As the Russian invasion of Ukraine enters its second month, Gita Gopinath, the International Monetary Fund (IMF) official, has warned that the financial sanctions imposed on the invading country, including restrictions on its central bank, could have some wide-reaching effects on currencies. With this, the Chinese yuan and cryptocurrencies could see their adoption accelerate with…

BitOasis, a Middle East-focused crypto exchange based in the UAE, has received provisional approval from Dubai’s new crypto regulator (VARA), while the UAE pushes to become a global hub for the virtual asset sector. Earlier this month, Dubai enacted its first law governing digital assets, establishing the Virtual Asset Regulatory Authority (VARA) to oversee the…

Crypto exchange Bybit announced Monday an opening of its global headquarters in Dubai, while crypto platform Crypto.com said it would establish a regional hub there. These moves drive the UAE drive to become a global center for the crypto sector. “Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in…

Over the past few years, I have heard about various countries across the world planning to use cryptocurrencies to circumvent economic sanctions. In most cases, it remained just an idea or turned into a farce, like with Venezuela and its Petro token. However, now we are seeing an entire country trying to salvage its economy…