The European Union should move quickly to approve cryptocurrency regulation that prevents Russia from evading sanctions after invading Ukraine, according to European Central Bank President Christine Lagarde, Bloomberg reported.
“There are always criminal ways to try to circumvent a prohibition, which is why it's so critically important that MiCA is pushed through as quickly as possible so we have a regulatory framework,” Bloomberg quoted Lagarde from a press briefing when asked if Russia could use cryptocurrencies to bypass penalties.
In the cryptocurrency market, the price of Bitcoin (BTC) was up by 0.16 per cent in the last 24 hours, while it was trading at $38,928.42 at 6:00 pm IST. Its dominance in the crypto market is currently at 41.74 per cent, down by 0.70 per cent in the last 24 hours, according to Coinmarketcap.com.
Ethereum (ETH) was trading at $2,754.23, with a rise of 2.18 per cent in the last 24 hours, while Binance Coin (BNB) was rising by 2.34 per cent over the same period and was trading at $372.21. Solana (SOL) was up by 1.23 per cent to $90.63 and Cardano (ADA) was up by 3.30 per cent to $0.8897.
Among meme coins, Dogecoin was up by 1.90 per cent, and was trading at $0.1265 at 6:00 pm. Rival Shiba Inu was up by 0.96 per cent in the last 24 hours and was trading at $0.0000244. Dogelon Mars was up by 4.76 per cent and was trading at $0.0000007914, while Samoyedcoin was trading at $0.01982, recording a rise of 1.74 per cent in the last 24 hours.
The global crypto market cap was at $1.77 trillion, registering an increase of 1.89 per cent in the last 24 hours, while the total crypto market volume was $91.43 billion, down by 21.69 per cent.
SHIBA TRON (SHIBT) became the biggest gainer, recording a rise of 1097.24 per cent. It was trading at $0.006084 at 6:00 pm, as per Coinmarketcap data. In contrast, The Luxury Coin (TLB) witnessed the maximum loss, falling 98.38 per cent, it was trading at $0.8004 shows the data in CoinMarket Cap.
Russian residents will be restricted to conducting digital currency transactions via licensed operators, a restriction that in effect renders peer-to-peer trades illegal, Coindesk quoted the Ministry of Finance's proposed bill on regulating cryptocurrencies. Only certified cryptocurrency wallets will be allowed.
Japanese e-commerce giant Rakuten Inc. said that it’s launching a marketplace where users can purchase nonfungible tokens called Rakuten NFT, according to various media reports.
