Countries such as Russia, Portugal and Venezuela have taken steps to foster the development of the crypto and blockchain industry. The new landscape allows trading activities with cryptocurrencies and digital assets to reach new records in various parts of the world. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍In India, ecosystems DeFi and the P2P market, have gained momentum despite the fact that the country does not have clear regulations on the use of cryptocurrencies, and digital assets. Since June, the government has been proposing a bill that seeks to ban the use of cryptocurrencies within the country, despite the fact that a few months earlier the Reserve Bank of India's bans on the matter had been lifted, and users could even mine Bitcoin and other cryptos in India. Now, despite regulatory uncertainty, trading volumes on p2p markets have been growing steadily, as has the use of DeFi applications and protocols.
Source: Usefultulips
📍Xangle Research published a report detailed on the current cryptocurrency landscape, the CBDC and DeFi ecosystems in Russia. In terms of regulations, the report points out Russia's progress and setbacks in recognizing cryptocurrencies as investment assets and a store of value, even though their use is prohibited as a payment system and value exchange. Likewise, in relation to Bitcoin mining, Xangle points out that Russia ranks third among the main countries that control the highest percentage of hash rate of the network, with 6,9%. Cryptocurrency mining and trading are the two largest and most developed sectors that fuel the crypto industry in Russia.
📍In Europe, Portugal It is becoming a favorable paradise for the growth and sustainable development of the crypto industry and blockchain. Portugal's tax-friendly environment for personal cryptocurrency trading has encouraged the development of this activity within the country, although exchanges and trading houses that are dedicated to providing services with digital assets must comply with the established obligations. On the other hand, the country also implemented a development program entitled Action Plan for Digital Transition and ZLT, which seeks to establish Technology Free Zones for the development of the digital industry and cryptocurrency trading within the country.
📍Chainalysis published a report where it reveals that the use of cryptocurrencies and digital assets in Venezuela is growing favorably and steadily, although not as the country's government expected. According to the blockchain analysis firm, Venezuela became the third country with the highest adoption of cryptocurrencies and digital assets, positioning itself behind Ukraine and Russia. The current economic crisis and hyperinflation that the country is currently facing has led citizens to take refuge in cryptocurrencies to protect their value.
📍The daily trading volume of Tether (USDT) surpassed that of Bitcoin (BTC), according to data from CoinMarketCap. While the daily trading volume of BTC is $21,7 billion, USDT exceeds $36,2 billion in daily trading. Although the market capitalization of the stablecoin is well below that of BTC, Tether's momentum in daily trading volumes is due to USDT being increasingly used within DeFi ecosystems as CurveFinance y Uniswap.
Continue reading: BRICS countries: Legislators in Brazil propose new regulations on cryptocurrencies
