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JP Morgan Bets On Solana to Hit $500 in 2026 – Can IntelMarkets Surge Even Higher?

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The Solana price has been making headlines due to a bold $500 prediction from JP Morgan. At the same time, another project is gaining momentum: IntelMarkets (INTL). This AI-powered trading platform has already raised over $9.4 million in its presale, showing strong investor confidence. 

With a current price of $0.08, experts believe INTL could follow the SOL token’s footsteps or even go beyond. Could it happen? Let’s find out. 

Solana Price Swings and JP Morgan’s Bold Prediction: What’s Next for SOL?

Since the beginning of 2025, the Solana price has experienced fluctuations. At the start of February 2025, SOL was valued at approximately $230, but by the middle of the month, it had fallen to about $194.

Some experts think that this decline is due to market adjustments and investors cashing in on profits following the SOL token’s solid performance earlier this year. Solana also saw a 20% drop in transactions in early February. Nonetheless, some believe that external elements, such as global economic instability and regulatory issues, might also be influencing the Solana price.

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Source: CoinMarketCap

JP Morgan has recently revised its forecast for the Solana price. Although some experts anticipated it would reach $300 by 2026, the bank now thinks the SOL token may reach $500 by 2026. This change in their prediction relies on the latest Solana price movements and the general performance of the cryptocurrency market.

Nonetheless, exchange-traded products (ETPs) for the SOL token may attract additional investments. If these products become popular, they might bring billions of dollars to the market, potentially boosting the Solana price.

Some investors are optimistic that the SOL token will exceed JP Morgan’s new target, especially if adoption increases and more institutions start using the blockchain. But uncertainty remains for SOL, and investors are looking for stable and utility-based platforms such as IntelMarkets. 

IntelMarkets: The AI Crypto That Could Dominate 2025

IntelMarkets is gaining attention in the AI and crypto world, and some believe it could be a major player in 2025. Its presale has already raised over $9.4 million, showing strong investor interest. INTL is priced at $0.08, but with the ninth presale phase going on, prices could rise even more. 

IntelMarkets is an AI-driven trading platform that claims to make trading smarter and more efficient. The Intell-Array Monitoring system is potentially capable of analyzing over 100,000 data points to deliver clear trading strategies, while the Intell-M Channel collects data from 10,000+ sources to help traders understand the market better. 

Another key feature is the Dual-Chain functionality, which supports Ethereum and Solana networks. This could make transactions faster and cheaper, which might attract more users. IntelMarkets also aims to offer automated trading tools and AI-driven predictions, something that was once only available to big investors. 

The platform is also offering a community forum where traders and AI experts can share ideas and insights. If IntelMarkets continues to gain momentum, it could become a leader in AI-powered crypto trading. 

Can IntelMarkets Surge Even Higher, More than SOL?

The SOL token has seen massive gains driven by speed, scalability, and strong developer adoption. Now, some believe IntelMarkets could follow a similar path, or even surpass it. The IntelMarkets’ token supply is limited to 2,000,000,000 tokens only. 

If the INTL token could hit even 1% of the market cap of Solana, each token would be worth around $0.48, which could give early investors a massive gain of almost 500% considering current INTL token’s price. 

With AI-powered trading, dual-chain compatibility, and a rapidly growing presale, INTL might attract the same kind of massive growth predicted by JP Morgan for Solana.

If adoption and innovation continue at this pace, IntelMarkets’ price trajectory could rival or even outpace Solana.

Conclusion

As the crypto world watches the Solana price movements and JP Morgan’s bold predictions, IntelMarkets is quietly building momentum. If the project continues on this path, it might match SOL’s success or could even exceed it. 

With the INTL token priced at $0.08, now is the final chance for crypto investors to place their bets on INTL for potential big returns on their investment. 

Find out about the IntelMarkets (INTL) presale:

Presale: https://intelmarkets.io/

Buy Presale: https://buy.intelmarkets.io/

Telegram: https://t.me/IntelMarketsOfficial

Twitter: https://x.com/intel_markets

Solana Price Forecast: JP Morgan Drops Target to $200 in 2026 But Not Before ETF Mania

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The cryptocurrency market is experiencing notable movement as large-cap altcoins struggle to perform. Recently, JP Morgan downgraded the target for the Solana price, causing it to drop below $198. However, some experts are highly optimistic about the SOL ETF approval and believe that the ETF move could push SOL to a new ATH. 

