Elliptic Raises $60M From SoftBank and Wells Fargo to Accelerate Crypto Adoption

Elliptic – a London-based blockchain analytics firm – has secured $60 million in Series C funding led by Japanese investment manager SoftBank Group and American multinational Wells Fargo. The funds will be used to accelerate cryptocurrency adoption by global financial markets. 

Accelerating Cryptocurrency Adoption by Large Institutions

Elliptic announced the disclosure of a $60 million fundraising in a press release on October 11th. The company plans to use the funds to expand its operations overseas and promote investment for its global network.

“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely. This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry – and our absolutely critical role in the ecosystem.”

SoftBank participated in the round through its Vision Fund 2, which backs billion-dollar startups. Other investors are Wells Fargo, SBI Group, Digital Currency Group, AlbionVC, Paladin Capital Group, Octopus Ventures, and Evolution Equity Partners.

Between 2019 and 2020, Elliptic secured $28 million in Series B. With this new fundraising, the firm aims to expand its global team of experts, especially in the United States.

“We’ve already grown, as a team, by nearly 50% this year and will use this investment to grow even faster. By the end of 2022, we will grow to more than 200 Elliptites globally.”

Providing On-Chain Security

As large institutions engage with cryptocurrencies, so does their demand for a secure and safe ecosystem. This is the reason why Mastercard acquired blockchain intelligence company CipherTrace to provide anti-money laundering and fraud protection solutions.


One of Elliptic’s goals, the PR informed, is to become the number one choice for institutional investors seeking blockchain analysis and data firms. This is partly due to growing regulatory pressure on the digital assets ecosystem to comply with existing laws worldwide. 

Elliptic is one of the largest crypto and blockchain analytics firms. The company offers various techniques and tools to detect illicit crypto activity, like mapping real-world signals to pseudonymous entities and events as well as providing risk insights to traditional financial companies.

It is also responsible for helping discover malicious software and tools provided by darknet participants. The firm collaborated with other parties to identify Antinalysis, an online tool that allowed merchants to launder Bitcoin in a darknet marketplace.


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Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull Levels, Set Up For New Highs?

Bitcoin has once again cleared expectations for the month of October. The price of the digital asset had grown from its $40K lows to over $57K at the time of this writing. Its recovery trends have put it on a path of least resistance towards the previous $64K all-time high. But on-chain metrics have shown even more favorable trends among investors in the asset.

Bitcoin Active Entities (i.e number of active users on the blockchain each day) paints a bullish picture for the asset going forward. This metric had dropped between May and September 2021, nearing lows seen in January 2020 when the bear market was still in full force. However, there has been a significant uptick in the number of Active Entities on the blockchain following the bull rally started at the beginning of October.

Bitcoin Active Entities Up 19%

Data from Glassnode shows that bitcoin Active Entities have seen an increase in recent weeks. At its lowest, Active Entities dropped to a little over 200K this year, down over 50% from its high of over 400K between January and February 2021. As the price of the asset has begun to soar again, so has the number of Active Entities.

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Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz

The significance of this shows in the movement of the price. The last time Active Entities saw a significant uptick, the market had seen a bull rally that put the digital asset on a path to new all-time highs. While the increase in Active Entities may not be significant this time around, it may still carry the same connotations for the market.

Glassnode chart showing bitcoin active entities over the years

Glassnode chart showing bitcoin active entities over the years

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Bitcoin active entities grows 19% in a week | Source: Glassnode

If history is anything to go by, then the increase in Active Entities signifies renewed interest in the market. And one thing that has always preceded a bull run has been returning interest, which often marks the beginning of a long bull rally.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com

BTC loses footing at $57,000, falls to $55,000 | Source: BTCUSD on TradingView.com

More Bullish Signals

Active Entities is not the only metric that recorded an increase. In the same report, Glassnode outlines that the average amount of bitcoin being transacted is on the rise. The median transaction size on the blockchain grew to 1.3 BTC, nearing the 1.6 BTC levels that were seen with the liquidity crash of March 2020.

Like Active Entities, one metric cannot alone determine how much the price of an asset will appreciate or depreciate. But as the report notes, the increase in the average transaction size shows an increased interest from institutional investors who have more money to put into the market.

Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst

If the median transaction size now sits at over 1.3 BTC, then the dollar value on these transactions is over $60K. This kind of money moving through the market shows inflows from wealthier investors, which could very well push the value of the digital asset higher. Although it is also important to note that institutional investors generally invest when the market is headed into a bear. So these accumulation patterns could represent the beginning of a bear when institutions begin to fill up their bags.

