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Russian President favors cryptocurrencies, urging all parties to discuss

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The Russian President, Vladimir Putin, favors cryptocurrencies and urges the Russian Central Bank to discuss the matter, not rejecting cryptocurrencies right away.

Russian Authorities’ have strong disagreements on dealing with Bitcoin and other cryptocurrencies, and the issue reached Russian President Vladimir Putin’s ears. 

The Russian President wants to hear all parties involved; however, it is a divisive proposal that originated within the Russian Central Bank

Chebeskov, the Director of Russian Financial Politics, contends that outlawing cryptocurrencies in Russia risks trailing behind other “high-tech” countries. 

According to the Russian President, the authorities’ attitude is motivated by the fact that the growth of this type of financial system may pose risks to Russians, given the volatility of cryptocurrencies.

He also mentioned that Russia provides a large field for cryptocurrency growth and a location where the country’s various advantages may aid in the development of the overall industry. 

Putin backed the banking institution’s stance on continuing the discussions, not discarding cryptocurrencies right away.

The risks of forbidding Cryptocurrencies in Russia.

In recent days, the world has focused on Russia because of a policy that might jeopardize Bitcoin trading, use, and mining in that nation.

It is a contentious proposition that arose within the Russian Central Bank. Due to its volatility and usage in “criminal operations,” the body says that bitcoin “poses serious dangers to the wellbeing of Russian residents and the stability of the financial system.”

The Russian Ministry of Finance was not pleased with the banking institution’s proposal.

According to a local media source, Ivan Chebeskov, head of that ministry’s Financial Policy Department, claimed that the minister of that portfolio favored regulation but did not support a ban on cryptocurrencies. “We need to regulate rather than prohibit. Citizens would be protected by regulation, “said the official.

Chebeskov argues that prohibiting cryptocurrency in Russia risks lagging behind other countries in the “high-tech” sector. One such country is the United States, with whom ties have recently heated up and presently hosts 42 percent of the worldwide Bitcoin hashrate, while Russia has just 13 percent.

Russia holds 13% of Bitcoin processing power, while the United States has 42%. // Source: Cambridge Centre for Alternative Finance (CCAF).

He also emphasized the need to allow technology to evolve, which is why they are working on “legislative measures in terms of regulation.”

Disagreements among authorities on dealing with bitcoin reached Russian President Vladimir Putin’s ears.

Putin calls for consensus though all parties involved.

Putin addressed discussions on whether or not to accommodate bitcoin in Russia during a virtual conference he held with his ministerial cabinet on January 26, 2022.

The bitcoin issue seemed to be of importance to the Russian President since, before starting the schedule, he wanted to make his position on the matter clear:

I am familiar with the ongoing discussion on this issue. These issues are dealt with and regulated by the Central Bank of Russia. The Central Bank does not stand in the way of our technical progress and is making the necessary efforts to introduce the latest technologies in this area of activity.

Vladimir Putin, President of Russia.

Putin defended the position of the financial body on the point of bitcoin volatility because “it carries certain risks, first of all to citizens,” the President said.

According to Russia’s President, the authorities’ stance is driven by the fact that the proliferation of this sort of finance may pose dangers to Russians, given the volatility of cryptocurrencies.

However, He also brought up the point that Russia offers a wide field for cryptocurrencies growth and even a place where it can help the development of the entire sector with the many advantages that the country offers.

Putin also acknowledged that Russia manages “certain competitive advantages, especially in mining” and referred “to the surplus of electricity and well-trained personnel available in the country,.”

Finally, Putin called for the issue to remain under discussion and for a unanimous decision to be reached among all parties involved.

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Bitcoin Price Fall: What Means For The Future of Crypto?

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In recent news, the Bitcoin price has plummeted. Many people are wondering what this means for the future of crypto and whether or not it is a sign of things to come.

Most people are not sure what caused the sudden decline in Bitcoin prices. It was exciting for most investors as the value of Bitcoin shot up to $69,000 in November 2021. However, this joy was short-lived as the prices dropped in June 2022 to about $20,000.

