17/08/2024
A Bright Future for Cryptocurrency? Dubai Court Legalizes Cryptocurrency for Salaries; Russia and China Eyes On BTC Bypass Dollar
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.
