In the midst of the war between Russia and Ukraine, Bitcoin (BTC) is the star as many people seek a safe haven in the top cryptocurrency Bitcoin to protect their riches.
Bitcoin's decentralized nature can bring a lot of convenience and even a degree of stability to countries with high inflation or crisis. For example, Venezuela has become a hotspot for Bitcoin mining and crypto payments, given that the country's hyperinflation is significantly boosting demand for Bitcoin. With 70% of the population in El Salvador lacking access to banking services, the country hopes to reduce its reliance on cross-border remittances and attract foreign investment by creating an environment for using cryptocurrencies.
In El Salvador, cross-border remittances account for 24% of GDP. Compared to traditional remittance channels, Bitcoin can reduce cross-border transaction costs and increase the disposable income of some people. With the promotion of Bitcoin around the world, Bitcoin is gradually becoming a global asset. While some are still skeptical about Bitcoin, countries like Korea and the US are promoting blockchain industry like the Metaverse, where Bitcoin could play an important role. On Monday, members of the European Parliament's Committee on Economic and Monetary Affairs voted in favor of a moderate regulatory framework for cryptocurrencies.
The framework is expected to promote the sustainable development of cryptocurrencies in Europe. “With the approval of the MiCA report, the European Parliament has paved the way for an innovation-friendly crypto regulation that can set global standards,” said European People's Party MEP Stefan Berger.
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