Banking

The Bank of Spain has announced that it has begun testing the EURO backed stablecoin, called EURM. The new digital euro is based on the Ethereum and Polygon blockchain network.

2022 was a year that saw the massive collapse of high-profile companies and the crash of crypto prices. The year's events left many investors with fears and made it difficult for cryptocurrency market analysts to predict prices.

The cryptocurrency ecosystem is vast and growing, with new segments sprouting up faster than innovation can keep up. Early on, the industry consisted of miners and hobbyists who were in it for the tech.

While the overall cryptocurrency market appears to be unwaveringly bearish, some investors think the downtrend is a good time to get into the industry. UK financial giant Barclays is looking to invest in a cryptocurrency project.

The Central Bank of Uganda (BoU) has warned citizens against using Bitcoin and other forms of cryptocurrencies for business.

The Bank of Russia is continuing to test the Digital Ruble payment system and plans to involve more banks into the program in 2023.

The issue of legalizing the mining of cryptocurrencies in Russia is not new. However, now the country's Energy Ministry is emphasizing the need to create a proper framework so that the economy can benefit from it.

Whenever a country is sanctioned, its traditional banking institutions are the number one target. This is the same thing that happened recently with Russia when the EU, NATO, the US and many other democratic countries decided to impose tough economic sanctions for invading Ukraine. Now Washington is considering cryptocurrencies as a possible tool for sanctions against Russia.

The currently prevailing political war between Russia and Ukraine required faster preparation of the respective citizens for emergencies. People have withdrawn their money from ATMs and are therefore cashless. At the same time, they cannot join the queues at the banks to collect their money from the counters, so they are in a state of helplessness.