Ukraine demanded a blanket prohibition on major crypto exchanges, but Binance, the world’s biggest crypto exchange, refused.
Currently, the price of Bitcoin is Rs 34.33 lakh, and it has a 43.30 percent share of the market. This is a 0.35 percent rise over the course of the day, which is good news.
A lot of cryptocurrencies was worth more early on March 2. CoinMarketCap says the global crypto market cap is now $1.93 trillion, which is 1.10 percent more than it was the last day. Over the last 24 hours, there has been a 4.05 percent drop in the total amount of money traded in the crypto market.
The total value of DeFi is now $17.55 billion, which is 16.77 percent of the total value of the crypto market in the last 24 hours. As of now, there are 87.5 billion stable coins in the market. That’s 8.36% more than there were 24 hours ago, and it’s worth $87.52 billion.
Currently, the price of Bitcoin is Rs 34.33 lakh, and it has a 43.30 percent share of the market. This is a 0.35 percent rise over the course of the day, which is good news.
US regulators can mostly use existing laws to bring digital assets like cryptocurrencies under their control without having to get new legislation from Congress. This is what the Center for American Progress said on Tuesday. Reuters said that agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could use the CAP report to help them decide how to govern cryptocurrencies.
Cryptocurrency Accounts and Transactions will be Banned
Stablecoins, which are supposed to be tied to the dollar and other fiat currencies, are a particular concern when it comes to regulating cryptocurrencies. The US Treasury Department sent a report to Congress last year that talked about this.
The think group recommends Congress act to fix regulatory gaps, such as regulating crypto-currencies. But it suggested a new crypto regulatory framework might impair monitoring and make it easier to circumvent restrictions.
Reuters also reported that Coinbase Global, a US cryptocurrency exchange, would continue to prohibit Russian customers’ accounts and transactions. However, it did not block all users from entering the country.
We won’t stop all Coinbase transactions with Russian addresses at this time, says a Coinbase representative.
The West has sanctioned Russia financially for its activities in Ukraine, notably the US and the UK. The SWIFT international payment system has cut off major Russian banks.
Cryptocurrency trading volumes rose dramatically on Monday. This suggests that Russians are interested in crypto after Western sanctions devalued the currency.
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