Russian central bank eases stance: now supports bitcoin regulation. Central Bank head agrees to use crypto assets to pay international transactions.

Russia is Changing its stance on crypto (Photo by the blowup on Unsplash)

In Short

• Russia's Central Bank agrees to bitcoin regulation as long as it does affect the financial system.

• Despite the central bank's rejection of bitcoin, it seems to give in to the current blockade.

• Oil producers will lend their energy capacity to mine Bitcoin.

The Russian Central Bank's stance on bitcoin (BTC) and cryptocurrencies appear to be softening. The head of the financial institution, Elvira Nabiullina, indicated these days to agree to use crypto assets to pay international commitments. Nabiullina spoke at the St. Petersburg economic forum this June 16, explaining that they still maintain their stance of not allowing the use of bitcoin and cryptocurrencies as a means of payment within the country.

"As for the use in international agreements, if it does not penetrate the Russian financial system, then yes, it is possible," Elvira Nabiullina.

Nabiullina's words were ratified by Ksenia Yudaeva, first deputy chairman of the Russian Central Bank, assuring that they are not opposed to its use for "international transactions."

The Russian official's statement is in line with what was reported by the Russian Ministry of Finance last May. Back then, they indicated that they were discussing the possibility of using digital assets to make international payments due to the "limitations" of liquidity faced by their traditional payment system.

Elvira Nabiullina, head of the Central Bank of Russia, changed her mind about bitcoin. (Source: Wikipedia)

Something similar was also suggested by Pavel Zavalny, head of the Energy Committee, to accept the cryptocurrency for the sale of energy resources, such as gas and oil. In that sense, Russian officials seem to have a tacit agreement regarding the possible use of pioneering cryptocurrencies to evade international sanctions. Nabiullina aspires to some consensus between the parties.

Change of stance, to some extent

These movements show a change in the Russian regulator's position compared to what it was saying earlier this year. The bank believed crypto was a "significant threat to the well-being of Russian citizens and the stability of the financial system."

Among other aspects, they saw negative aspects of crypto assets were that, according to them, they had the characteristics of a financial Ponzi scheme and that they limited Russia's monetary policy sovereignty.

The issuer's statements led to a controversy with the Ministry of Finance and even with members of the State Duma (lawmakers), who support the bill drafted by the Ministry of Finance. The central bank has maintained a more radical stance against this project.

Bitcoin to evade Western sanctions

It is crucial to consider that they made the Bitcoin proposal before Russia invaded Ukraine, and since then, a lot of things happened. The Russian war brought a series of economic sanctions from the United States and Europe to stop the Eurasian giant from using bitcoin.

There was even a debate about what role Bitcoin could play in circumventing economic measures. The central bank still views something with suspicion despite Nabiullina's recent statements, as this media outlet has reviewed on several occasions.

Matthew Sigel, head of digital asset research at VanEck, suggested that Russian millionaires could circumvent financial blockades by using decentralized cryptocurrency exchanges to mobilize their fortunes outside Russia through investments in assets or the purchase of goods and services. Most blockchain analytics firms have indicated something that has not happened so far.

Financial expert Mati Greenspan, CEO of Quantum Economics, stated that sanctions could not prevent negotiations between parties using Bitcoin. Moreover, he believes that prominent capitalists can protect themselves from sanctions by keeping their wealth in bitcoin.

While everything indicates that measures for bitcoin use in the country are becoming more flexible, the discussion on the regulation of the cryptocurrency market and bitcoin mining by order of Russian President Vladimir Putin is still underway. Putin, who sees certain positive aspects in bitcoin, asked his ministers to continue the discussion on the issue and make a unanimous decision among all parties involved.

Russia's third-largest oil-producing company to mine Bitcoin

According to reports, a prominent Russian state-owned oil company will be dabbling in Bitcoin mining through another company specializing in cryptocurrencies. Gazpromneft is a subsidiary of Gazprom, a Russian state-owned company that is the seventh-largest oil-producing company in the world, according to studies.

