Here’s what’s happening with your favorite cryptocurrencies right now
As of 10.02.2022
The cryptocurrency market was trading higher on Thursday due to favorable news out of Russia, which is considering regulating rather than outlawing digital currencies.
Late Tuesday, the Russian government published a statement on its official website outlining crypto regulatory principles, which backed the top deck of crypto assets.
The Russian government’s move was backed by the country’s central bank, which has previously advocated for a ban on cryptocurrency mining and trade. The news comes only days after India took a step toward crypto legality by imposing a fee on digital asset transfers.
Except for the dollar-pegged USD Coin Terra and Solana, all of the top ten digital tokens were trading at a profit on Tuesday. Ethereum topped the gainers’ list with a 4% gain, while Shiba Inu gained 3%.
The worldwide cryptocurrency market capitalization increased by nearly 2% to $2.01 trillion. The whole crypto market volume, on the other hand, fell by 25% to $76.92 billion.
News from India
Even though the government proposed a tax regime in the Budget, global crypto exchanges looking at the Indian market are waiting for further clarification on crypto rules before making an entrance and investment choices.
The government is looking into whether the goods and services tax (GST) should be applied to different cryptocurrency transactions, including cryptocurrency mining.
What experts think
The Russian government has stated that it intends to control the cryptocurrency market. However, the ‘unexpected’ action, which was a complete 180 from their earlier stance to prohibit crypto, might be considered a positive for the sector, according to CoinDCX Research Team.
“With legislative certainty, institutions like pensions, endowments, and family offices may now take exposure to cryptos with greater ease, basically opening the floodgates for mainstream adoption in Russia,” it said.
