Russian government and central bank agree to treat Bitcoin as currency
The Russian government and central bank have agreed to regulate cryptocurrencies as “currency-like” rather than “digital financial assets.” The updated regulation is part of a bill that is due to come into force on February 18, allowing the use of approved cryptocurrencies, such as Bitcoin, on legitimate exchanges through the banking system or through authorized intermediaries.
The Russian government and central bank have agreed to regulate cryptocurrencies as “currency-like” rather than “digital financial assets.”
The updated regulation is part of a bill that is due to come into force on February 18, allowing the use of approved cryptocurrencies, such as Bitcoin, on legitimate exchanges through the banking system or through authorized intermediaries.
As part of the incoming structure, you must declare crypto transactions of more than 600,000 rubles (8,000 US dollars). Otherwise, such a transaction may be considered a criminal activity. Anyone who illegally accepts cryptocurrency as payment will be subject to a fine.
This week, Apple unveiled a new Tap to Pay feature for its iPhones that will enable businesses and merchants to conduct contactless pointofsale transactions with Apple Pay, credit cards, debit cards and digital wallets.
The move also enables customers who use crypto payment methods such as Coinbase Card and Crypto.com Visa Card to use their holdings to make payments via Tap to Pay. However, it will most likely involve the conversion of crypto to fiat in real time to do so.
Apple announced Stripe as the first platform to offer Tap to Pay on the iPhone and indicated that other payment platforms and apps will introduce the feature throughout 2022.
The price of XRP surged 30% this week on the back of positive developments in the longrunning court case between Ripple Labs and the United States Securities and Exchange Commission (SEC).
According to court documents from last week, Judge Analisa Torres permitted Ripple to respond to the SEC`s memorandum of law in support of the motion to strike Ripple`s fourth affirmative defense. The judge also ordered for the unsealing of three documents concerning the case, including two email threads belonging to Ripple CEO Brad Garlinghouse and cofounder Chris Larsen respectively, as well as Garlinghouse`s deposition notice.
Shortly after the news was published, the price of XRP rallied around 30�tween Feb. 3 and Feb. 7. The gains have held up well over that period, with CoinMarketCap data showing a 32% gain in XRP`s price over the past seven days at the time of writing.
YouTube is looking at integrating NFTs, blockchain and Web3 tech into its platform in a bid to roll out new features for its partnered creators. In a Thursday blog post, YouTube`s chief product officer Neal Mohan also stated the firm is aiming to ramp up its metaversebased services.
Mohan outlined that YouTube creators are looking for new ways to make content and add revenue streams, and the Web3 tech could be the solution, stating:
“Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together they will be able to collaborate on new projects and make money in ways that were not possible before.”