This morning it became known that Gazpromneft would be allying with Swiss firm BitRiver, which specialized in bringing Bitcoin mining to oil facilities. The information comes from the St. Petersburg International Economic Forum. According to this information, BitRiver and Gazpomneft signed a collaboration agreement for the next two years. The contract consists of constructing mining centers of up to 2 gigawatts of power, the energy generated with gas, according to information shared with a specialized media.

Representatives of Russian cryptocurrency industry associations, Russian state technology corporations, members of Congress and deputies, and BitRiver executives attended the Forum.

BitRiver is also a company sanctioned by the United States through the Treasury Office of Assets Control (OFAC) as a company allied with Russia in the context of the war in Ukraine. In 2020, Gazprom, Gazpromneft's parent company, agreed to provide energy to Bitcoin miners in Siberia.

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Despite the downs in bitcoin’s price, many crypto investors continued to believe in the future of bitcoin. Many of them say it’s only a matter of when, not if, bitcoin’s price rises to $100,000. But many other factors can affect bitcoin. What future awaits bitcoin in our unstable world?

More regulations

In many countries, officials have shown a particular interest in bitcoin regulation. On the other hand, using bitcoin is a hedge against financial surveillance and the decentralization of bitcoin enables a degree of censorship resistance. These reasons have made bitcoin attractive to many people.

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A Bitcoin ETF (an exchange-traded fund) comprises bitcoin or assets related to Bitcoin's price. They were created to be traded on a traditional exchange directly from traditional investment brokerages.

The first Bitcoin ETF made its debut on the New York Stock Exchange in October 2021.

Because the US Securities and Exchange Commission (SEC) has not approved bitcoin ETFs for any fund, the fund doesn't hold bitcoin, just holds futures contracts.

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Many large companies across multiple industries have already taken an interest in bitcoin. And many financial experts predict more and more the interest in using bitcoins and other cryptocurrencies from businesses.

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The Initial Exchange Offering (IEO) is the newest fundraising technique for blockchain firms, in which legitimate cryptocurrency exchanges oversee the process on behalf of token issuers. IEO fundraising is currently the most popular, and it has the ability to transform the way people think about token-based fundraising. The tokens are only published on an exchange platform in an IEO. The development of an IEO is made by an eminent IEO development company.

Binance Smart Chain (Now BNB Chain) is one of the most popular blockchain networks in the world, with many famous applications based on the blockchain network. Some of those applications are NFT marketplace platforms with a huge trading flow during any time of the year.

Crypto regulation had become a priority for many world governments, currently trying to control a technology born in 2008 when Nakamoto published the Bitcoin white paper.

Photo by Kanchanara on Unsplash

In Short

• For analysts, the bitcoin regulation process had its tipping point in 2021.

• More and more countries are pronouncing themselves in favor of bitcoin regulation.

Regulate Bitcoin now!

It seems to be the new slogan of governments. The UST and LUNA fiasco was the breaking point. The G7 group, the Bank for International Settlements (BIS), the IMF, and bankers attending the Davos Forum, insist on the need for a bitcoin legal framework.

But this was not always the case. At first, no government was focusing on bitcoin. It was just a smart experiment. The Crypto world moved in parallel to the world of finance, a situation that has been changing and led to greater scrutiny.

In recent years, public interest and bitcoin surge, with a role in the global economy, is why the authorities have stopped considering the sector as a secondary industry. Jacob Farber, general counsel of the R3 consortium, warned about the situation. Farber envisioned that crypto regulation would become increasingly strict according to adoption levels. The expert made his statements considering the significant growth of institutional investments in cryptocurrencies between 2020 and 2021.

A report produced by The Bank for International Settlements (BIS) exposed the bitcoin adoption and its consequences - in the traditional financial environment - of the acceptance of assets issued under the promise of decentralized and unmediated money management.

And it is precisely the popularity of this promise among people worldwide that has set off the alarm bells of most international financial organizations, supervisory bodies, central banks, and governments.

In particular, BIS analysts point to a discourse that most regulators have been repeating for several years, seeing cryptocurrencies as a danger to finance and a focus for the commission of crimes. An argument that underlies a recognized fear of losing control of the global financial system:

The objectives of regulating cryptocurrencies are mainly similar to those of other financial assets and services and fall into three categories: - Fighting funding for illicit activities. - Secure the infrastructure of markets and payment systems. - Fraud protection for consumers and investors.

