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Russia Leverages Bitcoin to Circumvent Sanctions
News on the Blockchain
December 26, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 772
Market Cap: $3.4T (-0.73%)
24h Volume: $117.8B (-11.82%)
Bitcoin Dominance: 57.1%
Ethereum Dominance: 12.2%
ETH Gas Price: 5.17 Gwei
Fear & Greed Index: 63 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $98,038.03 | -0.18% | $1.94T | $37.2B |
Ethereum (ETH) | $3,435.49 | -1.83% | $413.8B | $18.1B |
Tether (USDT) | $0.999 | -0.04% | $139.2B | $97.4B |
BNB (BNB) | $711.88 | +1.17% | $102.5B | $1.01B |
Solana (SOL) | $194.36 | -2.48% | $93.2B | $2.57B |
💹 Market Highlights:
Total DeFi Volume: $9.15B (7.77% of total 24h volume)
Stablecoins Volume: $108.02B (91.70% of total 24h volume)
Coin with highest % change: HUND ($0.01218, +65.49%)
📈 Preview On Today’s News:
- Russia Leverages Bitcoin to Circumvent Sanctions and Diversify Financial Systems
- MicroStrategy Proposes $42 Billion Expansion Plan to Boost Bitcoin Holdings
- Ripple Launches RLUSD Stablecoin on Singapore Exchange to Enhance Cross-Border Payments
Keep reading below for more!
Today’s News:
1)
Russia Leverages Bitcoin to Circumvent Sanctions and Diversify Financial Systems
In response to stringent international sanctions and a desire to reduce reliance on the U.S. dollar, Russia is strategically adopting Bitcoin for its international trade, as confirmed by Finance Minister Anton Siluanov. This initiative allows Russian businesses to conduct cross-border transactions independently of traditional payment systems like SWIFT, thereby maintaining economic activity despite geopolitical challenges. Additionally, advancements in blockchain technology, such as Solaxy’s Layer 2 solutions on the Solana network, are enhancing the scalability and efficiency of cryptocurrency operations. These developments highlight the growing geopolitical significance of cryptocurrencies and reflect a broader trend among nations, particularly within the BRICS framework, to explore and implement alternative financial systems.
Russia adopts Bitcoin for international trade to bypass sanctions and reduce dependence on the U.S. dollar, ensuring resilient cross-border transactions.
Innovations like Solaxy’s Layer 2 solutions on Solana enhance cryptocurrency scalability and efficiency, supporting broader financial integration.
2)
MicroStrategy Proposes $42 Billion Expansion Plan to Boost Bitcoin Holdings
In December 2024, MicroStrategy announced a bold $42 billion initiative to significantly increase its Bitcoin holdings, seeking shareholder approval through a special meeting. The plan, known as the 21/21 Plan, involves raising $21 billion in equity and an additional $21 billion through debt instruments such as convertible notes and preferred stock. To facilitate this, the company aims to expand its authorized Class A common stock from 330 million to 10.33 billion shares and its preferred stock from 5 million to over 1 billion shares. This strategic move includes purchasing over 42,000 BTC in December 2024, enhancing MicroStrategy’s market value and securing its position in the Nasdaq 100. Additionally, the company plans to moderate its Bitcoin yield from 17.8% to between 6% and 10% from 2025 to 2027, ensuring sustainable growth. The special shareholder meeting will also address new governance measures, and if the vote fails to meet required thresholds, shareholders will decide on adjourning the meeting for additional proxies.
$42 Billion Bitcoin Expansion: MicroStrategy seeks to raise $21 billion in equity and $21 billion in debt to increase its Bitcoin holdings, including a significant increase in authorized shares to support the 21/21 Plan.
Strengthening Market Position: The aggressive Bitcoin acquisition strategy has led to inclusion in the Nasdaq 100 and plans to adjust Bitcoin yields, with governance measures to be decided in a special shareholder meeting.
3)
Ripple Launches RLUSD Stablecoin on Singapore Exchange to Enhance Cross-Border Payments
Ripple has introduced its RLUSD stablecoin, a digital asset backed 1:1 by the US dollar, on a regulated Singaporean exchange. This strategic launch underscores Ripple’s dedication to expanding its presence in Asia, a region renowned for its progressive cryptocurrency regulations. The RLUSD stablecoin is designed to offer faster, more efficient, and cost-effective cross-border payment solutions by leveraging blockchain technology to overcome traditional banking inefficiencies. By choosing Singapore—a global hub for blockchain innovation and regulatory clarity—Ripple aims to meet the growing demand for stable digital assets in the Asian market, facilitating confident and stable transactions for businesses and individuals alike. Industry analysts view this move as pivotal for Ripple, as it not only ensures regulatory compliance but also promotes the broader adoption of blockchain-based solutions in mainstream finance. The introduction of RLUSD is expected to drive significant innovation in cross-border payment systems, reinforcing Ripple’s leadership in the blockchain space and potentially serving as a model for the integration of digital assets with traditional financial systems.
Strategic Expansion in Asia: Ripple launched RLUSD on Singapore’s regulated exchange, leveraging the region’s favorable blockchain environment to meet the rising demand for stable digital assets.
Enhancing Cross-Border Payments: RLUSD aims to provide faster, more efficient, and cost-effective international transactions, reinforcing Ripple’s position as a leader in blockchain-based financial solutions.
