Chance to bite into Bitcoin, bit by bit

Who is behind the keys?

It is possible that the increase in rouble trade volume at crypto exchanges is due to Russian actors being targeted by sanctions or regular Russian citizens.

For example, SWIFT sanctions are imposed by Western governments to make it more difficult for Russian banks to perform cross-border transactions.

Russian companies may try to use crypto to avoid these sanctions. They may also use crypto to send and receive payments for goods or services or to transfer wealth from roubles to crypto.

Bitcoin, your rescue!

Russia could find a way out of its financial crisis by focusing on crypto economics again.

It is not the first time that crypto has been used by a nation in financial distress.

The US increased sanctions against Iran in 2013. In 2013, Iran began to use bitcoin mining to convert its oil reserves into money.

According to Elliptic, Iran recognized crypto asset mining in 2019. Later, the licensing system required miners to register, pay higher electricity tariffs, and then sell their mined bitcoins at Iran’s central banks.

According to Elliptic, nearly 4% of bitcoin mining was done in Iran by 2020. This figure is expected to increase to 4.5% by 2021.

Source: Elliptic

This allowed Iran to continue to import goods, without legal access to US dollars through its oil exports.

Legal hurdles and crypto exchange

All of this is difficult to do, especially since the Russian government, business and regulators tighten the grip on the economy every day.

It will be interesting for Crypto Bite exchanges to decide if they join the sanctions group and which ones try to adopt a neutral stance.

Binance, the largest crypto exchange in the world by volume, is not imposing sanctions and allows Russian customers to trade on its exchange.

This is in direct contradiction to the demands of Mykhailo Fedorov (Vice Prime Minister of Ukraine), who called for a blanket ban of Russian users on all crypto-exchanges.

UK lawmakers called for targeted sanctions against Russian oligarchs who are linked to Putin. This could be done in crypto terms by utilizing transparent blockchain companies that can identify crypto wallet holders as well as addresses being used to evade sanctions.

Russia’s crypto crossroads

All this comes at a very interesting time for Russia, a country that was just prior to the conflict in Ukraine close to imposing severe regulations on the cryptocurrency industry.

For example, Russia’s central banking proposed in January 2022 that crypto mining and trading be banned.

Putin noted the strategic benefit of Russian energy for crypto mining. However, Russia is currently the third-largest bitcoin mining country in the world, according to Coindesk.

Recent proposals by the Russian Treasury have included more relaxed measures to make it easier for regulators and facilitate transactions tracking, such as foreign currency exchanges.

These measures, however, would need to be approved by parliament and have not yet been implemented.

Crypto currencies are now available for investors to use as a trading platform. It’s quiet literally.

Coinswitch, a crypto currency unicorn, has launched a recurring purchase plan to allow investors to buy units that can derive value from any one of the 80 underlying crypto currencies, including Bitcoin, Ethereum, and Dogecoin.

This plan will bring the benefits of compounding to the crypto currency space. It appeared to have gained legitimacy after it was included in the tax net this year.

Mutual fund investors love the idea of a systematic investment plan (SIP). It aims to reduce volatility in equity funds.

Coinswitch drew inspiration from that idea and said that it will offer a service to help crypto investors beat market volatility, avoid impulse buying or selling decisions, and provide a platform that helps them stay in control of their investments. To get access to the feature, users will need to register on a waiting list.

Coinswitch has already 15 million registered users. They believe the idea will resonate well with this community.

There is one difference. In a mutual fund, the proceeds of the sale of units can be spread among a variety of equities chosen by the fund manager.

This will allow all units to be linked to one crypto coin that the user chooses.

“At CoinSwitch we want to assist users in their financial journey. Crypto is an attractive, emerging asset class that has higher volatility than traditional assets. “Recurring buy plans allow users to experience compounding by buying cryptos regularly and making regular, distributed purchase,” stated Ashish Singhal founder and CEO of CoinSwitch.

The CoinSwitch recurring purchase plan will enable long-term investors to avoid impulse trading and time the market. He said that it will allow users with lower risk profiles to explore this new asset type.”

This development follows the Centre’s recent announcement of a 30% tax on crypto currency transactions.

The government insists that taxing crypto currency transactions should not be taken as an indication that it is ready to legitimize the product. There has not been a decision. Industry players are trying to lure investors who don’t want to be regulated or governed by rules and regulations with these experiments.

CoinSwitch claims it is working to make crypto investing safer in India.

CoinSwitch allows users to deposit Indian Rupees only from their verified bank accounts. Only Indian residents are allowed to use the platform. If a user makes more than a threshold, they will be subject to a name screening.

The company released a statement saying that CoinSwitch had also launched Riskometer in December. This feature warns users about risky cryptos before they are bought. more info you have to click on this.

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By Cary Grant

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