Government

A well-known venture capitalist and cryptocurrency enthusiast Tim Draper believes Bitcoin will reach $250,000 as early as early 2023.

It has been over a year since El Salvador became the first and so far only country to adopt Bitcoin as its second national currency. Now, President Nayib Bukele announced that the government will start buying the flagship cryptocurrency on a daily basis.

The United Kingdom has declined to implement a European Union rule requiring EU governments to monitor transactions on non-hosted digital wallets. The UK preferred to monitor transactions above a certain minimum amount to ensure compliance with financial regulations.

Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.

A cryptocurrency community has sued both the US Treasury Department and IRS over allegations of financial espionage against its members. The crypto community claims that Section 6050I's reporting requirements violate its rights. According to the group, Section 6050I violates both the First Amendment and the Fifth Amendment to US laws.

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

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.

Japan is one of the nations leading the cryptocurrency adoption, and legitimization, which has expounded the cryptocurrency business in Japan with its deeper technological advancements.

South Korea is known for its technological advances in various fields. With the introduction of cryptocurrencies, the country has begun to actively explore the potential of this industry.