Bitcoin regulation levels

In early 2019, the South African Reserve Bank published a paper in which it set out its position on the regulation of cryptocurrencies. It set out the main approaches used by regulators, which move between two opposing regulatory stances: regulate or let pass.

Some countries took the lead, such as El Salvador and the Central African Republic, making Bitcoin legal tender in their countries. Others actively ban cryptocurrencies, as happened in China and Turkey. The third batch of countries opts for intermediate nuances.

Jan Lansky of the University of Finance and Administration in Prague, Czech Republic, presented a scoring system to rank government stances on crypto-asset regulation in 2018. Lansky's classification lists countries on a scale ranging from 0 to 5, with level 0 implying ignore and five indicating prohibitions or integration of the technology.

In 2018, when the previous ranking was released, about 150 countries were at level 0, with very few governments engaged in talking about bitcoin. By 2022, the countries in that tier reduced to 61. Some 36 countries were between levels 1 to 4, with their central banks issuing warnings and giving some guidance. Now there are more than 100. In 2018 there was only 11 level 5 nations, currently 19.

The study shows the changes in the regulatory dynamics around crypto in the last three years. The issue was of little interest (level 0) to levels 4 and 5 (maximum interest). Lansky himself made this point when presenting his classification. He forecasted the trend would lead to countries moving upwards in the scale, depending on the adoption level. That's what we see in 2022: a bipolar approach to crypto.

Research from the Thomson Reuters Institute accounts for the shift in regulatory trends. It presents 2021 as an inflection point at which cryptocurrencies ceased to be on the sidelines of the global economy.  

" In 2021, digital assets moved from the economy's margins and began to enter the mainstream, leading to more widespread public adoption. Platforms for cryptocurrency trading are growing exponentially, and the sector is covered by mass media, becoming a focus of the everyday conversation." Thomson Reuters Institute

Map of bitcoin regulation. (Source: Thompson Reuters Institute)

Bitcoin's regulatory difficulties

Hanna Halaburda, a New York University professor and economist, recently reflected on this topic. According to the professor, excessive regulation can kill innovation, but regulators must achieve a balance that promotes efficient markets and consumer safety.

Halaburda explained that, for regulators, the difficulty lies in the fact that developers created the blockchain for Bitcoin. A cryptocurrency, which, he points out, has among its main features "privacy." Bitcoin is a pseudo-anonymous coin but not anonymous, as most authorities say.

For many governments, privacy goes against their interests. Halaburda sees this trait as a weakness for cross-border usage.

" It would be attractive to the providers of those services to say, 'We are compliant, we have the seal of approval from the regulators,' which is a kind of quality signal (...) It allows them to say, 'We are well designed, and we have no malicious intentions, and our code will not benefit us. ". Hanna Halaburda

The economist favors Decentralized Finance regulation in the case of flash lenders because attackers "can borrow several governance tokens, and completely change the trajectory of the protocol, and we have no rules against that."

Supervisory bodies lack trained staff

Applying regulations adds to the problem of the lack of qualified workers and the infrastructure necessary for supervisors to manage such a work burden. The U.S. Securities and Exchange Commission (SEC) chairman, Gary Gensler, admitted that they need more human resources to regulate the cryptocurrency industry. There aren't enough people for the work burden.  

The country's Congress is considering a budget request from the SEC, expecting to receive USD 240 million for 2023. "I wish we had more to devote to this" and "we're outspent" were Gensler's words to justify the expense.

The intention is to hire 20 more specialists in the area, to increase the size of its cyber unit to 80, with new investigators and lawyers on the task force. The plan is to be better prepared to establish regulatory guidelines for the sector.

The interest in increasing the staffing of the cyber unit also appears to be driven by Biden's executive order issued last March by U.S. President Joe Biden drafting the federal approach to bitcoin regulation.

Create new laws or use existing ones?

Other dilemmas also arise in the regulatory process. It is essential to consider what lawmakers should do to accommodate bitcoin in their legal framework.

Do they create new laws or use existing ones? The disruptive nature of cryptocurrencies, with different characteristics from other traditional assets, makes it difficult to choose between the two options. In this context, most countries are opting to create new legislation. El Salvador and the Central African Republic are the first to enact bitcoin as legal tender.

