They seek to regulate bitcoin in Mexico, and all cryptocurrencies fall due to the war between Russia and Ukraine: the week in cryptocurrencies

Welcome one more week to the compilation of the most important news about cryptocurrencies, NFTs and digital currencies, corresponding to the week of February 20 to 25, 2022, where we summarize the topics related to cryptocurrencies.
The coverage can be followed weekly in these posts that we prepare on Fridays, but also from our @XatakaMexico Twitter account, where we comment in real time using the hashtag #CriptoXataka, for the content that we address here.

The theft of $1.7 million in NFT

This week we started on Sunday, as OpenSea, the NFT platform, recorded the theft of more than 250 tokens from various users, which in total amounted to about 34 million pesos.
To get hold of them, a phishing attack was used with which users, thinking they were verifying their account, actually transferred their account authorization to the attackers, who were able to get hold of the NFTs.
Almost 35 million pesos in NFT were stolen from OpenSea users with a phishing attack, they thought it was account verification#CriptoXataka

– Xataka Mexico February 20, 2022

Russia and its forays with cryptocurrencies

On Monday, February 21, bitcoin registered a new drop in its value below 36,900 dollars, although on the same day it was positioned above 39,500 dollars.
After holding steady over the weekend, bitcoin #BTC has slipped back below $36,900, even though it hit $39,555 on Monday.
Will you continue to wait for it to drop more, or will you buy at this time?#CriptoXataka

– Xataka Mexico February 21, 2022

That same day, the draft of an initiative was released in Russia by the Ministry of Finance to regulate cryptocurrencies, instead of banning them.
The intention of the project is not to consider them as legal tender assets, but to grant licenses to facilitate their circulation in the country, in addition to pointing out requirements to which they would be subject.
In Russia, the Ministry of Finance has presented a draft to regulate cryptocurrencies called "on digital currencies".
Nor does it mean that they will become legal tender assets, since they will continue to be prohibited as a means of payment in the country.#CriptoXataka

– Xataka Mexico February 21, 2022

In this draft it is also mentioned that even people would have to pass a test that assesses their knowledge in crypto investment and risk awareness, where only those who pass have an annual investment limit of about 7,900 dollars, against the 650 dollars available for those who do not. they will pass
A senator wants to import the model from El Salvador with bitcoin in Mexico
Jumping to Wednesday, February 23, the first attempt to regulate bitcoin in Mexico and replicate the model of El Salvador, where the cryptocurrency became legal tender within the country, was announced.
The first attempt to regulate bitcoin in Mexico is underway: a senator wants the country to adopt the model of El Salvador#CriptoXataka

– Xataka Mexico February 23, 2022

This was proposed by Senator Indira Kempis, who also noted that this would allow for greater financial inclusion in Mexico. Kempis intends to present the initiative this year, although President López Obrador at the time indicated that it was very unlikely that bitcoin would end up being fully legislated.
That same day, and after reporting Vladimir Putin's message about a "military action" of Ukraine by Russia, bitcoin fell in a few minutes more than 2,000 dollars to approximately 34,400 dollars.
After Russia's declaration of military action on Ukraine, bitcoin #BTC suffered a significant drop, going from 37,000 dollars to below 35,000 in a matter of minutes at the time of publishing this tweet#CriptoXataka QV643UIY3v

– Xataka Mexico February 24, 2022

Cryptocurrencies suffer from the announcement of the war
On the morning of Thursday, February 24, the impact of the invasion of Ukraine was clearly seen in bitcoin, which, along with the rest of the cryptocurrencies, fell in valuations due to the announcement.
Fears of the conflict between Russia and Ukraine drown bitcoin: the cryptocurrency lost more than $10,000 of its value in two weeks

– Xataka Mexico February 24, 2022

In the case of bitcoin, it lost $4,000 of its value in a matter of 12 hours, while other cryptocurrencies such as Ethereum fell 8% and Litecoin 10%.
This day other issues also arose, on the one hand from the European Union a regulation of cryptocurrencies was being considered, but with the intention of limiting its environmental impact.
In Europe, legislators are preparing discussions to regulate crypto assets, with the possibility that those that consume a lot of energy, such as bitcoin #BTC, will be banned#CriptoXataka

– Xataka Mexico February 24, 2022

According to the report, this proposal is mainly focused on banning crypto services that use environmentally unsustainable processes from January 2025, thus limiting the use of proof-of-work (PoW) to mint cryptocurrencies such as bitcoin and ether.
Another topic that same day was the decision of the Chinese Supreme Court, which ruled that cryptocurrencies are "illegal fundraising", a decision with which they are formally designated as crimes and there are punishments related to this issue.
In China, crypto transactions are already considered "illegal fundraising."
With this ruling, as of March 1 they are formally classified as crimes, and can lead to up to 10 years in prison and fines that would reach $79,000#CriptoXataka

– Xataka Mexico February 24, 2022

As of March 1, those who make crypto transactions with large sums of money can receive prison sentences between three and 10 years, in addition to being subject to fines between 7,900 and 79,000 dollars. On the other hand, crimes considered "less serious" will receive sentences of less than three years in prison and fines between 3,160 and 31,600 dollars.
Closing the day, we made a post on how to exchange cryptocurrencies for pesos in Mexico using the Coinbase platform, to reach stores like Oxxo, Walmart, Soriana, Bansefi or even Guadalajara and Savings pharmacies.
How to exchange cryptocurrencies for pesos in Mexico: this is how Coinbase withdrawals are made in Oxxo, Walmart, Soriana, banks and even pharmacies#CriptoXataka

– Xataka Mexico February 25, 2022

In that publication we go step by step until we obtain the code that must be presented at the location of our choice in order to obtain the money.

A shy but steady growth

At the time of closing the edition of this post, bitcoin is located at 39,200 dollars, and throughout the day it has positioned itself between that amount and 38,000 dollars, with what several analysts have classified as a recovery trend.

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