A national crypto exchange is being developed by Russian legislators. The Ministry of Finance and the Central Bank of Russia will be in support of this initiative. Members of the Duma, a lower chamber of the Russian parliament have been in talks with the market stakeholders regarding the amendments to the country’s existing cryptocurrency legislation “On digital financial assets” as reported by the local media on November, 23. The Central Bank will be the first to receive the amendments which would lay down a legal framework for a national exchange. The head of Duma’s Committee on Financial Market, Anatoly Aksakov, recommended that the national crypto exchange in Russia could be launched as a part of the Moscow exchange, “a respectable organization with long traditions.” A bill was introduced to the Duma that would legalize crypto mining and the sale of the cryptocurrency mined. The legislation would create a Russian marketplace for cryptocurrency sales, but local miners would also be permitted to use global marketplaces
Aptos Labs and Jump Crypto are the two prominent crypto firms that contributed $50 million to a Binance-led $1 billion Industry Recovery Initiative (IRI). Apart from these crypto firms, Venture capital firms Polygon Ventures and Animoca Brands as well as GSR, Kronos, and Brooker Group made a contribution to the fund. Following a downturn that has devastated the crypto industry for the past 12 months, the funds will be used to purchase distressed crypto assets. In an interview with Bloomberg, Changpeng Zhao said, “If that is not enough ($ 1 billion) we can allocate more.” Binance plans to increase the funds to $2 billion in the near future.
Cardano (ADA), an endless top-ten proof-of-stake blockchain has suspended Ardana (DANA), a once-promising decentralized finance project. In a tweet sent to the Ardana community yesterday, the project claimed “finance and project timeframe uncertainties” as the reason for suspending operations. Ardana was barely a year into development after raising $10 million last year via a funding round led by now defunct crypto hedge fund, Three Arrows Capital, Cardano’s cFund, and Ascensive Assets. Ardana Cardano, a stablecoin minting and foreign exchange service, has halted development of dUSD. Ardana aspired to be “the MakerDAO and the Curve Finance of Cardano”. At of the time of writing, DANA is trading at $0.01046, down 82.54% over the previous 24 hours. According to Coinmarketcap, it peaked at $9.2916 in November 2021.