Amid this highly uncertain market condition, DTX Exchange (DTX) is staying strong, helping investors to keep their portfolios positive. This project has emerged as a breakthrough in the trading industry by combining the best features of centralized and decentralized exchanges. Its rapid scale and innovative hybrid model position it as a strong contender in the crypto landscape.

Will The Approval Of SOL ETFs Cause Another Rally?

After its November rally, the Solana price has undergone multiple trend reversals. It has been trading sideways for over two and a half months. Three weeks ago, SOL reached a new All-Time High (ATH) at $294.33, but it reversed again when it was rejected here and entered a downtrend.

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Source: CoinMarketCap

Due to this correction, the Solana price has dropped to take support at its 150-day SMA, and has been consolidated for the last few days. Due to uncertainty, the daily trading volume decreased by 26% in the previous 24 hours, and after a 2.23% intraday plunge, the Solana price trades at $197.74.

The Relative Strength Index (RSI) for SOL is 41.55, indicating a neutral price. The Moving Average Convergence Divergence oscillator shows an increase in bullish sentiment for the Solana price as the MACD line’s fall rate is slowing down.

Top analysts at JP Morgan have dropped their targets for the Solana price to $200 in 2026. However, they expect interest to increase when SOL ETFs arrive in the markets. Thus, if demand does increase, a humble target for the Solana price in the near future could be the solid resistance at $271. If it breaks above this, SOL could surpass the $300 mark.

DTX Exchange: Strong Competitor with Huge Potential

DTX Exchange is an exciting new ERC-20 token that has gained attention for its real-world applications and multi-asset trading capabilities. It solves significant issues in the trading world, such as slow and expensive operations. DTX offers an innovative hybrid system that allows users to access traditional and digital assets in a single place, saving the hassle of moving to different accounts. 

With its hybrid trading platform, DTX offers access to more than 120,000 assets, including forex, bonds, ETFs, cryptocurrencies, and stocks. This approach could be a game-changer for investors seeking exposure beyond a single asset. 

The DTX token provides many incredible benefits, such as governance voting rights, contest rewards, and trading fee discounts, to boost community engagement. Furthermore, the DTX Exchange recently launched a VIP rebate system focused on community betterment. This system lets DTX holders become exclusive project partners and generate consistent income by receiving up to 3% of trading fee revenue. 

Showing its commitment to the growth of community members, the project has adopted a fair launch program in the presale. Most altcoins in the presale are backed by Venture Capital firms that hold the majority share and get an edge over retail investors. When these firms dump their holdings in the market, it creates major selling pressure, resulting in losses for regular investors. However, DTX’s public presale is providing a solid opportunity to grab tokens at a discounted price. 

DTX’s tremendous success is due to its solid fundamentals and rapid price increase. The project has raised over $13.82 million in its ongoing ICO, signaling investor confidence. With its current price at $0.16 in the last stage, many believe DTX has the potential to see massive growth. Some experts believe that its token price could increase by up to 120 times if it gains widespread adoption.

Find out more information about DTX Exchange (DTX) by visiting the links below:

Buy Presale

Visit DTX Website

Join The DTX Community

JP Morgan CEO Criticizes Bitcoin for Lacking Intrinsic Value and Viable Future

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  • Jamie Dimon says Bitcoin lacks intrinsic value, linking it to money laundering and ransomware.
  • Bitcoin prices drop 0.58% after Dimon calls it a “Ponzi scheme” and questions its future.
  • Despite Dimon’s criticism, JPMorgan holds shares in BlackRock’s ETFs and Grayscale Trust.

JPMorgan Chase’s CEO, Jamie Dimon, has once more expressed skepticism about cryptocurrency. During an interview on CBS News’ Sunday Morning,’ Dimon criticized the cryptocurrency, saying that it has no real use and is frequently associated with crimes such as money laundering and ransomware. However, at the same time, he admitted that digital currencies might be part of the future of the financial industry.

Dimon’s Critique of the Value of Bitcoin

JPMorgan’s CEO, Jamie Dimon, has been very vocal against Bitcoin and has once described the cryptocurrency as a ‘Ponzi scheme.’ The latest comments are similar to previous comments about the cryptocurrency, as he referred to the cryptocurrency as ‘useless as a pet rock.’ According to him, Bitcoin has no intrinsic value because it is not a proper currency. However, Dimon said anyone can decide to invest in the cryptocurrency if they choose, but such investment wastes time and money.

