Bitcoin price risks losing $10,000 zone toward the CME futures gap

Bitcoin price risks losing $10,000 zone toward the CME futures gap

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Cryptocurrency11 hours ago (Sep 06, 2020 12:00AM ET) Bitcoin price risks losing $10,000 zone toward the CME futures gap The past week has seen a significant sell-off across the markets with Bitcoin (BTC) losing more than 10% of its value. Other cryptocurrencies have been showing even […] Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify digital assets. The new Russian legislation dubbed “On Digital Financial Assets” sets a clear direction for the treatment of cryptocurrencies by authorities and how both …

The past week has seen a significant sell-off across the markets with Bitcoin (BTC) losing more than 10% of its value. Other cryptocurrencies have been showing even more weakness as Ether (ETH) dropped by 30%.

In addition, the commodity and equity markets have also slid as the Nasdaq had a significant red week as well. The next step for the markets right now would be finding a bottom structure. Let’s look at the charts.

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Source: thesmartcitizenreport.com

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Cryptocurrencies archive news by date

Cryptocurrencies archive news by date

  • 10th Largest Bitcoin Wallet in Existence Moves 60,000 BTC Worth $641,000,000
  • Bitcoin Price Defends $10,000 as Market Cap Regains $10 Billion
  • Asset manager explains why Ethereum’s transaction fees won’t kill ETH
  • Bermuda launches stimulus token to revive the economy from the pandemic – a report by Sahil Kohli.
  • Bitcoin Price Could Leap To $500,000 Or Crash To Zero, Says Bloomberg Analyst
  • Defi Boom Fueling ETH Gas Fees, Threatens Viability of Smart Contracts
  • EOS, Maker, Ethereum Price Analysis: 05 September
  • Bitcoin Cash long-term Price Analysis: 05 September
  • Elrond Completes 1000:1 Token Swap, Binance Supports the Transition
  • Buffett dumps Wells Fargo amplifying bull case for gold and Bitcoin
  • Zcash, Cosmos, Tezos Price Analysis: 05 September
  • The Bank of England governor asks to set global standards for stablecoins and CBDCs – a report by Sahil Kohli.
  • Empow Launches Ocean DeFi: Pioneer in Making Interchain Social-Integrated DeFi Products
  • ETH gas fees skyrockets due to DeFi boom
  • Can a liquidity marketplace advance the crypto industry?
  • Crypto adoption in Latin America fueled by ineffective banking system
  • Top Crypto Gainers on September 5th: OMG 28%, LEND 15%, THETA 15%
  • Crypto News Weekly Round-Up 05-Sep-2020 Defi Tokens Latest Updates
  • Ноды Chainlink израсходовали 700 ETH на обработку запросов во время спам-атаки
  • Токены DeFi-проектов стали популярны среди китов
  • Horizen Coin Nedir?
  • Ethereum Ağında Milyarlar Söz Konusu: DeFi Balonu Patladı Mı?
  • Bitcoin Balinalarından Dev Hamle: BTC Fiyatı Daha Düşer Mi?
  • ETH plunged, but 7% of Ethereum supply in DeFi is a mid-term bull sign
  • BitMEX announces the launch of ‘quanto futures’ for four crypto coins – a report by Sahil Kohli.
