How Are Global Events Affecting Cryptocurrency Today? New York Proposes a Ban? Russia Turns to the UAE?

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As per a March 10 press release, the Bank of Israel has released a draft rule on the dangers related to money laundering, virtual currency, and terrorist funding.

Because of the anonymity of the digital and currency wallets, which can be accessed without identifying the customer, the bank believes that activity in virtual currencies has a “high potential risk” of aiding those activities.

In other headlines, Nigerian blockchain payment company Basqet revealed in a press release that it began rolling out its cryptocurrency payments gateway on March 10.

Firms will be able to take Bitcoin and other cryptocurrencies as payments through the gateway, and Basqet will go live with 118 companies ready to receive payments.

However, it was reported on Friday that the US Securities and Exchange Commission has denied Global X and NYDIG’s applications to list its Bitcoin exchange-traded funds (ETFs).

Due to concerns regarding manipulation, fraud, and valuation technique, the SEC extended the review period for NYDIG but eventually determined that it did not fit the criteria.

Additionally, Ukraine has revealed that cryptocurrency donations have been spent on a variety of items, including hundreds of thousands of ballistic plates, packed lunches, thermal optics and imagers, medicine, and helmets, among other things as well as over 5,000 bulletproof jackets.

After Russia invaded Ukraine in late February, money began pouring into the besieged country.

In other events, the White House and the Group of Seven (G-7) announced on Friday that fresh sanctions against Russia have been imposed.

The G-7 consists of the United States, Canada, the United Kingdom, France, Germany, Japan, and Italy. These restrictions are crypto-specific in response to concerns that the Russian government could utilize cryptocurrencies to circumvent sanctions imposed on more conventional financial institutions in the country.

Furthermore, Reuters reported on Friday that cryptocurrency businesses in the United Arab Emirates have been swamped with calls to liquidate billions of dollars in cryptocurrency, with Russians seeking a safe haven.

According to the study, some clients have used cryptocurrency to invest in real estate in the country, while others seek to employ corporations to convert virtual currency into physical currency and store it abroad.

Meanwhile, Ukraine’s Vice Prime Minister Mykhailo Fedorov has encouraged Tether to stop trading with Russians.

Tether did not immediately respond but said it conducts continuous market monitoring to guarantee that there aren’t any abnormal measures or movements that may be in violation of international sanctions.

Moreover, CarNow, a digital auto retailing startup, revealed on Friday that it is working with Cion Digital to accept cryptocurrency payments for vehicle purchases and financing.

Companies can utilize the Cion Digital platform to get connection, infrastructure, and assistance to let them use blockchain to pay for goods.

Additionally, according to sources, Socios CEO and creator, Alexandre Dreyfus has been accused of delaying payments in order to keep the price of their Chiliz cryptocurrency stable.

Socios is a website dedicated to fan tokens. Real-world entities, such as sports teams or musicians, are linked to fan tokens. Dreyfus allegedly failed to give several of his advisors the agreed-upon share of Chiliz in exchange for their support of the virtual coin.

In addition, there has recently been increased demand in the United States to ban crypto and Bitcoin mining, citing environmental concerns as the primary reason.

The New York State Senate recently introduced legislation to put a three-year moratorium on cryptocurrency mining across the state until more information on how it impacts the ecology and climate becomes available.

Last but not least, according to sources, ex-Canadian government IT official Sebastien Vachon-Desjardins, has been charged with conspiracy to conduct wire and computer fraud on March 13.

During the global pandemic, he was charged in Florida for utilizing the “NetWalker” ransomware to target companies, hospitals, governments, and law enforcement.

Conclusion

While many of us are aware that the world is facing uncertain times, so is the crypto world. Major coins such as Bitcoin and Ethereum have experienced extreme price drops, and there seems to be ongoing uncertainty regarding the Russia-Ukraine conflict.

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