What Caused Bitcoin Price Falls?

There are a few factors that could have contributed to the decline. Firstly, there is the US Securities and Exchange Commission’s (SEC) legal battle with Ripple Labs, Inc., which is one of the largest companies in the crypto space. The SEC has charged Ripple with conducting an unregistered security sale. This has caused uncertainty in the market and could have contributed to investors’ hesitancy.

Secondly, there has been increasing regulatory pressure on the cryptocurrency industry. Governments around the world are starting to take a closer look at cryptocurrencies and how they are used. This is causing additional uncertainty in the markets and could be another factorcontributing to the dip in Bitcoin prices.

Lastly, there has been a surge in the number of institutional investors entering the cryptocurrency markets. These large, institutional investors often behave differently than smaller individual investors and can cause large swings in prices.

What Affects Bitcoin Value

As you may have realized, the value of Bitcoin is quite volatile. This is due to its decentralized nature and the fact that it is not backed by any government or central bank. As a result, the supply and demand for Bitcoin can have a huge impact on its price.

When there is more demand for Bitcoin, prices tend to rise; conversely, when there is less demand, prices tend to fall. This is why it’s important to pay attention to news and events that can affect the demand for Bitcoin.

It’s also important to keep in mind that the price of Bitcoin can be affected by other factors as well, such as market speculations, trading activity and even political developments.

Recently, there have been quite a number of global events including:

  • War in Ukraine
  • High-interest rates
  • Fears of inflation

These factors have had a serious impact on the global stock markets and it’s likely that they could be contributing to the current dip in Bitcoin prices as well. However, there are others options for trading while waiting for crypto markets to regain momentum. You can use the various bet365 deposit methods to play other games and explore other trading options.

Negative News Affected Crypto Markets

Besides the common factors mentioned above, the media has also been playing a significant role in affecting Bitcoin prices. There have been reports of fraud and theft within the crypto world that have caused investors to be hesitant about investing in cryptocurrency. This negative news coverage has definitely had an impact on the demand for Bitcoin and other cryptocurrencies as well.

In June 2021, China stopped banks and financial institutions from offering crypto services. This news caused a lot of fear and FUD in the markets, resulting in a huge drop in prices across the board.

Recently, in November 2022, FTX, one of the main crypto exchanges, went bust. This caused a lot of concern in the markets, resulting in another big drop in prices.

What Is the Future of Cryptocurrency?

Generally, Bitcoin is known to be volatile and as such, it could gain momentum and rise in price again. However, it is difficult to predict what will happen in the future as there are many external factors that can influence its value.

Nevertheless, most experts agree that cryptocurrency still has a lot of potentials and could be an important part of our financial system in the years to come. As more countries start to recognize crypto as legal tender, the demand for them could increase and this could eventually lead to a rise in prices.

Therefore, it is important to keep an eye on events that could affect the crypto markets and make informed decisions when investing in cryptocurrency.

Conclusion

The recent slump in Bitcoin prices can be attributed to various factors such as increasing regulation, institutional investors entering the market, and negative news coverage.

The dip in Bitcoin prices has caused some cryptocurrency experts to be concerned about the future of digital currency. There are several factors that could be contributing to this decline, including regulatory uncertainty, however, it is important to remember that price fluctuations are normal and to take the long term view when investing in digital currencies. With this in mind, you can expect anything to happen, including a sharp rise in the value of Bitcoin price.

It is also important to stay informed on the latest developments and news in order to make better-informed decisions when it comes to investing. Ultimately, only time will tell what the future holds for cryptocurrency markets.

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Private bitcoin transactions in Samourai Wallet achieve an ATH

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The ATH balance available for private transactions is 4,755 BTC. The volume of private bitcoin transactions in Samourai Wallet is 750 BTC in 30 days, achieving an ATH.


In an age when privacy is scarce, it is not uncommon for individuals to be concerned about it daily. A proof of this is the use of tools focused on obtaining it. Among them are wallets that mix bitcoin transactions. One of these reached a record today, surpassing 4,755 bitcoin (BTC) of unspent capacity or available balance. 

