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Russia and Iran Partner in Stablecoin Initiative
Russia and Iran would work together to create a gold-backed stablecoin.
According to According to the Russian news agency Vedomosti, Iran is working with Russia to create a “Persian Gulf region token” that would serve as a payment method in foreign trade.
Russia recently started accepting Iranian shipments in a special economic zone called Astrakhan, and the proposed cryptocurrency would help facilitate transactions in the region.
Russia and Iran are among the countries that have banned cryptocurrency transactions, including Bitcoin and Tether, but Russia’s lower house of parliament recently announced a promise to start regulating crypto again in 2023.
Russian lawmaker Anton Tkachev, a member of the Information Policy, Information Technology and Communications Committee, pointed out that a joint stablecoin project would only be possible once the market for digital assets fully regulated in Russia.
Bitcoin back in business?
Bitcoin surged above $21,000 on January 13 and broke above $21,500 on Wednesday. The meteoric gains are now demanding the attention of Butcoin skeptics, asking the question: where will Bitcoin go from here?
Although we are still technically in a bear market, investor sentiment is improving. According to the Fear and Greed Index, a crypto-specific metric that gauges sentiment using five weighted sources, investor sentiment toward the market has hit a monthly high.
However, many analysts point out that Bitcoin needs to continue above the 21,000 mark in the previous weeks before sentiment turns bullish.
Coinbase ceases operations in Japan
Due to a business crisis in the country, Coinbase is shutting down its operations in Japan.
The crypto exchange originally started planning its Japanese expansion during the bear market in 2018. Now, with the fallout from FTX still impacting the overall market, Coinbase has decided to regroup and put its Japanese operations into break.
Coinbase officially announcement on January 18, the company would end its operations in Japan and conduct a comprehensive review of its operations in the country due to market conditions.
All Coinbase Japan customers will have until February 16 to withdraw their fiat and crypto holdings from the platform. After February 17, remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will no longer be available from January 20, according to CoinTelegraph.
New Report Names Most Mature Blockchain Hub in ‘Crypto Valley’
The CV CV Top 50 Report 2022 was presented in Davos today and shows that Crypto Valley, which includes Switzerland and Liechtenstein, is the most mature blockchain hub.
It has continued to grow steadily in 2022 due to its regulatory proficiency and a determined decentralized mindset exhibited by the 1,135 entities that have built from there.
The CV VC Top 50 2022 report shows that blockchain is evolving into a multi-billion dollar industry in Crypto Valley.