Despite Russian President Putin’s claims of robust trade in Yuan with China, recent reports highlight major payment issues. Many Chinese banks, especially smaller regional ones, have stopped processing payments from Russia due to U.S. sanctions. As a result, Russian businesses face difficulties in using Yuan and have turned to cryptocurrencies as an alternative. Russia legalized cross-border crypto payments, viewing them as a temporary solution while working on a central bank digital currency system with China and other BRICS nations.
Meanwhile, Dubai’s Court of First Instance has ruled that cryptocurrency can be legally recognized as a valid form of salary payment. This landmark decision supports the use of digital currencies under employment contracts, marking a significant step in the UAE’s legal system and further integrating cryptocurrency into the region’s digital economy.
Also The U.S. is considering creating a Bitcoin tax-free Digital Economic Zone (DEZ) to stimulate its digital economy. This proposal, led by the USABTC policy group, aims to allow Bitcoin transactions within this zone to be conducted without capital gains tax. The initiative is designed to attract investors, boost the U.S. economy, and maintain the dollar’s global dominance by encouraging Bitcoin trading and accumulation.
Now let’s learn more what happens with main cryptocoins:
Bitcoin’s Recent Dip: A Chance to Buy Before the Next Bull Run?
Bitcoin is the first and most well-known cryptocurrency. Despite its recent price drop, it holds strong potential. It runs on blockchain technology, which ensures secure and transparent transactions. Patterns similar to the 2021 bull run are emerging, making Bitcoin look attractive. This might be a good time to consider it before the market heats up again. Bitcoin’s past performance suggests it can recover and reach new highs.
Ethereum Poised for Growth Amid Market Dip: Altcoin Season Beckons
Ethereum is the second-largest cryptocurrency by market cap. Designed for more than just transactions, it allows for smart contracts and decentralized apps. Even with the recent market dip, patterns from 2021 suggest a bull run might be near. Ethereum’s technology is robust, and its upcoming upgrades aim to make it even more efficient. This makes ETH an attractive option for those looking to invest in the current cycle.
BNB Poised for Big Gains
BNB, the native coin of Binance, shows great promise even in today’s market. Binance has the largest trading platform, building a solid use case for BNB. The coin is used for transaction fees, saving users money. With strong backing from Binance and its growing utility, BNB has the potential to shine in the upcoming bull run and altcoin season. It could be an attractive choice for those looking to invest in solid projects now.
Conclusion
The legalization of cryptocurrency for salaries in Dubai signals growing mainstream acceptance. With Russia and China looking at Bitcoin to bypass the dollar, BTC is getting stronger. Ethereum (ETH) and Binance Coin (BNB) are also likely to benefit. This positive news comes at a perfect time, as the market is already in a bull run for 2024. Increased usage and institutional interest could drive long-term growth. Continued support from major economies hints at a promising future for these cryptocurrencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/08/a-bright-future-for-cryptocurrency-dubai-court-legalizes-cryptocurrency-for-salaries-russia-and-china-eyes-on-btc-bypass-dollar