Russia's Entry into the Crypto Market: How Big of a Wave Can It Create?
Everyone, big news! The Central Bank of Russia, in collaboration with the Ministry of Finance, has forcefully launched a cryptocurrency exchange. This news is even more explosive than Coinbase's IPO, instantly igniting the global crypto market!
Russia's strategy in the cryptocurrency space focuses on a 'high-end market,' setting a high threshold of $1.2 million in securities deposits or an annual income exceeding $600,000. This clearly aims to attract high-end players from around the world, preparing to make a significant impact in the crypto space. Moreover, Russian oil companies have already begun trading using BTC, ETH, and with China and India. In March 2024, China and India are expected to import nearly €6.8 billion and €4.4 billion worth of fossil fuels from Russia, respectively, resulting in an annual trade volume of nearly €100 billion. Even if cryptocurrency settlements account for only 1%, that still represents a massive market of $1 billion, with unlimited potential!
Once upon a time, Russia was very cautious about cryptocurrencies, concerned about financial risks and capital outflow. However, after facing sanctions due to the Russia-Ukraine war, the situation has forced them to seek alternative routes, beginning to explore cross-border cryptocurrency transactions and even planning to legalize crypto mining. Russia has abundant and cheap electricity resources, giving it a significant advantage in mining development. These decisive actions demonstrate Russia's strong adaptability. Whether responding to a ceasefire or advancing cryptocurrency exchanges, their decisions are swift and bold, suggesting that a ceasefire in the Russia-Ukraine conflict might come sooner than expected.
Bitcoin and Ethereum, amidst imperfect legislation in the U.S. and many countries being cautious, have already been tacitly accepted for transactions by major powers like the U.S., China, Russia, and India, which indirectly affirms their value. This is a significant boon for the crypto market, and it's highly likely that the future market will become even crazier. However, the risks in the crypto space should not be underestimated. Before diving into this wave of wealth, everyone must remain rational. Are you ready to face the challenge? The hero dog Conan on the SOL chain currently has a low market value but high potential, worth keeping an eye on!
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