The Ukranian government has plans to legalize cryptocurrency to bring them out of their current legal “grey zone.” Ukraine’s Ministry of Digital Transformation stated that legalizing cryptocurrencies is a top priority and cryptocurrencies are currently not illegal but legalizing cryptocurrencies will benefit Ukraine‘s government via taxation. In addition to legalizing cryptocurrencies, Ukraine is planning to transfer public registries and documents to a public distributed ledger managed by the government. The new regulatory concept will allow crypto companies to gain access to banking services and attract more capital through regulated token sales. The ministry noted that due to the legal uncertainty, these businesses face many difficulties, while the industry remains largely part of the shadow economy. With the new regulations the country hopes to attract foreing investment while stimulating the development of the digital economy. 

The central bank of Venezuela is is exploring the possibilities of including Bitcoin and Ether to its international reserves at the request of the state run oil company Petroleos de Venezuela SA (PDVSA). Due to US sanctions, the oil company has struggled to receive payments from its customers or pay its suppliers. In order to bypass the US sanctions the company has been using cryptocurrency. It remains unclear how PDVSA came to acquire Bitcoin and Ether or the actual value of their cryptocurrency holdings. PDVSA has delayed to sell its crypto holdings on the open market as it would require them to register with an exchange. Instead the company is looking to transfer its crypto holdings to the central bank of Venezuela in the hope that central bank would pay PDVSA’s suppliers smoothly.

“95% of all day traders lose money and fail” is one of the most popular trading related statistics. However research suggests that the actual figure is much, much higher. Economists have discovered a few surprising statistics by analyzing actual broker data and the performance of traders to explain why most traders lose money. According to online educational resource Tradeciety: 80% of all day traders quit within the first two years; Among all day traders, nearly 40% day trade for only one month; Within three years, only 13% continue to day trade. After five years, only 7% remain; Active traders underperform by 6.5% annually; Traders with up to a 10 years negative track record continue to trade. Now that we’re in a bear market traders are even more uncertain where the market is heading. Trading isn’t easy so as holding on to your crypto assets while they are dropping.