  • Bermuda partners with Stablehouse to launch stimulus token
  • Russia Can Legalize Bitcoin Mining But There’s a Catch
  • Decreasing Ethereum Network Activity Foreshadowed ETH’s Pullback
  • Stablecoins regulation: Bank of England charges G20 countries
  • Bitcoin price risks losing $10,000 zone toward the CME futures gap
  • DeFi Tokens Hit Hardest by Crypto Market Selloff
  • Ethereum price free falls, next target $350
  • Litecoin long-term Price Analysis: 05 September
  • Tether issues 50 million USDT on EOS blockchain
  • Flash Crash! Bitcoin dips below $10,000, Ethereum drops 12%
  • Robert Rorschach: 20 Reasons Not to Vote
  • SushiSwap chef sells all his holdings as community cries wolf
  • Australian Senate: Blockchain Will Create $3 Trillion of Value by 2030
  • Tron, Polkadot, Crypto.com Coin Price Analysis: 05 September
  • The US lawmakers want OCC to clarify crypto regulations – a report by Sahil Kohli.
  • Bitcoin’s retail investors aren’t as speculative as you’d think
  • Building on Ethereum is More Popular Than Ever Despite Price and Search Decline
  • Ripple Hiring Expert to Investigate Unusual Activity on XRP Ledger
  • Powering DeFi market: Overview of the top 5 DEXs by total trade volume
  • How An Ineffective And Inadequate Banking System In Latin America Is Accelerating Cryptocurrency Adoption
  • Why Chainlink’s Price Could Drop Further As Network Usage Declines
  • Ethereum’s 12% plunge batters DeFi tokens
  • Flippening alert – Why Ethereum’s market cap could be taken over by ERC-20’s
  • Industry leaders say blockchain makes payment services more efficient
  • 3 Things You Should Know Before Staking on Ethereum 2.0
  • Curve fork Swerve crosses $380M in total value locked within 12 hours of launch
  • SushiSwap founder converts portion of developer fund to $6M in ETH
  • Founder of Sushiswap DeFi protocol cashes out
  • Chef Sells All His Sushi, Buys ETH
  • Ontology, Binance Coin, Cardano Price Analysis: 05 September
  • Cryptojacking Attempts Surge in Q2 2020 As Bitcoin Price Increases
  • 3 reasons why Bitcoin suddenly dipped under $10K today — and recovered
  • Curve’s Troubled Governance Is a Warning for Other DAOs in DeFi
  • ChainDD Hainan Branch Was Formally Established On September 5
  • XRP short-term Price Analysis: 05 September
  • The DeFi revolution is like cooking a recipe
  • ChainDD Has Released DeFi Data Product D-Market Cap For Domestic Investors
  • This Eerie Fractal Predicts Ethereum Will Soon Trade At $500
  • MetaMask Mobile launches on Android, iOS
  • Bitcoin’s latest dip is not without its silver linings
  • Crypto-Friendly Banking Platform Cashaa Expanding in India, US, Africa
  • DeFi 2020 Exit Scam? SushiSwap Creator Sells 100% Of His Sushi Tokens
  • Bitcoin is Poised to Explode Towards $11,000 After Tapping Key Liquidity Region
  • Steem, Compound, Bitcoin SV Price Analysis: 05 September
  • DeFi Market Plunges As Ethereum [ETH] Corrects Over 12%
  • “Bitcoin Pope” Must Nix Crypto Fraud Scheme or Face Jail, Orders Texan Official
  • Bitcoin Falls Again, On Verge of Losing Five-Figure Status
  • Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run