This view is consistent with what he said in April 2024 when he referred to Bitcoin as a “Ponzi scheme” once more. Dimon has also referred to the cryptocurrency as a harmful habit like smoking, suggesting that while people are free to engage with it, it is not a wise choice. He complained that using cryptocurrency in criminal activities reduces its worth and reliability as a legitimate asset.

JPMorgan’s Stance on the Digital Assets

Despite Dimon’s skepticism toward Bitcoin, JPMorgan Chase has adopted a more complex view of the cryptocurrency. The bank has been interested in blockchain technology and has provided clients with Bitcoin services. However, JPMorgan has taken measures to engage with the growing cryptocurrency market.

Unlike Dimon, JPMorgan has invested in Bitcoin-related products like BlackRock’s ETF and Grayscale’s Trust. This apparent inconsistency between Dimon’s words and JPMorgan’s business actions has received attention. John Deaton, a known personality in the crypto community, has encountered this contradiction. While the bank is engaged with the crypto market, the bank’s CEO has voiced negative sentiments about crypto.

The Effect on Price and Market Perception

Dimon’s remark came at the same time when the price of Bitcoin dropped by 0.58% over the last 24 hours. At press time, the price was at $93,744.56. Nevertheless, the market situation has been characterized by fluctuations, with the price falling by 5.58% over the week and 7.92% over the month.

Nevertheless, some market analysts think the current decline is an ideal time for long-term investors to buy the cryptocurrency. Technical analysis shows that Bitcoin’s price can go up within the next weeks, with some indicators predicting that it may even skyrocket to $120,667 within the next 30 days.

Bitcoin’s Soaring $72K: JP Morgan CEO’s Cigarette Comparison Sparks Controversy

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Jamie Dimon, the CEO of JPMorgan Chase, has once again ignited a fiery debate in the financial world, this time drawing parallels between Bitcoin and cigarette smoking. Speaking at the Australian Financial Review business summit, Dimon reiterated his longstanding skepticism toward the cryptocurrency, associating it with a litany of illicit activities, including sex trafficking, fraud, and terrorism. Despite acknowledging the right to buy Bitcoin, Dimon firmly stated his personal aversion to investing in it.

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Jamie Dimon, CEO, JP Morgan Chase

Dimon’s stance on Bitcoin is nothing new. Over the years, he has been a vocal critic of the cryptocurrency, often warning investors against its perceived risks. In a recent interview with CNBC, Dimon made a clear distinction between blockchain technology and Bitcoin, lauding the former for its potential applications while deriding the latter as a “pet rock” with no inherent value. He argued that BTC’s primary use case lies in facilitating illegal transactions, further bolstering his argument against its investment viability.

In a bold statement, JP Morgan CEO Jamie Dimon raised concerns about the practical applications of cryptocurrency, particularly BTC, linking it to illicit activities such as sex trafficking, fraud, and terrorism. Dimon’s skepticism toward Bitcoin’s utility was evident as he stated,

“I don’t know what the bitcoin itself is for, but I defend your right to smoke a cigarette, I’ll defend your right to buy a bitcoin. I won’t personally ever buy a bitcoin.”

Industry Leaders Defend Bitcoin

Dimon’s remarks have sparked considerable backlash from leaders within the cryptocurrency industry. Figures like Grayscale CEO Michael Sonnenshein, Galaxy Digital’s Mike Novogratz, and Ripple’s CEO Brad Garlinghouse have pushed back against Dimon’s assertions, highlighting the potential for innovation and disruption that cryptocurrencies bring to the table. They argue that BTC and other digital assets have the power to revolutionize traditional financial systems and unlock new avenues for economic empowerment.

Despite facing criticism, Dimon remains steadfast in his position, reiterating the perceived risks associated with cryptocurrencies and advocating for a cautious approach to investing in them. His calls for potential regulatory intervention and even a ban on BTC have stirred further controversy within the industry, with proponents of decentralization and financial sovereignty pushing back against what they see as outdated and uninformed views.

At the time of writing, BTC was priced at $72,045.84, with daily gains of 1.08% and with weekly gains of 8.76%. BTC has $57,587,376,396 as its 24 hour volume, as per market cap.

Crypto Investment: JP Morgan Study Reveals 78% of Institutional Traders Remain Uninterested

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The head of crypto and financial markets at Northern Trust claims that institutional investors lost interest in cryptocurrency after 2022 and that they haven’t yet regained it, despite this year’s upswing.

