- Russia begins testing a national crypto exchange on September 1, 2024.
- According to additional information, NPCS will enable ruble-to-crypto conversions in the trial.
- The number of crypto millionaires doubled in 2024, highlighting accelerated global adoption.
Russia has been actively working to facilitate cryptocurrency and related products in the region in the past few months. Earlier in July of this year, the Russian parliament gave a green signal to crypto mining and allowed the testing of digital assets.
Russia is fully prepared to test its cryptocurrency exchange and cross-border payments of cryptocurrencies. Earlier this week, the nation extended its belief to launch two crypto exchanges; however, the launch has yet to be specified.
As reported by Bloomberg, Russia is set for the trial of a cryptocurrency exchange on September 01, 2024. During the initial trials, the National Payment Card System (NPCS) will be leveraged to enable the conversion of rubles for cryptocurrencies.
The National Payment Card System (NPCS) is a domestic payment processing network in Russia that facilitates electronic payments and financial transactions.
Established in 2014, the NPCS aims to enhance the country’s payment infrastructure independence, reducing reliance on global payment systems such as Visa and Mastercard.
Russia is actively pursuing its growing interest in cryptocurrencies, driven by the worldwide surge in digital asset adoption.
Statista’s data states that the crypto user base in Russia will reach 32.88 Million by the end of 2024 and 37.94 Million by 2028. The nation is among the countries with significant revenue from cryptocurrencies.
Other Market News
On August 27, Todayq reported that Semler Scientific bought 83 BTC for $5 million. However, the company began buying Bitcoins in May 2024; following the recent purchase, the company now holds 1,012 BTC valued at more than $62 Million as of press time.
MicroStrategy created the trend of institutional Bitcoin holding; however, on August 01, 2024, the firm was holding 226,500 BTCs.
A Singaporean court jailed a Chinese renowned business tycoon over the charges of cryptocurrency fraud. Additional data states that Forbes named Yang Bin the second richest person in China in 2001.
He allegedly founded a company named A$A blockchain to defraud innocent investors and users. The court ordered Yang to pay $12,200 and six years of imprisonment.
As per a recent study of New World Wealth and Henley & Partners, the number of crypto millionaires and centi-millionaires grew in 2024. In 2023, the total number of users holding cryptocurrencies above $1 Million was 88,200; however, the number doubled in 2024, reaching 172,300.
Crypto Market Price Update
The cryptocurrency market capitalization lost over $17 Billion intraday, reaching $2.138 Trillion. TradingView said the market cap fell over 9.50% in the past 30 days and by 14.15% in a quarter.
When writing, Bitcoin was trading at $62,432 after losing $400 in the past 24 hours. In the past 52 weeks, the market dominance of BTC surged 17.12%, reaching 57.68%.
