Putin As Fears Persist On Russia Using Bitcoin To By pass Sanction

On Friday, Russia’s ministry of finance submitted a finalized bill on the regulation of cryptocurrencies in Russia.

According to Kommersant, the bill which is titled “On Digital Currency” contains a detailed regulatory framework on the circulation of cryptocurrencies and for the first time, “touches upon mining in detail,” opening up new opportunities for Bitcoin miners who currently fall in the regulatory grey zone.

Apart from providing the legal framework for the circulation and issuance of cryptocurrencies, the draft bill also introduces requirements for certification, identification, and accounting for entities who would like to open digital asset businesses in Russia.

Most notably, the draft law says that digital currency can be accepted “as a means of payment that is not the monetary unit of the Russian Federation”. The bill recognizes further cryptocurrencies as legally accepted investment vehicles.

The law outlines the requirements for firms that intend to carry out digital asset businesses. An exchange operator for instance must have a minimum working capital of at least 30 million rubles or $36 million to be granted a working license. On the other hand, an operator of a digital trading platform who wishes to engage in the business of circulation of virtual currency must have at least 100 million rubles or $120 million. (Sekarangsayatahu Harga Bitcoin)

Madeira and Prospera will reportedly become the next to adopt bitcoin as an official means of payment inside their borders.

Madeira and Prospera, The autonomous region of Portugal on Honduras’ Roatán island – will reportedly adopt bitcoin as an official payment method inside their borders. Residents from both territories won’t have to pay capital gains tax when buying or selling the primary cryptocurrency.

Following El Salvador’s Path

Bitcoin’s global popularity and development received a significant boost last year when El Salvador became the first country to embrace the asset as legal tender. Even though some criticized the initiative, many other nations started contemplating following the Latin American state’s example.

According to a report by Forbes, the latest such territories are Portugal’s western island – Madeira – and Honduras’ jurisdiction – Prospera (located on Roatán island in the Caribbean sea). Joel Bomgar – the latter’s President – assured that citizens won’t have to pay personal income taxes when trading BTC.

He also said the authorities will “enable other municipalities in Honduras or other companies or political subdivisions outside the United States to float bitcoin bonds from within the Prospera jurisdiction.” Bomgar believes this could boost the local economy by bringing foreign direct investments.

Miguel Albuquerque – President of the Regional Government of Madeira – also noted that residents won’t need to pay capital gains when trading bitcoin.

“I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira,” he added.

What Happened to El Salvador Today?

Being the only country (as of the moment) to officially recognize bitcoin as a means of payment inside its borders, it is worth observing the impact on El Salvador months later.

For one, the nation boosted its tourism sector, becoming a more desirable destination for travelers. Earlier this year, the Minister of Tourism – Morena Valdez – noted:

“We did a poll to check the activity according to the before and after of bitcoin. The tourism sector increased in November and December. This increased by more than 30%.”

President Nayib Bukele’s administration also built several entities related to the primary cryptocurrency, such as a bitcoin education center and a massive veterinary hospital fueled by the country’s profits from its BTC purchases.

The latter opened doors in February. Each procedure costs $0.25 worth of BTC, and customers could apply any wallet. It is open 24/7 and has operating rooms, hospitalization, quarantine rooms, rehabilitation, and other medical features.

The First In Middle East. A school in Dubai has announced that it will be accepting cryptocurrencies such as Bitcoin and Ethereum as payment. Dubai is a city that has continued to introduce new and favorable laws regarding cryptocurrency and as a result, has seen the adoption of digital assets rise in recent times.

The Dubai school which is scheduled to open later in 2022 has become the first in the Middle East to have this option.

Bitcoin, Ether For Tuition

In a move that is a first for the region, a Dubai school has now started accepting Bitcoin and Ethereum payments for tuition. The school which is identified as the Citizens School is not yet open but will do so later in the year.

It plans to accept cryptocurrency payments through a digital currency payments platform that will allow it to easily process crypto payments and then convert them to fiat, specifically UAE Dirhams.

Eleven-week-long consolidation yes 11, Bitcoin seems to be finally out of the red after rallying past $45,000 following. Now BTC is trading at $47,503 and is up 16% in the past 7 days after showing a bullish ‘marubozu’ candlestick on Sunday.

Steve Wozniak, Apple's co-founder, had some words of praise for Bitcoin in his recent interview. He is describing the largest cryptocurrency as “pure-gold mathematics.”

With that being said, the legendary electronics engineer and computer programmer has a significantly less favorable view of the broader cryptocurrency industry. In the aforementioned interview, he pointed to the sheer number of cryptocurrencies that are being created on a daily basis, claiming that many cryptocurrency projects are “rip-offs.”