It feels like in a bear market that it is the same ole thing every week, more government regulations or in Russia’s case, banning of crypto payments, and lately it’s been companies going bankrupt or FTX just swallowing them whole.
In this week in review, we are talking about exactly those things, haha.
Referencing articles by CoinDesk and Decrypt.co, we are doing to be talking about the Russia ban and FTX trying to buy yet another exchange.
Russia Tries To Ban Crypto Payments
Russia is living in a war economy, so during this time, governments go a bit crazy to say the least. Not only do they try and punish their enemies, but they also punish their own citizens to do what they want them to do. Now, Putin is wanting to control the ability for citizens and business to accept crypto payments.
The new law was approved on the 8th by the Duma, which is the Russian Assembly. The law points to the banning of digital securities and utility tokens as payments. So basically what Russia is doing is trying to completely close off their economy to the rest of the world, even more than it already is.
I pose the question, at this point, how can a government signing a piece of paper stop people from transacting in cryptocurrency. Okay, they can stop it at exchange level, or they can ban certain apps, but there is always a way they can’t touch. If you want, you can also check out the policy document and use Google translate to help you understand it, that is if you do not know Russian.
FTX Looking To Buy Bithumb
So SBF is at it again. He is looking to buy up another crypto exchange. This time he has his sights on the South Korean exchange, Bithumb. Bloomberg first reported that FTX is in talks to buy up the South Korean exchange in this latest of rumored acquisitions that are on SBF’s radar.
FTX has positioned themselves to be one of the main powerhouses in the industry and since the bear market has started, there have been more and more of these reports popping up of FTX looking to buy struggling crypto companies, such as BlockFi and Canadian exchange Bitvo.
Is FTX looking to take over the crypto space? Do you think Sam Bankman-Fried has good intentions for the space? Is he as humble and chill as he makes out to be? Or is he a sinister player coming in as a wolf in sheep’s clothing? How does one company buying up everything in the space good for decentralization? In our mind’s not good at all. Just look at how they run the Solana blockchain, haha.
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