Earlier of last year around May 2023, At the Digital Assets Week conference in San Francisco, Justin Chapman told CNBC’s “Crypto World” that while institutions are now more interested in the blockchain technology that powers cryptocurrencies, his company “has capabilities” in place in case client interest in crypto assets increases. “Just after March the digital market went off a cliff… the client interest has definitely gone off the same cliff in terms of institutional interest in in cryptocurrencies,” he stated.

78% of institutional traders show no interest in cryptocurrencies, according to JP Morgan. The fascinating results, in fact, come from a recently published 2024 investigation. JP Morgan spoke with more than 4,000 people in the financial markets during this investigation.

Even while the number of businesses planning to use cryptocurrencies has increased, many are still averse to sharing what they own. Furthermore, compared to the figures from 2023, the percentage of traders who are not interested in interacting with cryptocurrencies has increased.

Crypto Fails to Captivate Institutional Traders

Leaders from major financial institutions convened at the San Francisco conference with a palpable enthusiasm for blockchain technology, particularly its capacity to tokenize real-world assets such as gold for clients. Commenting on this trend, Chapman noted the evolution of the technology and its increasing support from market participants.

Following a turbulent 2022 in which it lost 64%, Bitcoin has increased by about 75% this year. The start of the New Year’s trading session saw historically low levels of volatility. But the U.S. regulatory moves clouded the industry, and the banking crisis drove up the price of bitcoin, bringing volatility back to the market.

Although bitcoin has not been able to break above the $30,000 barrier, investors still believe in its long-term upward trajectory. Many people believed that 2024 will be the year of bitcoin, especially since Spot Bitcoin ETFs would soon be approved. But this anticipated upsurge has not yet occurred. Even though the value of bitcoin has surpassed $50,000, recent studies show that the enthusiastic acceptance anticipated has not occurred.

While appreciating Bitcoin’s resilience, the market is nevertheless cautiously hopeful about its near-term prospects. The disparity between what people assume and what really occurs highlights the intricate processes that are forming the bitcoin environment.

Bitcoin Debate: Coinbase CEO Praises JP Morgan Despite Disagreement

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Coinbase CEO Brian Armstrong has admired JP Morgan CEO Jamie Dimon despite their contrasting opinions on Bitcoin and cryptocurrency. Armstrong revealed that he had met with Dimon and learned a lot from him despite their difference in Bitcoin.

Armstrong’s statement came in response to a suggestion by Cathie Wood of ARK Invest, who proposed a meeting between Dimon and Armstrong to discuss Bitcoin. Wood proposed after Dimon criticized Bitcoin for being associated with illegal activities and having no intrinsic value.

However, Armstrong did not seem offended by Dimon’s remarks. Instead, he tweeted:

We’ve met, and JPM has been a great partner to us. Even if we don’t fully agree on Bitcoin, I have a lot of respect for Jamie as a CEO and have learned a lot from him. Actually everyone I’ve met from JPM has been top notch.

Armstrong’s tweet showed his appreciation for Dimon’s leadership and JP Morgan’s partnership with Coinbase, one of the largest cryptocurrency exchanges in the world. He also acknowledged that they had different views on Bitcoin, but that did not prevent them from having a constructive dialogue.

The Complex Relationship Between Banks And Crypto

Armstrong’s X post highlighted the paradoxical relationship between traditional banks and the crypto industry. On one hand, banks like JP Morgan have been skeptical and critical of Bitcoin and other cryptocurrencies, questioning their legitimacy and viability. On the other hand, banks have also been exploring and investing in crypto, recognizing its potential and innovation.

For instance, despite Dimon’s reservations, JP Morgan has been involved in the BlackRock BTC Trust, which offers exposure to Bitcoin for institutional investors. JP Morgan has also launched its own digital currency, JPM Coin, used for cross-border payments and settlements.

In this context, Armstrong’s tweet suggested that there is room for cooperation and mutual respect between banks and crypto, even if they have divergent perspectives. He also implied that there is more to learn from each other as both sectors are evolving and adapting to the changing financial landscape.

Bitcoin Vs Traditional Bank: A Continuing Debate

Armstrong’s tweet added another dimension to the ongoing debate between Bitcoin and traditional banks, fueled by the rise and fall of BTC prices and popularity. While some see Bitcoin as a threat to the existing financial system, others see it as an opportunity to create a more decentralized and inclusive economy.

