Malaya Ruiz
Today’s top headlines are focused on discussions about the convergence of geopolitical factors and cryptocurrency in Russia, the potential delisting of a major industry player, and recent regulatory changes in the crypto scene in Turkey.
Is Russia Using Bitcoin as a Trade Weapon?
Russian companies are increasingly using cryptocurrency for international trade, as confirmed by Finance Minister Anton Siluanov. This shift comes in response to Western sanctions that have hurt Russia’s economy and made banks wary of processing transactions related to Russia. Siluanov predicts that Bitcoin usage in international trade will grow over the next year. Additionally, a new legal framework allows approved miners to utilize crypto for trade, benefiting both miners and energy companies.
Is Tether’s Potential Ban a Necessary Evil for Investor Safeguards?
Tether (USDT) is at risk of being banned in Europe under new MiCA regulations. The European Union introduced these rules to safeguard investors, but Tether has not complied with critical deadlines. Jacob Kinge, a financial analyst, warned that Tether hasn’t minted new coins in over two weeks. As a result, Tether will be banned for non-compliance, while CEO Paolo Ardoino insists they are working on practical applications for their tokens.
Will Turkey’s New Crypto Rules Elevate Its Role in Global Financial Markets?
Turkey has announced the implementation of new cryptocurrency regulations to improve anti-money laundering efforts. These rules, effective by February 2025, align with global standards, particularly the EU’s MiCA framework. Cryptocurrency service providers must collect user identification for transactions over $425. The regulations also include licensing requirements, measures against market manipulation, and formal agreements with customers.
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Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
