Russia proposes new crypto bill to regulate bitcoin mining

Russia’s Ministry of Finance has come up with the country’s first draft bill on the regulation of Bitcoin and other cryptocurrencies. While the central bank continues to demand a blanket ban on crypto mining in Russia, the Finance Ministry aims to regularise the sector with the newly proposed bill. The bill treats crypto as an investment tool and not a legal tender. It states that cryptos may not be used to pay for goods and services. 

Crypto prices today: Bitcoin falls 6%, ETH tanks 8%

Bitcoin is currently trading at $36,819, a 6% decline over the previous day. Ethereum has fallen sharply by 7.9% over the last 24 hours to $2,522. Solana crashed 13.5% to $82.37, while Cardano is down 14.5% to $0.83. Polygon (MATIC) has tanked 13.3% to $1.38. The global crypto market cap stands at $1.65 trillion, a 7.36% decline over the previous day.

Universal Music to develop collectible NFTs in deal with Curio platform

Universal Music Group has entered into a partnership with NFT platform Curio to develop NFT collections for its record labels and artists. The deal is a major move into a potentially new revenue stream by the world’s largest music company. Universal plans to work with Curio to develop digital artwork and other collectibles for the company and its artists. 

Joe Biden to issue executive order on crypto this week

As per a report from Yahoo News, US President Joe Biden is expected to issue an executive order on cryptocurrency this week. The order will direct a wide range of government agencies to study crypto and central bank digital currency (CBDC). It will also come up with a government-wide strategy to regulate crypto assets.