The debate would likely continue as both sides have their arguments and evidence to support their claims. However, Armstrong’s tweet showed that the discussion should not be hostile or divisive. Rather, it can be a source of learning and collaboration, as both sides have something to offer and contribute to the future of finance.

Related Reading | Dogecoin Surges As X Payments Sparks Rally With First-Ever MACD Golden Cross

Ethereum’s Merge & Shanghai Upgrade: A Mixed Bag in JP Morgan’s Lens

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Ethereum’s ambitious endeavors, the Merge and the Shanghai upgrade, designed to revolutionize ETH Tokenomics, have fallen short of their lofty expectations. In September 2022, Ethereum, the world’s second-largest blockchain, underwent a momentous transformation, transitioning from proof-of-work [PoW] to proof-of-stake [PoS]. This epoch-making move significantly slashed the network’s energy consumption by an astonishing 99%.

The subsequent Shanghai upgrade, introduced on April 12, 2023, facilitated the withdrawal of staked ether [stETH]. Shortly after its release, the blockchain experienced a surge, with 80% of inflows attributed to various institutional-grade ether staking service providers, marking a threefold increase. However, despite the commendable strides in energy efficiency, the overall activity on the network has left much to be desired, as observed by JPMorgan analysts under the leadership of Nikolaos Panigirtzoglou.

Ethereum
Ethereum's Merge & Shanghai Upgrade: A Mixed Bag in JP Morgan's Lens 5

Drawing attention to Ethereum’s daily transaction count, JPMorgan’s report reveals a 12% decline since the implementation of the upgrade. Furthermore, daily active addresses have dwindled by nearly 20%, and the total value locked [TVL] in decentralized finance [DeFi] on the Ethereum blockchain has suffered a nearly 8% slump.

While the report attributes ETH’s performance to last year’s “bearish forces,” including notable setbacks like Terra and FTX, regulatory actions within the United States, and a contraction within the stablecoin ecosystem, it appears that these challenges have overshadowed the positive impact of the Shanghai upgrade.

Despite the 50% increase in staking following the hard fork, contributing to bolstered network security, concerns linger regarding the continued dominance of liquid staking protocols such as Lido, which raises doubts about centralization.

Ethereum Dencun Upgrade, The Road Forward

The report holds out hope for a potential uptick in Ethereum network activity with the impending EIP-4844 upgrade, colloquially known as “proto-danksharding.” This groundbreaking feature aims to scale the blockchain by creating additional space for “blobs.” However, it cautiously acknowledges that the persisting bearish trends in the cryptocurrency market could continue to pose challenges.

In a noteworthy development for the Ethereum network, developers have recently reached a consensus regarding the comprehensive scope of an upcoming upgrade dubbed “Dencun.” Expected to be introduced later this year, this hard fork will integrate five Ethereum Improvement Proposals [EIPs] designed to enhance data storage capabilities and reduce transaction fees, potentially ushering in a new era for Ethereum’s functionality and performance.

JP Morgan emerges as first bank to enter the metaverse with a virtual lounge

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JP Morgan, the largest US bank, has opened the Onyx lounge in Decentraland, making it the first lender in the metaverse. The virtual lounge is the bank’s first foray into the virtual world.

Oynx is the name of JP Morgan’s permissible Ethereum-based services. The virtual lounge bears the same name, and it allows institutions and businesses to access the metaverse.

The financial behemoth has released reports on cryptocurrencies’ general acceptance. The latest report from JP Morgan provides insight into the metaverse and integrated commerce applications opportunities. Electronics and fashion businesses have entered the world of digital real estate and metaverse parties, offering customers digital collectibles and experiences.

JP Morgan is exploring opportunities in the Metaverse

“There is a lot of client interest to learn more about the metaverse,” Christine Moy, JPMorgan’s head of crypto and the metaverse, stated in an email. “We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity, and workforce, in order to maximize the full potential of our lives in the metaverse.”

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They wrote in their metaverse report:

“One of the great possibilities of the metaverse is that it will massively expand access to the marketplace for consumers from emerging and frontier economies.”

JPMorgan starts its analysis of “metanomics” by noting that the average price of a virtual plot of land increased in the second half of 2021, rising from $6,000 in June to $12,000 in December across the four major Web 3 metaverse sites: Decentraland, The Sandbox, Somnium Space, and Cryptovoxels.

According to the JPMorgan analysis, “in time, the virtual real estate market might see services similar to those found in the actual world,” such as credit, mortgages, and rental agreements. It went on to say that decentralized finance (DeFi) collateral management might play a role and that this could be handled by decentralized autonomous organizations rather than traditional finance businesses (DAO).