According to a release from one of the developers leading Samourai Wallet, the available BTC balance for those using this type of private transaction contrasts with its volume over the past 30 days, which has been 750.26 BTC. This tool, called Whirlpool, is designed to make private transactions in Bitcoin, a network that has a public ledger. 

In June 2021, the amount of available bitcoin balance among users using Whirpool to mix cryptocurrencies was 3,000 BTC, according to Samourai Wallet figures. It was an increase of 37% in one year.

When we talk about mixing bitcoin transactions, we refer to a method known as CoinJoin. A tool such as Samourai Wallet‘s Whirlpool allows to make payments or receive balances without the origin or destination of each transaction known.  

For this type of operation to occur, users have to agree with each other. So that they can use their unspent balance (UTXO) in a single process that pools or mixes the joint transactions of several people. In principle, the more people participate in the pool, the higher the level of privacy.  

Other private Bitcoin wallets than Samourai Wallet provide financial anonymity.

The ATH balance available for private transactions is 4,755 BTC. The volume of private bitcoin transactions in Samourai Wallet is 750 BTC in 30 days, achieving an ATH.
Samourai Wallet

Samourai Wallet is not the only wallet using Whirlpool. Sparrow, a relatively young desktop wallet, also uses the tool. It implies that the number of people using some method to conduct private bitcoin transactions continues to grow.  

Another wallet known for its approach to privacy announced that it would begin censoring addresses that use CoinJoin. That corporation began working with an analytics firm that the community has identified as a significant participant that violates the privacy of Bitcoin users.

According to the company that developed Wasabi, the decision obeys a requirement of the Financial Action Task Force (FATF), which in October last year issued a series of recommendations to prevent money laundering and terrorist financing.   

In any case, Wasabi, which may have lost many of its users, as a result, is not the only wallet for safer transactions.

The amount of balance available on Whirlpool for private BTC transactions has already surpassed the balance on other networks that offer a certain level of privacy. It is the case of Bitcoin’s Lightning Network, which has a capacity of 3,880 BTC between its payment channels, and it represents 900 BTC less than Samourai Wallet’s Whirlpool capacity. 

A Samourai Wallet tweet reads a sentence that could be a slogan with the best bitcoiner essence:

“Financial privacy is not just a popular thing; it is a prerequisite for a free society.”

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After a long time, Russia agreed to regulate the cryptocurrency sector.

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After a long battle over the country’s position on cryptocurrencies, different Russian state bodies have agreed on the best way to regulate the cryptocurrency sector.

The cryptocurrency trend has now reached the shores of Russia. The latest developments in the Russian economy show the possible chances of Russia moving forward towards accepting cryptocurrency by agreeing to regulate the cryptocurrency sector.

In an announcement on an official government page on Tuesday, February 8th, it is stated that cryptocurrencies, such as Bitcoin, should integrate Russia’s financial system but under supervision.

The government has determined the future of digital currencies in Russia. The turnover of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on the protection of the rights of ordinary investors.

Statement from Russian Intuitional bodies concerning cryptocurrencies acceptance

According to the document released by Russian officials, the goal of regulation is to incorporate the mechanism of digital currency circulation into the financial system and guarantee control over cash flows in the credit institution circuit.

It is also stated that it would impose a need on market players to notify individuals about the heightened dangers connected with digital currency.

This announcement is accompanied by a nine-page paper outlining criteria for various actors in the industry, including investors, exchanges, and P2P. However, although addressing mining, a significant business in the country, the text does not detail this subject.

In short, this is a step forward for the country, as the Central Bank engaged in the conversation. Previously, the Russian Central Bank had planned outright to prohibit the usage of Bitcoin in the nation.

Users or crypto buyers have to provide complete identification on these platforms before making any purchase in any cryptocurrency. These newly drafted regulations are expected to come into effect from the second half of 2022 or next year.

Statement from Russian Intuitional bodies concerning cryptocurrencies acceptance

Russia can benefit from cryptocurrencies.

