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Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

Major government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled.

Financial Authorities Reach Consensus on How to Regulate Mining of Digital Coins in Russia

The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians.

Anatoly Aksakov, chair of the parliamentary Financial Market Committee, announced during the Kazan Digital Week forum that draft legislation introducing rules for the sector will soon be submitted to the lower house of Russian parliament, the State Duma. Quoted by RBC Crypto, he said:

In the near future, the bill will appear in the State Duma, we will work to pass it faster.

The Russian lawmaker also gave his own take on the matter. Aksakov believes that cryptocurrency mining should be allowed only in regions with abundant energy resources and prohibited in those that experience shortages.

Earlier in September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, and the Federal Security Service to elaborate a common position on draft federal laws regulating the issuance and circulation of digital currencies, including their mining and use in international settlements.

The head of the Russian government also ordered the Ministry of Finance, with the participation of the Bank of Russia, to submit consensus proposals for the development of the market for digital financial assets (DFAs), including the application of decentralized technologies, by Dec. 1.

The two regulators will have to update the Strategy for the Development of the Russian Financial Market Until 2030. The document should be revised taking into account President Vladimir Putin’s instructions and the current geopolitical situation, Mishustin stated on Sept. 13. He also emphasized that under the current conditions, the employment of DFAs will contribute to ensuring uninterrupted payments for imports and exports.

Russian authorities have been discussing the regulation of cryptocurrencies and related activities for quite some time, with the CBR and Minfin taking almost opposite positions until recently. While the central bank proposed a blanket ban, the department has favored legalization. However, the two regulators recently agreed that Russia would need cross-border crypto payments to deal with the pressure exerted by Western restrictions on its foreign trade.

The majority of officials in Moscow also share the view that the Russian Federation should exploit its competitive advantages in the field of crypto mining, which were highlighted by the Russian president, too. Many regions in the vast country offer both low-cost energy and cool climate. At the same time, Russian crypto miners have also been hit by sanctions imposed over Moscow’s invasion of Ukraine.

Do you think Russia will legalize other crypto-related activities besides mining? Let us know in the comments section below.

Cardano Appears to be at the Peak of Accumulation, Will ADA Price Rise High Following a Breakout?

The post Cardano Appears to be at the Peak of Accumulation, Will ADA Price Rise High Following a Breakout? appeared first on Coinpedia Fintech News With a decrease in the Cardano price, the environment flipped to bearish for a week. The asset is trading at $0.4586 as the bears took control of the market at::Listen

cardano

The post Cardano Appears to be at the Peak of Accumulation, Will ADA Price Rise High Following a Breakout? appeared first on Coinpedia Fintech News

With a decrease in the Cardano price, the environment flipped to bearish for a week. The asset is trading at $0.4586 as the bears took control of the market at the beginning of the week. The last three days have been overwhelmingly bullish, so the bulls still have a chance.

Bulls May Outperform Bears Soon 

The bears gained control of the market during mid-August and drove the price sharply below $0.463. Prices began to consolidate at $0.463 and fell below the lower Bollinger band at around $0.430. As the price fluctuation persisted, the bulls soon gained the upper hand and stabilized in the first few days of  September.

Unfortunately, the bears took back the initiative as the price sharply sank to a low of $0.463. Further, the prices swiftly climbed towards the upper Bollinger band at $0.517 and dropped back to $0.463. The price dropped below $0.463 as a result of the bears’ ongoing dominance. Although there is strong selling pressure evident, the bulls are working hard to push the price up.

The low volatility level points to a positive future trend. The RSI value has risen to a neutral 47, and the indicator’s curve is compressing, which denotes a decline in buying activity.

 Cardano Bull Maintain Strength

Prices increased significantly over the past couple of hours, which allowed the bulls to seize control of the situation. The 4-hour Cardano price analysis shows that the bullish activity has started up again as the price level rises. Due to the recent increase, the moving average, which is currently trading at $0.460, is trading below the current price level.

Due to the strong volatility over the past few hours, the Bollinger band average is at $0.454 per share. The values of the upper and lower Bollinger bands are $0.471 and $0.437 respectively. Price is fluctuating between the upper band and $0.460, which is the mean average. The RSI indicator is at index 53, slightly above the center line and in the neutral zone.

The Cardano price analysis forecasts that the price has increased due to today’s bullish dominance. Due to the price increase during the last 12 hours, the bulls are anticipated to maintain their lead. Although an upward movement of the cryptocurrency is anticipated, the bulls appear to be running out of steam, and a reversal might potentially occur.

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

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