Featured image from FX Empire, chart from TradingView.com


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Public Bitcoin Miners Are Ramping Up

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

China’s mining exodus this year has become the biggest opportunity for bitcoin miners to capitalize around the world. Not only have we seen the network hash rate continue its aggressive recovery over the last few months, but we’ve seen mega growth in public bitcoin miner production with major mining opportunities unfolding, especially in the United States. One country’s ban is another country’s hash.

From Luxor’s Hashrate Index Quarter 3 Report, “Collectively in Q3, these miners mined 79% more bitcoin than they did in Q2 and 155% more than they mined in Q1.”

Luxor also expects global hashrate to reach previous all-time high levels in Q4 of 185 exahashes per second (EH/s; 1 exahash is 1 quintillion hash calculations), which would be a 215% increase from July lows. Currently we’re around 143 EH/s.

Bitcoin mining data from this latest quarter demonstrate that the industry is undergoing a Renaissance spurred by China’s ban.

Source: Luxor

These public bitcoin miners above are just six of the now 24 in the growing market of a $15.82 billion industry market cap. The market cap doesn’t include Core Scientific, valued at $4.3 billion which went public via SPAC this year, or Bitfury, who announced plans to go public today valued at $1 billion.

Even without projecting increases to current valuations or tracking smaller upcoming public mining deals (i.e. Stronghold Digital Mining valued at $100 million to go public this year), the public mining industry is already valued at over $21 billion. The North American public bitcoin mining firms alone are holding over 20,000 bitcoin worth more than $1.1 billion. One major bitcoin price up could double or triple the industry’s market cap in a few months. That’s some incredible growth and upside for an industry that only had its first public miner in 2016.

Opportunity In The United States

Data from Foundry USA, one of the largest mining pools in the world with 9-10% of hash rate, shows the United States has nearly a third of global hash rate with New York, Texas, Kentucky and Georgia amongst the top mining states in their mining pool. Foundry’s latest data, presented by Nic Carter and Castle Island Ventures at the Texas Blockchain Summit, roughly estimates a doubling in U.S. hash rate using the Cambridge Bitcoin Electricity Consumption Index’s data from April 2021. Although these are different data estimates and reference points, they give us a rough idea of the U.S. hash rate picture. 

Public bitcoin mining firms based in North America are holding more than 20,000 bitcoin, wroth more than $1.1 billion.

Source: Castle Island Ventures, Foundry USA

Public bitcoin mining firms based in North America are holding more than 20,000 bitcoin, wroth more than $1.1 billion.

Source: Cambridge Bitcoin Electricity Consumption Index

China’s bitcoin mining exodus may go down as the catalyst that propels the United States to become a bitcoin mining powerhouse. Texas Senator Ted Cruz this weekend spoke about how he sees bitcoin “as a way to strengthen our energy infrastructure” and how it has the “ability to unlock stranded renewables”.

This came in the same discussion where he spoke about an enormous opportunity for Bitcoin to address the West Texas flared natural gas issues, which is home to 50% of the country’s flared natural gas. Never have we seen a U.S. politician speak to Bitcoin’s energy innovation as intelligently as this. The arguments for Bitcoin as a demand response innovation and controllable load resource are growing too important to ignore. Many are waking up to the idea that Bitcoin is an energy innovation just as much as it is an economic one. 

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IMF Warns Stablecoins Could Pose ‘Contagion Risk’ to Global Financial System

In brief

  • The International Monetary Fund believes cryptocurrencies do not yet pose a risk to the global financial system.
  • However, it’s concerned about the growing market caps of stablecoins—and how they are backed.

Add the International Monetary Fund (IMF) to the list of institutions wary of stablecoins‘ growing influence.

In its 2021 Global Financial Stability Report, the IMF says cryptocurrency doesn’t yet pose a systemic threat to the international system but that “risks should be closely monitored given the global implications and the inadequate operational and regulatory frameworks in most jurisdictions.”

To address those inadequacies, it calls for “global standards for crypto assets.” Doing so, it believes, could help fend off a “contagion risk” to other markets. 

The IMF holds huge sway. It is an intergovernmental body of 190 member states that promotes global trade, poverty reduction, and stable monetary policies. It uses dues from its members to provide loans to other members who agree to its terms. According to an April 2021 fact sheet, it has about $1 trillion available for such loans, a little under half of the total cryptocurrency market cap.

This subhead of this year’s report—”COVID-19, Crypto, and Climate: Navigating Challenging Transitions”—telegraphs the IMF’s point of view by lumping digital assets in with a pandemic and a potential catastrophe. But the report itself is more measured, referring to “both opportunities and challenges” arising from digital assets’ growth.

