called decentralized finance (DeFi).