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Russia and Iran are partners in the Stablecoin Initiative
Russia and Iran will work together to create a stable currency backed by gold.
According to Russian news agency Vedomosti, Iran is working with Russia to create a “Gulf region token” that would serve as a payment method in foreign trade.
Russia recently began accepting Iranian remittances in a special economic zone called Astrakhan, and the proposed cryptocurrency would help facilitate transactions in the region.
Russia and Iran are among the countries that have banned cryptocurrency transactions, including Bitcoin and Tether, but Russia’s lower house of parliament recently announced a pledge to begin regulating cryptocurrencies again in 2023.
Russian lawmaker Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communication, noted that a joint stablecoin project would be possible only after the market for digital assets is fully regulated in Russia.
Dr. Wolfgang Smith brings physics and philosophy together in new book
Bitcoin back in business?
Bitcoin rose above $21,000 on January 13 and broke above $21,500 on Wednesday. The meteoric gains are now demanding the attention of Butcoin skeptics, begging the question: where will Bitcoin go from here?
Although we are still technically in a bear market, investor sentiment is improving. According to the Fear and Greed Index, a crypto-specific metric that measures sentiment using five weighted sources, investor sentiment toward the market has hit a monthly high.
However, many analysts point out that Bitcoin needs to continue above the 21,000 mark in previous weeks before sentiment turns bullish.
Coinbase ceases operations in Japan
Due to a business crisis in the country, Coinbase is closing its operations in Japan.
The crypto exchange first began planning its Japanese expansion during the bear market in 2018. Now, with the fallout from FTX still affecting the overall market, Coinbase has decided to regroup and put its Japanese operations on hold.
Coinbase officially announced on January 18 that the company will end its operations in Japan and conduct a comprehensive review of its operations in the country due to market conditions.
All Coinbase Japan customers will have until February 16 to withdraw their fiat and crypto holdings from the platform. After February 17, the remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will no longer be available starting January 20, according to CoinTelegraph.
New report names ‘Crypto Valley’ the most mature Blockchain hub
The VC Top 50 Report 2022 CV was presented today in Davos and shows that the Crypto Valley, which includes Switzerland and Liechtenstein, is the most mature blockchain hub.
It has continued to grow steadily in 2022 due to its regulatory capabilities and a determined decentralized mindset displayed by the 1,135 entities that have built from there.
The CV VC Top 50 2022 report shows that blockchain is evolving into a multi-billion dollar industry in Crypto Valley.