“The rapid growth of the ecosystem has been accompanied by the entrance of new entities, some of which have poor operational, cyber risk management, and governance frameworks,” the report reads, pointing to service disruptions on exchanges, attacks to centralized platforms on which crypto is still dependent, and low transparency around the issuance and distributions of some tokens.

While these have all led to losses that can be crippling for over-leveraged individuals, they haven’t impacted the current financial order. But that could change, says the IMF, especially as most crypto trading volume happens on one exchange, Binance, and stablecoin Tether is the primary means for making Bitcoin trades; attacks to either entity, either digitally or via regulatory pressure, could weaken the entire ecosystem—and the legacy financial systems they lean on.

The report spends plenty of space detailing how stablecoins, which are typically pegged 1:1 to the US dollar or another fiat currency, present a risk given that they are regulated differently from jurisdiction to jurisdiction and they have managed to go from a market cap of roughly $20 billion to well north of $120 billion in the last year.

It notes several problems. The first is “poor disclosure” in some cases of how the stablecoin is backed. Indeed, leading stablecoin Tether has been pounded by critics for its caginess regarding how the stablecoin can be redeemed. After years of insisting that every USDT in circulation was backed by a dollar in the bank, the firm slowly walked by the assertion. An August 2021 “assurance report” from a Cayman Islands auditor found that about half of Tether’s reserves were actually commercial paper—a type of debt—and certificates of deposit.

U.S. Federal Reserve Chair Jerome Powell has testified before Congress that commercial paper is usually liquid until it suddenly isn’t—typically in times of deep financial crisis. He believes stablecoins should be regulated in the same manner as money markets; the IMF seconded that assessment. Discussing the report on Yahoo Finance Live, IMF Director of Monetary and Capital Markets Tobias Adrian said, “When you look at the market capitalization of stablecoins, they are of an order of magnitude with some of the largest offshore money market funds, so they are not small.”

Moreover, the IMF notes that “some stablecoins can be subject to runs, with repercussions for the financial system.” It pointed to stablecoin IRON, whose algorithmically based ecosystem collapsed in June along with Mark Cuban’s investment in it. These runs, which can be triggered by concerns that assets can’t be redeemed for their full value, could then result in a fire sale of the commercial paper held in reserve by those stablecoin treasuries. 

Says the IMF, “The contagion risk can be much higher where reserve assets are concentrated in particular issuers or sectors. Although this risk might be Tether-specific for now, given its size and types of holdings, this kind of contagion risk could evolve for other stablecoins in the future.”

As to what to do about this, the IMF isn’t proposing a ban or a clamping down. Said Adrian, “We would urge regulators to take a closer look at stablecoins and introduce regulation so investors know what kind of reserves are backing the claims of stability.”

Not everyone agrees with the IMF’s diagnosis, however. Steven Kelly, a research associate at the Yale Program on Financial Stability, tweeted that “the instability concerns go beyond the commercial paper, etc. holdings.”

While one common solution is placing them into short-term Treasury holdings or even cash, both have their own limitations.

“Stablecoins shifting into Treasuries could also tie some of the banking system to the fate of stablecoins, which have questionable infrastructure and risk management, limited Street relationships, and are exposed to events in crypto,” he tweeted.


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TAB Conference: Supporting Bitcoin Development In Person

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Discussing the Atlanta Bitcoin Conference, TabConf 2021, and in-person Bitcoin development events with its organizers.

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The 2021 TabConf, aka the Atlanta Bitcoin Conference, is fast approaching and the entire team at Bitcoin Magazine is rife with anticipation for this exciting annual event.

Running from November 4 to 6, 2021, we’re feeling the hype and feeding the excitement by having a conversation with Michael Tidwell and Stephen DeLorme, two of the brains behind this initiative, to get into the nitty-gritty about what this conference means for Bitcoin.

“It’s an easy event to put together, because it’s not about the glitz and the glam,” DeLorme said. “It doesn’t need to be a big showy event. You just need to have good topics to discuss.”

Bringing their distinct experiences and a passion to educate and engage, we covered everything from the history of the conference, how inclusivity and social responsibility play a key part and philosophies that underpin their work. Tune in to hear about the inspiring people and villages that will be participating in this year’s event, plus about the evolution of the community over the last two years. Love conferences? Love Bitcoin? You’ll definitely want to hear the thoughts and resources that Tidwell and DeLorme brought to our audience in this episode.

“There is something that TABConf for everyone,” said DeLorme. “We want to make this the most available conference for education on the technical side.”


