Sanctions against Russia in the bitcoin space
In response to the war of aggression in Ukraine, the world community imposed harsh sanctions on Russia. On March 2, the EU banned seven Russian banks from participating in the SWIFT international payment network. Since then, there have been concerns that Russia is using cryptocurrencies to evade sanctions. Therefore, the head of the ECB, Christin Lagarde, spoke out in favor of a quick agreement on the European MiCA crypto law. On March 3, the South Korean bitcoin exchange froze gopax Russian accounts. Country IP addresses should be blocked. Brian Armstrong, CEO of base of coins, meanwhile, spoke out against blanket sanctions that would affect all Russians. “We believe that everyone deserves access to basic financial services, unless the law says otherwise,” he said. the bitcoin exchange binance announced his support. All other crypto news about the Ukraine war can also be found on the BTC-ECHO live ticker.
SEC targets NFTs
The US Securities and Exchange Commission (SEC) is known for cracking down on the Bitcoin space under the direction of its head, Gary Gensler. Reported with reference to anonymous sources Bloomberg on March 2 that NFTs are increasingly in the regulator’s spotlight this year. As is often the case, the SEC is concerned with the question of whether some NFTs should actually be considered securities. The focus is on so-called “fractional NFTs”. Here, a single NFT is split. These shares can then be resold.
The Seoul government is pushing into the Metaverse. South Korea’s Ministry of Information Technology, Science and Future Planning is mobilizing $186.7 million to build a comprehensive ecosystem there. According to the official announcement, the project is named Expanded virtual world to drive the growth of digital content and related businesses. The planned virtual world should benefit the growth of the industrial city, education and media offerings. Content creators will be supported in a variety of ways. As part of a five-year strategy, South Korea wants to become one of the major nations in the Metaverse. Meanwhile, the country has yet to catch up when it comes to crypto regulation. Because NFTs in particular will be important to the Metaverse, token issuance is currently prohibited.
Israel seizes terrorists’ wallets
The Israeli government has dealt another blow against the financing of terrorism. The Department of Defense seized 30 crypto wallets on February 28. They are said to be connected to the radical Islamic terrorist organization Hamas. The Israeli army and police also participated in the operation. The wallets were linked to 12 accounts belonging to a Gaza Bitcoin exchange. Therefore, the stock exchange was declared a terrorist organization. According to the Defense Ministry, he helped Hamas’s military wing raise millions of dollars in funds. The exact amount of funds seized is unknown.
Lugano wants to make Bitcoin a means of payment
The Swiss municipality of Lugano plans to recognize Bitcoin, Tether, and the regional token LVGA as de facto currencies. Mayor Michele Foletti announced plans in this regard at the Plan B crypto conference. All shops in Lugano should accept cryptocurrencies. Meanwhile, Bitcoin is not becoming a legally recognized means of payment. Such a decision can only be made at the federal level. The citizens of the city can now pay their taxes in Bitcoin.
EU: No Bitcoin ban at the moment
The controversial bitcoin ban is off the table for now. Last week, the European Parliament included a blanket ban on energy-intensive proof-of-work services in the cryptocurrency regulation bill (Markets in crypto assets or MiCA). But on February 28, the paragraph in question was initially deleted again. However, the ban is not completely out of the question: the draft still needs to be voted on. This was confirmed by EU MP Stefan Berger (CDU) when asked about BTC-ECHO. Berger had suspended the vote scheduled for February 28. Due to the controversial test-of-work ban, the majority of MPs voted in favor of a postponement. The bill also sparked heated debates in the Bitcoin space. A new MiCA draft is still pending at the time of publication.
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