Bitcoin price hangs on Russia
A lot has been said already about bitcoin’s latest price crash being related to tensions between Russia and Ukraine, but Russian regulators may actually help turn the trend around.
Recent developments by finance decision makers in the country suggest rumours that Russia was ready to ban cryptocurrency last year are now long forgotten, as moves are made to officially recognise the cryptocurrency.
Here’s Will Hamilton, head of trading and research at Trovio Capital Management, with more:
Russia’s Ministry of Finance is pushing forward with its plan to regulate cryptocurrencies in the country and has introduced a bill to parliament. The announcement highlights the policy split with the Bank of Russia, which currently opposes regulation and aims to have digital asset trading and mining banned, due to threats posed to the Digital Rubel the bank is currently developing.
The legislation posed by the Ministry of Finance aims to create legal markets for digital assets, but not implement them as a widespread method of transaction.