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Mind-Blowing Growth of One Altcoin Highlights Rapid Expansion of Crypto Industry, Says Coinbase CEO

One hot altcoin is a prime example of the crypto industry’s rapid expansion into other sectors of the economy, according to Coinbase CEO Brian Armstrong.

Armstrong shares a new Coinbase blog post to his 862,000 Twitter followers detailing the rise of Axie Infinity (AXS), the non-fungible-token-focused (NFT) play-to-earn video game that has recently exploded into prominence.



The report highlights the amount of revenue earned by Axie Infinity, which at $186 million is second only to Ethereum in the last 30 days, according to Token Terminal.

Source: Token Terminal

“Beyond the wealth Axie Infinity has created, the game’s popularity has served as a means for getting a large new class of users comfortable using crypto applications. As these 1 million users interface with cryptocurrencies, NFTs, digital wallets, and DEXs [decentralized exchanges], it’s not hard to see this new cohort as natural users of other DeFi and Web3 applications.”

Like Coinbase mentions in the report, Axie Infinity is sometimes compared to Pokémon because of how users collect various creatures called Axies and battle against those of other players.

Axies can also be “bred” with each other or traded to other players. When an Axie is bred or traded, the revenue goes to the Axie Infinity Treasury, which currently holds more than $600,000,000. The Axie Infinity economy consists of a governance token (AXS), and an in-game currency called Smooth Love Potion (SLP).

Coinbase says the whole ecosystem acts as its own digital economy.

“If Axie Infinity is its own digital nation, game developer Sky Mavis serves as its Federal Reserve. Where the Fed has various tools it uses to influence the economy, Sky Mavis can adjust the SLP issuance rate and breeding fees with the aim of keeping the Axie economy healthy.

Just like a real economy, digital economies have to consider the effects of inflation.”

Armstrong and Coinbase believe that Axie Infinity’s growth highlights how the digital asset landscape has matured into something more than just speculative trading and investing.

“With DeFi [decentralized finance], NFTs, and now crypto gaming, we’re rapidly evolving past the original crypto killer app of speculative trading and into a universe of expressive new apps and models.

We’re in fascinating times as crypto’s utility phase marches forward with a full head of steam.”

At time of writing, AXS is trading at $128, up over 100,000% in less than a year, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Billionaire Chamath Palihapitiya Says It’s Too Late for US To Ban Bitcoin and Crypto

Billionaire investor and CEO of venture capital firm Social Capital, Chamath Palihapitiya, says the  US can no longer effectively ban Bitcoin and crypto.

In a new All-In Podcast interview, the former Facebook executive says Bitcoin and the rest of the crypto markets have become too large for the US government to put a stranglehold on the emerging industry.



“I think that you can’t wipe $3 trillion of value out of the world. So it’s here to stay, and it’s too institutionalized now. There’s just way too many organized pools of capital that are now speculating inside of this entire ecosystem.

I saw a tweet today. There’s a firm called Jump Trading. It’s like a high-speed frequency trading organization and they tweeted out some pictures where they hired a bunch of folks to start a jump and they did a coding bootcamp on Solana. That was their onboarding as an example. So when you have people in high finance really vested in this thing and you have $3 trillion of value that will go to $6 trillion and then go to $10 trillion, this can’t go away. 

That’s why I think Powell and Gensler had to say some version of that on the record, which is we’re not going to ban this stuff because they know it’s not possible.” 

Earlier this month, Federal Reserve Chairman Jerome Powell said that he has no plans to impose a ban on cryptocurrencies.

Less than a week later, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said that his agency has no intention to follow China’s blanket ban on digital assets.

Chamath Palihapitiya is an early Bitcoin investor who bought one million BTC in 2010.

His venture capital firm, Social Capital, recently participated in a $7.7 million seed funding round for Saber Labs, the developer behind Solana-based automated market maker Saber.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Only In Crypto: A Croissant Lists Potential Bullish Drivers For Bitcoin And Ethereum In Q4 2021

With Bitcoin and Ethereum so close to their pre-crash highs, the general sentiment in the market seems to be predominantly bullish. In that sense, analyst CroissantEth took the task to summarize the factors causing such sentiment amongst traders and operators.

Related Reading | As Bitcoin Breaks $57k, Quant Explains Why It Could See A Pullback Here

Via Twitter, the analyst claimed that Bitcoin has increased its levels of attention to levels last seen during May, just before the cryptocurrency lost over 50% of its value in the first of several capitulation events.

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In addition, BTC’s second layer payment solution Lightning Network has experienced massive growth in its levels of adoption. The analyst attributed this growth to the introduction of the Bitcoin Law in El Salvador.

