Russia puts gas payments in Bitcoin at stake
The economic war between Russia and the West has intensified in the last week. In response to Western economic sanctions, President Putin decided that “hostile states” would have to pay their oil and gas bills in rubles in the future. Refusing to pay in US dollars is a clear breach of contract. However, not all states are affected equally by the new regulation. Pavel Zavalny, Chairman of the Energy Committee of the State Duma, explained on March 24 that “friendly states” like Turkey or China could also pay for their fossil fuels with gold or national currencies. “The currencies can be different and this is a normal practice, you can also trade with bitcoin,” added the politician. The price of Bitcoin increased noticeably afterwards. All other crypto news about the Russo-Ukrainian war can also be found on the BTC-ECHO live ticker.
US law on the situation of bitcoin in El Salvador goes to the next round
El Salvador’s decision to adopt Bitcoin as an official offering raised a frown in Washington. That’s why it happened on March 23. Liability Law for Cryptocurrencies in El Salvador (ACES) the relevant committee in the US Senate. Next, the full US legislature is scheduled to vote on the bill that identifies the “potential risks” in adopting BTC in El Salvador. The president of El Salvador, Nayib Bukele, clearly criticized these plans on Twitter: “Never in my wildest dreams would I have thought that the United States government would be afraid of what we are doing here.” However, El Salvador had to postpone the introduction of planned bitcoin-based government bonds; According to Finance Minister Alejandro Zelaya, the market environment is currently too volatile. The bond is now scheduled to begin trading in April or May. Bukele and his government want to use the government bond to carry out their ambitious bitcoin city Finance.
Thailand blocks crypto payments
It is certainly known that Bitcoin does not reach the same level of popularity everywhere as it does in El Salvador. But in Thailand, cryptocurrencies apparently have a particularly difficult position. It has become clear since last week that goods and services can no longer be paid for with Bitcoin and Co. as of April 1. The country’s stock market regulator announced the decision and the central bank also supports it. Crypto service providers have 30 days to adapt to the new regulation. Thus, Thailand is taking a certain turn, because last year the Southeast Asian country’s tourism ministry wanted to attract wealthy guests to the country by being crypto-friendly.
Malaysia considers bitcoin legalization
Unlike Thailand, the people of neighboring Malaysia regard El Salvador’s pioneering work with greater benevolence. Because the local newspaper the star reported on May 21 on the plans of the Malaysian Minister of Communications, Datuk Zahidi Zainul Abidin, who wants to recognize Bitcoin and Co. as a legal means of payment. Therefore, this box was designed as a reaction to the further adaptation of BTC among the younger generation. However, the Ministry of Communications does not have the authority to make decisions on these issues. The decision in this regard would have to come from the stock market regulator and the central bank. The latter is at least dealing intensively with CBDCs, as Zainul Abidin’s crypto proposal is uncertain.
German Fintech Receives Crypto Custody License
With Upvest, another company in Germany obtained an official license to store Bitcoin and other crypto assets on March 23. The company also holds four crypto-related BaFin licenses. It is not yet clear what assets Upvest will hold in custody in the future.
Florida plans to pay taxes with bitcoin
Do you pay your tax debts comfortably with Bitcoin? At least for businesses, this could soon be possible in the US state of Florida. Because the Governor of Florida, Ron DeSantis, indicated that he had presented the corresponding instruction to his authorities. DeSantis also spoke out in favor of further blockchain integration into the administrative apparatus. DeSantis is generally considered a crypto friend, but the Republican rejects CBDCs. Because here he suspects too much state control.
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