  • South African docked in US over alleged Bitcoin, forex scam
  • SUSHI Crashing Over 50% As Sushiswap’s Lead Developer Sells His Tokens
  • Defi Crashes Eth
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  • US Congress Considers Proposal to Study Use of Blockchain Technology in Commerce
  • Is Tesla a Stock for Suckers?
  • Ethereum Just Plunged 15%: Here’s What Analysts Think Comes Next
  • Samson Mow: Bitcoin Mining Will Become A Strategic Investment Sector For Many Nation-States
  • Ethereum May Dive to $295 as Bears Strike a Blow to Its Market Structure
  • Mike McGlone: Bitcoin Will Reach Half a Billion or Completely Fail
  • Bitcoin Price Slips Below $10,000, Liquidating $40 Million
  • Sushi Migration All Set
  • Ethereum’s rising transaction fees may be a deal-breaker for day traders
  • Here’s Why Ethereum May Crash Further After Dropping 30% in 2 Days
  • Here are four factors that have pushed DeFi coin UMA up 100% in a week’s time
  • Sushiswap Founder Reportedly Exit Scams as Sushi Token Price Tanks
  • 50 Million Tether [USDT] Swapped to EOS, Will it Boost EOS Price?
  • Bitcoin’s faltering price ties miners in a series of knots
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  • Bitcoin Fights For $10,000: Is The Sell-Off Over? Updated BTC Price Analysis
  • Texas Securities Commissioner slams cease and desist order to crypto firm
  • Stock-to-Flow Shows Bitcoin Could Shatter $864,000 by 2024, According to Crypto Analyst PlanB
  • SUSHI Sell Off Drives the Crypto Market to Abyss: Bitcoin Below $10K
  • Analysts Are Worried That Bitcoin Will Fall Beneath the $10K Line
  • Ethereum Price Falls 18% As The DeFi Bubble Bursts
  • Bitcoin Bears May Soon Be Punished as On-Chain Data Grows Bullish
  • After $2,000 Drop, Bitcoin Could Undergo a Strong Bounce For These 4 Reasons
  • 3 Signals Show That Ethereum Is Primed to Bounce After 35% Crash
  • How to Leverage Uniswap – Ethereum’s Noncustodial Defi Trading Platform
  • Ethereum Posts Massive Losses as Likelihood of a Recovery Decreases
  • This Historically Accurate Analyst Thinks This Is Next for Bitcoin
  • ‘Bitcoin Beats Gold on Every Single Measure,’ Says Macro Strategist Raoul Pal
  • Macro Investor: Bitcoin and Gold Should “Hold Up” if Stocks Unwind
  • DeFi Demand Contributing Significantly to Stablecoins’ Dominance
  • Bitcoin Below $10,000 Could Start A Medium-Term Downtrend: Here’s Why
  • Top Ethereum DeFi Coins Dive 25% or More Amid Crypto Correction
  • Ethereum Is In Steep Downtrend And Technicals Suggest Crucial Breakout Pattern
  • Electrum Bitcoin wallet still plagued by known crypto phishing attack
  • Market Moves Bullish With VET 14%, EOS 14%, ALGO 9% Gains
  • Ethereum-разработчики обсудили возможности решения проблемы высоких комиссий
  • Администратор DeFi-платформы SushiSwap обвалил цену токена на 50%
  • Умный город от Huawei, дроны на блокчейне от NASA и другие инициативы с использованием технологии
  • XRP Fork’u Olan Flare’e Bir Destek Daha!
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  • Chainlink (LINK) Yatırımcılarının Gözü Bu Seviyede
  • Bitcoin Transferlerinde Balinalar Zirve Yaptı