As seen below, the Lightning Network recently saw an explosion in its number of payment channels. At present, this metric stands at an all-time high with a 226% increase in the past 12 months.


Bitcoin will soon implement of its biggest upgrades since its inception, Taproot. To be rollout in November 2021, the upgrade will improve the network privacy and security, and smart contract capabilities. As the Croissant noted, when BTC upgrades “you probably want to pay attention”.

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A third potential price catalyzer for BTC is the approval of an Exchange Traded Fund based on Bitcoin derivatives by the U.S. Securities and Exchange Commission (SEC).

Related Reading | Bitcoin Shocktober Continues To Outperform Altcoins En Masse

How Bitcoin Could Benefit From A ETF Approval

Some analysts believe that the BTC ETF approval in the U.S. could trigger a “buy the rumor, sells the news” event. The CEO of Pantera Capital Dan Morehead even went as far as to claim this event will mark the end of Bitcoin’s current bullish cycle.

However, the Croissant disagrees with this take and has defended the importance of a BTC ETF as a way to attract fresh capital into the crypto market. As the analyst previously explained, investing in Bitcoin, after China banned it from its territory, could be considered ESG friendly.

Thus, this could create a new layer of incentives for institutions to allocate capital on the cryptocurrency, the Croissant said:

Investing in Bitcoin is investing in ESG. The significance of this can’t go understated, because it will be the argument needed for institutional adoption of BTC & several key players in the financial industry know this…

Finally, the analyst pointed out that BTC tends to trend to the upside toward the end of the year. The macro-economic landscape offers further incentives, with a “monetary policy disassociated from reality”, for investors to feel attracted to Bitcoin.

Bitcoin BTC BTCUSD Ethereum

Ethereum On Its Way To A New Era

The second cryptocurrency by market cap Ethereum continues to dominate most of the major trends in the space. From Non-Fungible Tokens (NFTs), decentralized finances (DeFi), to the play-to-earn model popularize by platforms such as Axie Infinity.

Ethereum seems to have infinite use cases and applications. Thus, many institutions and big players have been turning their attention to this network.

Of course, the recent implementation of EIP-1559, an upgrade on Ethereum’s fee model, has created a bullish catalyzer for ETH’s price. The update burns a portion of every transaction fee on the network effectively turning ETH into a deflationary asset.

Related Reading | TA: Ethereum Bears Keep Pushing, Why ETH Could Slide Further

The implications of this change are yet to be felt throughout the market, as the Croissant claimed:

EIP-1559 has worked behind the scenes to burn $1.8M worth of $ETH in just 68 days. This is ETH being removed from the existing supply, that would’ve otherwise gone in to the hands of miners (& likely been sold). This is going to have astronomical effects with time

The transition from Ethereum to Eth 2.0 in an event referred to as “The Merge”, is also part of the bullish factors for the cryptocurrency. The “supply shock” effect on ETH’s price and the improvements on the network scalability shouldn’t be underestimated, according to the analyst.

Ethereum Bitcoin ETH ETHUSD


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Russia doesn’t plan to follow in China’s footsteps by banning crypto outright, says deputy finance minister

While Russia continues to enforce a ban on cryptocurrency payments as part of a law which took effect in January, the country has no plans at this time to completely prohibit trading by its citizens.

According to an Oct. 12 report from local news agency Interfax, Alexey Moiseev, the deputy finance minister of the Russian Federation, said he believes Russian citizens will continue to be allowed to buy and use cryptocurrencies outside the country on foreign exchanges without the threat of legal action at home. Crypto payments in the country are currently banned, but Russians have been allowed to purchase and trade cryptocurrencies like Bitcoin (BTC).

“Russian citizens can have a wallet open outside the Russian Federation, but if they operate within the Russian Federation then they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty,” said Moiseev.

The deputy finance minister added that lawmakers still needed to properly define digital currencies and blockchain technology in Russia’s civil code. The Russian government has claimed accepting Bitcoin as an official currency could negatively impact the country’s financial and economic system.

Russia’s position stands in contrast to that of China, where financial and regulatory institutions have repeatedly issued anti-crypto statements and policies. Most recently, the People’s Bank of China declared that all crypto transactions in the country were illegal, and prior to that, miners in several provinces fled when faced with a crackdown on their operations.

Related: Survey finds 77% of Russian investors prefer Bitcoin to gold and forex

However, certain Russian officials have claimed the use of a digital ruble issued by the country’s central bank would not pose the same financial risks as BTC and other cryptocurrencies. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, said last year that a Russian central bank digital currency could become an integral part of national settlements by 2024.