Russians Can Now Exchange Cryptos For Fiat Currency Via Sberbank; Ethereum Up 6%

Sberbank, Russia’s largest bank in terms of assets, has received all regulatory approvals, allowing it to issue and exchange digital finance assets (DFAs) in the country. DFAs are cryptocurrencies and other related assets like non-fungible tokens (NFTs). So now Russians can buy and sell their cryptocurrencies, NFTs, and other crypto assets in exchange for fiat currency via Sberbank.

Meanwhile, Qatar’s Central Bank (QCB) is studying the actual economic viability of a Qatar Central Bank Digital Currency (CBDC).

Yoon Suk-yeol, President-elect of South Korea, who is set to assume office from May has vowed not to impose taxes on cryptocurrency trading with gains up to 50 million Korean Won, reported Asia.nikkei.

The global crypto market cap increased by 3.67 per cent to $1.88 trillion at 8.07 am. The global crypto volume too increased by 25.96 per cent to $96.95 billion, as per Coinmarketcap data. 

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $41,751.74, higher by 3.05 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also up by 6 per cent at $2,953.47.

Among other major coins, Cardano (ADA) was up by 4.23 per cent at $0.864, Algorand (ALGO) by 4.14 per cent at $0.7628, Binance Coin (BNB) by 3.44 per cent at $398.65, Solana (SOL) by 5.17 per cent at $90.44, and Polkadot (DOT) was also trading higher by 3.45 per cent at $19.09.

Today’s top gainer was OBRok Token (OBROK), which was up by 645.85 per cent at $0.000004492. The top loser was Avaxtars Token (AVXT), which was down by 99.87 per cent at $0.004821.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 3.03 per cent at $0.1189. Its volume to market cap ratio stands at 0.02577. Rival Shiba Inu (SHIB) was also up by 2.23 per cent at $0.00002236.

Dogelon Mars (ELON) was trading with a gain of 2.88 per cent at $0.0000007163. Floki Inu (FLOKI) was also up by 0.84 per cent at $0.00002825, while Samoyed Coin (SAMO) gained 0.88 per cent at $0.01699.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 8.78 per cent at $20,820.95. However, Terra (LUNA) was up by 3.67 per cent at $88.22. Avalanche (AVAX) gained 9.08 per cent to $87.68, Uniswap (UNI) gained 7.84 per cent to trade at $9.77, and Aave (AAVE) gained 8.17 per cent to $164.33.

Latest Updates

In a press release, Sergey Popov, Director of the Transaction Business Division, Sberbank, said, “Companies will be able to make their first transaction on our blockchain platform one month from now. We are just starting our work with digital assets, realising that further development requires adaptation of the current regulatory framework.”

Alanood Abdullah Al Muftah, head of fintech section, Qatar Central Bank, said in an interview with The Peninsula, “We’re trying to set our direction. In the next couple of months, there will be greater understanding about the future focus of QCB. Each central bank should study digital banks, considering their growing significance in the global market. We also see the market's direction moving towards having a digital currency. However, it’s still being studied whether we’re having a digital currency or not.”