Source: www.feedthecoin.com


Cryptocurrencies archive news by date

Cryptocurrencies archive news by date

  • Bitcoin Below $10,000 Could Start A Medium-Term Downtrend: Here’s Why
  • Top Ethereum DeFi Coins Dive 25% or More Amid Crypto Correction
  • Ethereum Is In Steep Downtrend And Technicals Suggest Crucial Breakout Pattern
  • KuCoin Celebrates 3rd Anniversary with New Spotlight, KuChain Updates and Porsche 911 Giveaway
  • Trader Who Called Crypto Reversal Says Bitcoin ‘Shakeout Prophecy’ Will Come True As Ethereum and XRP Unwind
  • Electrum Bitcoin wallet still plagued by known crypto phishing attack
  • Chef Nomi Transfers Control of SushiSwap to FTX Crypto Exchange CEO
  • SushiSwap founder transfers the project control to FTX CEO
  • $10k is Bitcoin’s (BTC) New Baseline – Tyler Winklevoss
  • Bitcoin Cash, Litecoin, Tezos Price Analysis: 6 September
  • Ethereum’s Vitalik Buterin dismisses concerns of 51% attack on ETH 2.0
  • Bitcoin Price Indecisive Above $10,000 As DeFi Coins Bounce on SUSHI News
  • Total Value Locked in DeFi Drops By 22%
  • $SUSHI Price Doubles After Creator Shifts Control To FTX CEO
  • New Litecoin update shows MimbleWimble is on track
  • DeFi project SUSHI gets new ‘master chef’ in an unprecedented move
  • Decred, Monero, Binance Coin Price Analysis: 6 September
  • “Only Chainlink,” Loopring clears recent Band Protocol integration rumors
  • Over 6.5B Tron (TRX) – $210 Million – Locked in Sun Genesis Mining
  • SUSHI Rebounds 190% As Sushiswap Lead Dev Transfers Control to FTX CEO
  • New Malware Uses Tor and Bittorrent to Mine Crypto and Steal Funds
  • Bitcoin SV, Zcash, Cosmos Price Analysis: 6 September
  • Bitcoin Dominance Slides Losing 10% in the Last 100 Days
  • European Commissioner: Tech Giants Are ‘Real Winners’ of COVID-19 Crisis
  • CZ’s Explanation of Binance Listing SUSHI: With Innovation Comes Risk
  • Crypto Analyst: ChainLink (LINK) is Worth About $5 – $8
  • Binance is the biggest crypto-exchange, (but) Binance Coin is undervalued
  • Brendan Blumer Says EOS Will Unleash DeFi As Ethereum Fees Skyrocket
  • DeFi ain’t just about tokens, quality use-cases to overcome challenges
  • Chef Leaves Sushi, Sam Enters
  • Can Bitcoin go below $10K again? The ‘Trondicator’ may have the answer
  • Bitcoin Is Consolidating At New $10k Baseline Before Next Breakout, Tyler Winklevoss Posits
  • Binance Introduces Launchpool for Secure Farming of New Assets, Announces First Project Bella Protocol
  • Former Vice Minister of Finance: Digital Currency Should Be Recognized The Same Level As Legal Tender
  • ETH Recovers 15% After Tumbling To Almost $300 (Ethereum Price Analysis)
  • But Bitcoin is stuck in this FUD-feedback loop
  • South Korean government agency to use blockchain-based employee ID system
  • Researchers Find New Way for Criminals to Launder Money Using Bitcoin
  • Bitcoin and Ethereum Show Signs of Recovery Despite Recent Correction
  • Bitcoin Creator Satoshi Nakamoto Would Be Impressed With DeFi: Crypto Daily
  • Bitcoin and Ethereum Facing Larger Moves to the Downside, Warns Crypto Analyst Nicholas Merten
  • Bitfinex Wants Dismissal of ‘Unfounded’ $1.4 Trillion Bitcoin Market Manipulation Lawsuit
  • Don’t be fooled – Here’s why Ethereum’s DeFi Lending isn’t really a thing
  • Could Russia lead Eastern Europe’s crypto boom?
  • Inside 12 hours of Sushi: Chef sells, community laughs, FTX founder gains
  • Analyst PlanB Predicts Bitcoin Price Could Multiply 3X From The $288,000 Stock-to-Flow Price By 2024
  • How To Add Liquidity To Uniswap Liquidity Pool: A Step to Step Guide
  • What is the bottom for Bitcoin’s crash? When should you buy BTC now?
  • Bitcoin Maintains $10k Support as Weekly Close Approaches; Factors to Consider
  • eToro in Discussions with Flare Networks
  • Bitcoin Drops Below Five-Figure Range; Are Further Slips Imminent?
  • Poll: 73.4% Of Argentinians Believe Cryptocurrencies Will Best Protect Their Savings
  • Altseason or not, Ethereum, Chainlink & Polkadot are here to stay
  • Binance defends SUSHI listing after criticism

Source: bitclick.org


Could Russia lead Eastern Europe’s crypto boom?

Could Russia lead Eastern Europe’s crypto boom?

Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify digital assets.

The new Russian legislation dubbed “On Digital Financial Assets” sets a clear direction for the treatment of cryptocurrencies by authorities and how both individuals and businesses can handle them in everyday practice.

Nevertheless, the new legislation may give pause to payments companies and fintech companies keen on expanding into the Russian market. While the approach of the Russian legislature toward cryptocurrencies — or digital assets, as they are defined under the new law — bears many similarities to the approach taken by United Kingdom regulators toward crypto assets, the clear prohibition of the use of digital assets as a means of payment draws a strong distinction between the U.K.’s Financial Conduct Authority, or FCA, and the Russian Duma.

