After the Russian invasion of Ukraine, the west sanctioned Russians, supposedly to crack down the Russian imports as well as exports but to this far, it is not proven as effective as it would have been imagined by the west. But the quiet opposite, the west is suffering an energy crisis and power cuts. And the year 2022 is about to end, and the analysis of the year around is coming up in the trends, such as the most googled cryptocurrencies of the year, and the list is interesting! We will look into these two stories in today's Crypto bulletin.
1. Russia to Legalize Crypto for Foreign Trades: Duma Finance Committee
Even though Russia has not got affected as the west would have imagined, the imports and exports of Russia are very much affected from the statistics perspective. Since, Russia is out of the SWIFT network, which is a global network used for international trade by almost every major country in the world, Russia has to find an alternative solution to overcome this SWIFT ban. They had various options such as Gold standards, direct exchange, and crypto on the table and it seems that the crypto option is about to finalize!
According to the report by Duma Finance Committee, it is possible that the Russians will legalize cryptocurrencies for foreign trade. However, the idea is in discussion for almost a year now, but things can hold the pace in upcoming months. An important thing to note here is, the idea is to only use cryptocurrencies for foreign trades, not in the country. Russia’s Congressional Finance Committee chairman stated this –
“The circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited. But to pay for foreign trade transactions, we still assume the possibility of using cryptocurrencies.” And, “In January, we want to legalize cryptocurrencies to ensure foreign trade activities.”
This step will be very helpful for the crypto space, as it would create a huge buying pressure from the stateside but at the same time, it is also possible to see the crack-downs of crypto from the western side to ensure Russians won’t get into the international trades again. It is likely to see the Russians trading in crypto from January – February of 2023, and then we will see the effects of that!
2. Most Googled Crypto Coins of 2022: $SHIB Tops in Altcoins
We are entering the last week of the year 2022, probably the worst year in the crypto space after 2017-18. We have seen popular projects and platforms crashing down and billions of dollars getting wiped out in a matter of days, and many people losing their money. But, to lighten the mood, we are covering the yearly analytics such as most googled cryptocurrencies of the year. This shows us what was and what will be trending in the crypto space.
src: DollarGeek
As you can see from the stats in the above picture, Bitcoin is still the champion in the crypto space as it was the most searched crypto of the year with around 33,000,000 searches per month. What is more interesting is that Shiba Inu is in the second position on the list and made it the top searched altcoin of the year. Interestingly, SHIB has surpassed Dogecoin, a very hyped MEME coin.
Coins with highly active developer communities (ADA, ETH) are also on the list. Ripple’s XRP also made the list, probably because of the ongoing hearing with the SEC, which came to the settlement. So far google searches provide a diversified look as it consists of layer 1 coins, MEME coins, and others as well, this shows that people are looking for everything!
Things are moving pretty fast in the crypto space for the past couple of days, with events like FTX CEO getting arrested & then getting bail in almost no time, the BCBS committee approving banks to hold crypto, and the Brazilian President turning a crypto bill into law, legalizing the crypto payments within the country. Even with this pace of news, we have overviewed all of them in the daily Crypto Bulletin!
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