WEXO NEWS: Take a step forward with WEXO. Find out what’s new in the cryptocurrency world and the latest from the last week in our article.
Russia plans to legalize cryptocurrencies
Russia may soon become the newest country to recognize cryptocurrency as a currency. Local media reports suggest the country's government and central bank have reached an agreement on regulating digital assets.
"The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. By February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets," the Russian newspaper Kommersant reported on Twitter.
According to the report, the circulation of cryptocurrencies in the legal sector will be possible only with full identification through the banking system or licensed intermediaries. (1)
By 2026, 25% of people will be in the metaverse
According to a Gartner agency survey, by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, or entertainment. "Vendors are already creating ways for users to replicate their lives in the digital worlds," said Marty Resnick, the vice president of research at Gartner. "From visiting virtual classrooms to buying digital land and building virtual homes, these activities are currently carried out in separate environments. In the end, they will take place in a single environment - metaverse - with multiple goals across technologies and experience. "
Gartner defines metaverse as a collective virtual shared space built on the virtually enhanced physical and digital reality. The virtual world of metaverse provides enhanced immersive experiences regardless of the device. It is accessible through any device, from tablets to head-mounted displays. Gartner expects a virtual economy built by digital currencies and non-fungible tokens (NFTs) with no vendor-owned metaverse. According to Gartner, the metaverse affects every business that consumers communicate with daily. (2)
The total number of Cardano wallets has exceeded 3 million
Blockchain Cardano has seen significant growth over the past year, as evidenced by the increase in the number of wallets that contain a native ADA token. On December 24, 2021, the total number of Cardano wallets was 2.5 million. Since then, more than 500,000 ADA wallets have been added. Precisely on February 3, the total number of ADA wallets was 3,002,727, indicating that more than 12,200 wallets were added daily overtime, leading to a 20.1% increase in the total number of wallets.
A significant 3 million milestone has been reached when the network enjoys growth with many updates. The ADA cryptocurrency is rising and becoming the sixth-largest cryptocurrency globally by market value. (3)