The situation is not so clear in other countries that are also debating between creating new laws or modifying existing ones. In the United States, Biden's Executive Order will outline the action taken.

The president ordered the country's federal agencies to assess the risks and opportunities posed by cryptocurrencies. The order sets a 180-day deadline for government agencies to submit their reports on the role cryptocurrencies will play today. There they will decide to create new laws or use the pre-existing ones. The European Union is already working on a new rule for its part.

Cuba began regulating the issuance of licenses to companies wishing to carry out bitcoin exchange activities last April. Corporations must apply for a permit from the Central Bank of Cuba. Panama, Brazil, and Paraguay favor preparing, debating, and approving new laws for their part.

The debate and controversy continue in many territories. It will intensify in the coming months, especially given the significant regulation moves by the world's major economies, mainly the United States, the European Union, and the United Kingdom.

The process by which businesses raise funds by creating coins or tokens and selling them in exchange for money is known as ICO development. A prominent ICO development company hails at setting up a perfect fundraiser for your business.

The advantages of an ICO for a startup

An initial coin offering (ICO) is a way for people all around the world to invest in new currency. Digital currency transfers into project coin offerings are frequently a global effort. The assets in an IPO account would most certainly be frozen in the bank account if hundreds of wire transfers were received in a matter of minutes.

Why is investing in an ICO necessary?

Investors can profit by investing early in an ICO with high growth and success potential. It's important to remember that cryptos and initial coin offerings (ICOs) are still in their infancy as financial instruments, and that regulation surrounding them is also in its infancy.

ICO development is important for your business!

ICOs are always the best in terms of fundraising. However, choosing the best ICO development company is always essential in the process. Whenever you wish to raise funds, you tend to get the best fundraiser on board. The fundraisers are someone who tends to raise your funds in exchange for tokens/coins. You need to make the process look better with the proper research and ideation. Seeing your idea, the investors must be looking for a go on.

Conclusion

You could be the one who could launch an ICO and also get the companies who are looking for a move to raise funds for a living. Reaching a proper ICO development company can get you going helping others for a perfect beginning. ICOs are affordable in only a few companies, and others are dealing on a high note. Start your ICO from an ICO development company and then make it a better place for raising funds. They take care of everything from the pre issues to the post ICO process.

Many first-time crypto investors and beginners focus on entering the crypto market. But you should know how to exit the crypto market if you want to take the maximum profit or save your money.

A price target

It is an easy-to-use exit strategy. All that you should do is target a price for your crypto and sell coins when the prices reach that range. Many people set target prices according to their gut feelings. But targets have to be set according to the market analysis results.

Dividing coins

If you want to maximize your profit by using a price target strategy during the bull market you can divide your coins. How does it work?

You own one Bitcoin. Instead of selling it when it hits your target price, you can divide that up into a few pieces. So, you can sell them at different prices.

Dollar-cost average

Opposite to the dollar-cost average buying strategy you can set a selling plan of a day, week, or month and a percentage of your crypto investments you would like to sell. For example, you plan to exit the crypto market in five months. You can sell 20 percent of crypto savings per month or 5 percent per week. It makes sense to do some technical and fundamental analysis before you set a percentage.

Exit by return

It looks like a target price strategy. But your plan is based on the percentage of crypto that you will sell when a cryptocurrency hits the target price. For example, you bought bitcoin for 30,000 US dollars. Your target price is 60,000 US dollars. If bitcoin hits the target price, you can sell 50% of your bitcoins.

Exit by cycle

Some people are following this strategy because it doesn't require research or technical analysis. This strategy is based on the idea of the 4-year bitcoin market cycle theory. The market cycle is the period between two highs or lows of a market. But many investors provide their own research to define the performance cycle of the cryptocurrency to predict when they should exit the crypto market.

The main rule of using any crypto investing strategy is you should stick with your strategy in order to get better profit.

Also, you should know where you can sell your crypto. Many crypto investors use EvBlock because there are easy-to-use interface, high security, user-friendly support, and traditional Swiss quality https://evblock.com/

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