First and foremost, the long-awaited new bill on digital financial assets, or DFAs, defines the term “digital assets” and their use. According to a translation by TASS, a major Russian news agency, the bill defines them as: digital rights, an aggregate of electronic data comprising money claims, negotiable securities, and rights to participate in the equity of a non-public company with shares.

The bill also provides a non-exhaustive list of permissible use cases for DFAs, clarifying that they can be bought and sold, inherited, or exchanged for other digital rights. But the possibilities are not endless; it has been made very clear that digital currency cannot be used or advertised as a means of payment for goods or services, nor does it constitute any form of Russian currency or any other foreign currency.

Even though limited, the new legislation legitimizes digital asset trading and exchange and sets out a skeleton of a regulatory framework for digital asset issuers and exchanges, both included in the bill under the umbrella term of “digital asset operators,” while traders and holders fall into a separate category of “investors.”

Regardless of the scope of permitted use for DFAs, the new law represents a giant leap toward crypto adoption in Russia, as the State Duma, in previous iterations of the bill, had contemplated a much less crypto-friendly tone and even criminalization of crypto activity.

The new legislation brings Russia in line with the position of U.K. tax authorities on crypto taxation matters, taking the view that digital assets are considered property in the eyes of the law and are thus taxable on an individual and commercial level.

A similar approach was taken by the English courts in the case of AA v. Persons Unknown, where it was held that crypto assets, such as Bitcoin (BTC), are categorized as property for the purposes of the law. Additionally, Her Majesty’s Revenue and Customs collects capital gains taxes on personal crypto investments and income tax in the case of crypto trading in a commercial context.

For the time being, it is unclear whether the Russian legislature will follow the same model.

While the two regulators agree on the approach to taxation and treatment of digital assets as property, when taking a closer look at the FCA’s definition of crypto assets, the two perspectives begin to diverge.

The FCA defines “cryptoassets” as:

“Cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically.”

This definition is further narrowed down to a threefold classification of e-money tokens, security tokens and unregulated tokens.

The last category, unregulated tokens, encompasses all cryptocurrencies used as a medium of exchange, something that Russia has now expressly prohibited. The FCA refers to this category as unregulated, and it remains true to this terminology, as it does not lay down a regulatory framework, licensing scheme or other regime of compliance for a business or individual to engage in the exchange of cryptocurrency for goods or services. Even though the FCA previously issued warnings about notorious unregulated token OneCoin, it has since removed its warning, citing a lack of authority to regulate crypto assets as influencing the decision to remove it.

That said, the Bank of England, the U.K.’s central bank, makes it abundantly clear that crypto assets (unregulated exchange tokens) are not currency. This is also evident by the departure in the FCA’s terminology from “cryptocurrency” to the now commonly used “cryptoassets.”

This approach calls for a clear distinction between the classification of digital assets as currency and allowing their circulation as a means of exchange for goods and services. While payment is a function traditionally reserved for, and associated with, national traditional currencies, such as the Russian ruble or British pound, it should not be assumed that allowing cryptocurrency to fulfill such a function automatically equates it to a traditional currency, nor does it automatically endanger traditional currency.

This is a crucial distinction, as traditional currency has many other characteristics and performs macroeconomic functions reaching far beyond a means of exchange. Traditional currencies impact the ebb and flow of our entire economic system, with any change or addition to the system sure to cause unpredictable disruption. The FCA and other U.K. institutions carefully navigate this line. While they do not limit the use of cryptocurrencies as a means of exchange and payment, they refrain from equating crypto to traditional currency.

Consequently, it is worth examining why regulators are so reluctant to consider digital assets a currency. Aside from the ideological and cultural aspects against such a classification, the economics behind defining cryptocurrencies as legal currency leaves much to be desired.

The current design of most cryptocurrencies accounts for a fixed eventual total supply, which in the macroeconomic sense carries a danger of deflation in wages and in goods and services. In turn, the lack of ability to manipulate money supply in response to market demand could lead to price volatility more problematic than that of an unregulated currency itself.

The role of the central bank in adjusting monetary policy has proven especially important in the context of the COVID-19 pandemic, with direct government financing to fund stimulus packages and government expenditure in response to the health crisis. Great examples are seen with direct monetary injections, such as in the case of the United States Federal Reserve, or through quantitative easing, such as in the case of the Bank of England.

