While Nigeria continues to ban financial institutions from dealing in cryptocurrency, other countries, like Russia and India have decided to take a different approach.
The Bank of Russia has reached an agreement on how to regulate cryptocurrencies. They are now preparing a draft law, expected by February 18, which will define crypto as an “analogue of currencies” rather than as digital financial assets.
Russian newspaper, Kommersant, reported this morning, and later tweeted, about an agreement on how to regulate cryptocurrencies.
Read: IMF warns that no single country can stop cryptocurrency on their own
The cryptocurrency space has shown resistance to government pushback as Nigeria’s peer-to-peer transactions rose by 16% on an annual basis, despite the crypto ban. Nigeria’s P2P volumes on two major P2P platforms (Paxful and Localbitcoins) currently stand at $400 million, followed by Kenya with more than $160 million and South Africa with $117 million.
In lieu of the growing adoption, Russia has sort to benefit and position herself to get profitable via the blockchain revolution.
Read: Bitcoin hash rate hits all-time high despite market meltdown
Read: Nigeria’s cryptocurrency ban: A legal analysis
India’s central bank has announced plans to launch its digital version of the rupee in the next financial year.
The Indian government also plans to tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender.
For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah
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