The metaverse’s components continue to change at a breakneck pace. It’s challenging to build a corporate strategy around such a dynamic environment characterized by rapid development and new entrant innovation.

The costs and risks of engaging early and regularly to generate internal intellectual property, establish ideas about future business models, and discover ecosystem partners and collaborators, on the other hand, are pretty minimal. The asymmetrical risk of being left behind justifies the small initial expenditure required to get started and explore this new digital terrain.

JP Morgan CEO labels Bitcoin “worthless”; Clients strongly disagree

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A vast number of individuals across the globe have welcomed Bitcoin [BTC] with open arms, however, JP Morgan’s CEO Jamie Dimon remained untethered while the hype around crypto persists. Dimon was even seen outrightly dissing the king coin.

Despite being the first and the largest cryptocurrency, Bitcoin [BTC] took long and hard to reach its current stature. With criticisms from all across the globe, survival became rather difficult for the asset. However, the latest fervor around the coin got it out of its nascent stage in no time. While Bitcoin continues to thrive, major platforms were seen onboarding the coin. But, one platform continues to remain hostile towards BTC.

JP Morgan’s CEO Jamie Dimon appeared in a recent interview with Bloomberg and reveal that his resentment towards Bitcoin was persisting.

JP Morgan CEO still hostile towards BTC

Over the last couple of years, the JP Morgan CEO had continuously expressed his discontent with regard to Bitcoin. Dimon has called BTC an array of things, including, “terrible store of value,” “a fraud”, ” will be stopped,” and many more. Now, in his latest interview, Dimon went on to label the asset,” worthless.”

While all the altcoins were seen plummeting, BTC was the only asset that was thriving. The asset was undoubtedly aiming for $60K. At press time, BTC was trading for $57,310.

Despite the well-lauded growth of the king coin, Dimon went on to call it worthless. “I personally think that Bitcoin is worthless,” he added. He also suggested that he didn’t care and that it made no difference to him.

However, JP Morgan’s clients certainly think the same about the coin. Addressing the same, Dimon said,

“Our clients are adults, they disagree, that’s what makes markets, so if they want to have access to buy yourself Bitcoin, we can’t custody it but we can give them legitimate, as-clean-as-possible access.”

This made it clear that Dimon had no interest in BTC. While he does not refrain his clients from using it, Dimon could miss out on what the crypto market has to offer.

Russia’s Prominent Bank Partners With JP Morgan To Roll Out A Cryptocurrency

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Albeit the government of Russia making efforts to probe the launch of a CBDC, banks in the country have also seemed to have expressed their keen interest in digital assets. One of Russia’s largest state-owned banks revealed its enthusiasm towards rolling out its native digital asset along with a platform that aids in the trading of similar assets. A recent report by Reuters shed light on the launch of this project.

Russia’s Sberbank To Roll Out A Crypto Trading Platform

Cryptocurrencies have been subject to an immense backlash in the past. The assets have been publicly denounced by several authorities across the globe. However, they seem to have recognized the value and prospects of cryptocurrencies. Russia seems to be upping its crypto game. The country’s largest lender, Sberbank revealed that it was soon going roll out a crypto trading platform along with a cryptocurrency, Sbercoin. This project is reportedly the bank’s collaboration with JPMorgan.

The CEO of Sberbank, German Gref suggested that the bank would roll out the Sbercoin sometime next year. Back in July, the Russian government put forth a new law that allowed the trading of crypto, however, prohibited its citizens from employing digital assets as a payment method. Speaking to the RBC, a Russian news portal about that same, Gref said,

“From January 1, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.”

In other news, the officials at the Russian central bank, Bank of Russia recently revealed that they were against the launch of private stablecoins backed by the Russian ruble. As reported by Russia’s news agency, Prime, the authorities reportedly suggested that developers were allowed to use the central bank’s digital ruble and nothing else. The bank intends to ban private platforms from issuing stablecoins pegged to the country’s official currency.

Russia’s latest move led to several drawing similarities between the former’s and China’s move. China had also issued a blanket ban on stablecoins backed by the yuan. Speaking about the same, the deputy chairman of the Bank of Russia, Sergei Shvetsov said,

“I think that we are not far from this. At least, everything that will be used as a means of payment will be suppressed by us. We proceed from the assumption that the Russian Federation’s means of payment is the ruble.”