Following the recent tug of war regarding cryptocurrency in Russia, the government and the central bank of Russia have made it a currency. The country created various regulations that treat the currency as an analog form of currency.
This move is different from other countries that have implemented the currency in its digital form and assets.
The proposed law is to implement new regulations from the 18th February 2022, and its passing of the rules authorizes the use of approved cryptocurrencies that include Bitcoin, among Others.
From the 18th of February, the country will authorize banks and licensed bodies to trade using cryptocurrencies.
The country’s regulations limit the number of cryptocurrencies transacted to 600,000 rubbles which is equivalent to $ 8,000. Any transactions above that amount require the parties involved to declare the transaction to the authorities.
Apple Inc (NASDAQ: AAPL) is developing a device that assists in the trading of cryptocurrency
Apart from Russia amending its rules to incorporate crypto assets, other countries and organizations developed regulations and equipment to facilitate its trading.
Apple Inc (NASDAQ: AAPL) recently developed a new feature in its iPhone that will assist businesses and merchants in trading cryptocurrencies. The increased quality joins options such as debit and credit cards and Apple pay.
The feature also allows consumers who utilize payment methods such as crypto.com Visa cards and Coinbase cards. Other organizations contribute to the development of cryptocurrencies and digital assets globally.
Shortcomings of Bitcoin’s development in the market
The U.S. Department of Justice recently announced that it arrested two individuals connected to the Bitfinex Hack conducted in 2016. The Bitfinex Hack hindered the development of Bitcoin in the country.
However, the justice the department arrested Ilya Linchestein and his spouse Heather Morgan, suspected of having a hand in the hack.
The authorities traced at least 25,000 BTC from the hacked wallets to their accounts
Deputy General Lisa Monaco stated that the department is attempting to maintain digital anatomy by protecting all individuals’ privacy and transactions. The official further stated that the authorities would trace the funds that were stolen through the hack and find all those who were responsible.
The development of the case proves that the authorities are also willing to follow the funds regardless of it being in the original or digital form.