In addition to the usage of Digital Currencies such as Bitcoin, it is worth mentioning that Vladimir Putin, Russia’s president, has already been contacted about using cryptocurrencies instead of the dollar to sell oil other items.

Returning to the document published on Tuesday, February 8th, Russian entities point out that the main reason for this approval is to get cryptocurrencies out of this gray area of legislation.

Among the reasons is the growth in adoption. After all, according to the note, there are 12 million cryptocurrency users in the country related to 2 trillion rubles. In other words, this represents 7% of the capitalization of the entire cryptocurrency market.

As for mining, the sector that the Central Bank wanted to ban, the document points out that Russia is the third-largest Bitcoin-producing hub on the planet. 

In other words, if Bitcoin becomes a worldwide standard, nothing beats having this production under its control and rules.

However, the document does not delve as deeply into this issue as it does into the others. So we can expect the government to release more news on the topic soon.

Other Nations In Support Of Cryptocurrency

Many nations worldwide are getting started with crypto and are adopting it in many ways into their financial systems.

Crypto offers an anonymous and decentralized platform to initiate transactions across the globe at low fees. By regulating crypto transactions, a country can boost its safe and better monetary system resolutions. 

Some examples of the nation supporting crypto revaluation include:

  • El Salvador- Recently, in January 2022, El Salvador became the first country to grant legal tender Bitcoin. It created a financial revolution across different nations and the government itself. The country aims at introducing bitcoins in its transaction system to promote the Country’s GDP. The Bitcoin city is also being created to introduce even more adoption of cryptocurrencies in the Country.
  •  Brazil, which is not as large as El Salvador and did not make crypto as a legal tender yet, but permits cryptocurrencies. The City of Rio de Janeiro for example, offers a massive discount of 10% for citizens looking to pay taxes in Bitcoins. This step is taken to ensure that country remains in compliance with the rising potential of the crypto network in leveling up the financial game.

·        Iran – With the help of an integrated system, the central bank of Iran is looking to develop a modern agreement with the Middle East region. This agreement will allow CBI’s official platform to offer citizens a payment system for cryptocurrencies. In addition, officials from the Iranian government have also given positive signs that Iran will develop its primary cryptocurrency. 

Under developing countries like India are still figuring out their way to involve with the crypto payment system. On the contrary, nations like Japan and Russia are making drastic moves towards achieving better financial stability with Bitcoin.

Along with this, Russia is also planning to go a step ahead by developing its blockchain policy. If all goes as planned, the crypto market will undergo a substantial transformation in the future.

If Russia can move over to a blockchain-based system, the world will follow it as Russia is the trendsetter for its followers. The change expected for the Russian economy is mostly positive, but the future will show what will come in cryptocurrency.

Changes in Russia after regulate the cryptocurrency sector?

Firstly, the Russian government will have greater control over cryptocurrency investors. So one of the measures is a tightening of the KYC system – identity verification procedure – so that the state continues to have a minimum of control over its citizens.

After all, such control will expand to banks responsible for verifying whether users can make withdrawals or deposits at exchanges.

In addition, exchanges will need to obtain a license to operate in Russia, which is common in other countries. Finally, companies registered abroad, so-called offshore, will not work in the country.

It is expected that the approval of this idea, which deems Bitcoin (and other Digital Currencies) to be legal, speeding legislative projects dealing with cryptocurrencies.

The principal ones are concerned with taxes on such operations as mining and those involved with utilizing cryptocurrencies for criminal purposes such as tax evasion and money laundering.

Finally, although the proposal sounds somewhat conservative, these points are common in countries that have already embraced cryptocurrencies and their adjacent technology. 

As a result, it is a step forward for the sector, as there was prior thinking of prohibiting the use of cryptocurrencies.

Meanwhile, the largest Digital Currency, Bitcoin, is up modestly by 1.5 percent on Wednesday, February 9th, trading at $44,150 at the time of publication of this article, indicating that the cryptocurrency winter may be coming to an end.

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