KPMG Adds Bitcoin and Ethereum as Russia Considers Regulating

Despite the fact that market leaders Bitcoin and Ethereum both experienced double-digit overnight increases this week on various occasions, every top 30 cryptocurrency was down from Friday due to a 4.5 percent loss in crypto’s worldwide market value during the last 24 hours.

Bitcoin is one of the few cryptocurrencies that has gained ground since last Saturday, currently trading at $42,327, up 2.2 percent in the last seven days. Ethereum, on the other hand, has declined 3.2 percent in the last week and is now trading at $2,916.

XRP and Shiba Inu, on the other hand, were able to withstand the storm. At the time of writing, XRP was up 15 percent, trading at $0.77, while Shiba Inu was up 22 percent, trading at $0.00002854. On Monday, the Dogecoin-inspired meme token launched its tiny bull run, gaining 20% overnight.

Solana, which is down 17 percent to $95 as of this writing, and Polkadot, which is down 13 percent to $18.76, were the biggest losers among the top 20 cryptocurrencies by market cap this week.

 

This week’s headlines

On Monday, the Canadian arm of KPMG, the world’s largest accounting network, revealed that Bitcoin and Ethereum had been introduced to its corporate treasury.

 

“We have just finalised an allocation of cryptoassets to our corporate treasury, our firm’s first of its type investment in the asset class,” KMPG Canada wrote on Twitter. This includes tokens such as Bitcoin and Ethereum…”

The Russian government and central bank reached a deal on Wednesday, after the country’s finance minister questioned the Bank of Russia’s proposal for a cryptocurrency ban last month.

As the country takes its first moves toward recognising digital assets as currency, Russia aims to publish a new draught law on February 18 to regulate crypto.

 

The proposed rule would apply the same legal framework to cryptocurrencies as it does to foreign currency, allowing banks to act as intermediaries between customers and crypto trading platforms. Crypto exchanges will also need to register as legal businesses and meet all of Russia’s regular financial institution standards.

The European Union will introduce a digital euro bill early next year, according to EU finance chief Mairead McGuinness, who spoke at a fintech conference on the same day. The announcement comes six months after the European Central Bank warned countries that if they do not generate Central Bank Digital Currencies, they risk losing their monetary autonomy to the digital industry.

Finally, on Thursday, Shaktikanta Das, the governor of the Reserve Bank of India (RBI), warned that private cryptocurrency “has no underlying value” and “poses a significant threat to our macroeconomic and financial stability.”

The remarks follow the Indian government’s announcement that it will create a digital rupee and tax crypto earnings at 30%.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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