However, the printing of money has often been criticized for its potential to result in inflation or hyperinflation. In simple terms, this means the devaluation of money in response to an increased monetary supply. However, in the case of COVID-19, it seems that in combination with relevant safeguards, it has proven to be a very valuable tool in times of crisis, even if the long-term repercussions are still unclear.

The distinction between traditional currencies and crypto also lies in the fundamental concepts they represent. In contrast to traditional currencies, cryptocurrencies do not function on the basis of a liability of the state toward the individual, but their meaning can be boiled down to a consensus between participants more akin to a barter system.

The economics of crypto as a currency are definitely far from “figured out,” which in itself justifies caution before declaring it a type of currency and equating it to traditional money. Nevertheless, economic analysis does not suggest complete elimination of the circulation of cryptocurrencies as a means of exchange.

Despite the (much more than expected) crypto-friendly tone, the new Russian crypto bill remains very cautious toward many of the original ideals behind cryptocurrency. One of the key features of cryptocurrency is the removal of a central monetary authority, replacing it with a distributed ledger to achieve the system’s own checks and balances. Since the emergence of cryptocurrency, this concept has culminated in the decentralized finance movement.

DeFi is a movement aimed at creating financial networks and providing traditional financial instruments without the involvement of a central authority. It achieves this by using a decentralized, open-source network to account for the functions traditionally ensured by a central bank. While many DeFi protocols have emerged since the popularization of cryptocurrencies, they have a universal aim of removing intermediaries from everyday banking and financial instruments while ensuring trust and security on the network.

While the new Russian bill takes a big step toward crypto adoption, it makes it clear that those engaging in digital asset investments will be subject to close control and scrutiny by the Central Bank of Russia as the central authority. Digital asset operators, as defined in the bill, will be approved and registered by the Bank of Russia and all DFA transactions within their control will be carried out on a framework of “special information systems” that are also subject to central bank approval and verification.

Both the operators and investors will only be allowed to handle crypto operations subject to declaring their possession, acquisition and transfer. The Bank of Russia will also reserve the right to qualify central DFAs as accessible only to certain qualified categories of investors.

The key distinction between the Russian and U.K. approaches does not lie in whether cryptocurrencies can or will become a replacement for traditional currencies but in the fact that the U.K. recognizes their potential function as a complementary, improved feature of our monetary systems. As reported by the U.K.’s Cryptoassets Taskforce in its 2018 final report, small scale FCA testing proved that as a means of exchange, cryptocurrencies can offer improvements in speed and cost of monetary transfers, especially in the cross-border context. The Russian legislature fails to recognize such potential and entirely rejects one of cryptocurrencies’ key and original functions.

For U.K.-based crypto businesses, or crypto operators, seeking to provide services on the Russian market, this means significant expenditure on legal opinion to navigate what is shaping up to be a complex regulatory framework, as well as uncertainty on acquiring requisite approvals from the Bank of Russia.

Further, they will face the task of tailoring their services to ensure they remain within the definition of legalized crypto activity, whether this means disabling certain features or more creative technical solutions to ensure the limited use in line with the new Russian legislation. The more evolved businesses could even consider the development of liability protections from investors who use their platforms and fail to conform to the new limitations.

As far as the regulatory framework goes, the current bill merely serves as an indication of what is to come in terms of practical regulatory challenges. In its autumn session, the State Duma is due to release another piece of legislation, dubbed “On Digital Currency,” with more details regarding the regulation of DFA operators, investors and systems, and their relationship with the central bank, providing further clarity for crypto enthusiasts in Russia.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Martyna Dudek is a paralegal at Wirex, a digital payments platform. She is a law graduate who is passionate about the fintech payments industry and its interplay with intellectual property. Aspiring to qualify as a solicitor into the financial services space, she closely tracks the developments revolutionizing the global payments industry and tokenization of property.

Source: www.bit-cointalk.com


Bitcoin price risks losing $10,000 zone toward the CME futures gap


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