Russian Ministry Submits BTC Bill, Eyes Better Crypto Regulations
- The Ministry of Finance of the Russian Federation submitted the draft bill on Bitcoin and crypto regulation.
- The bill seeks to establish a common ground on crypto regulation.
- Bitcoin struggles below $40k.
The Ministry of Finance of the Russian Federation has officially submitted the draft bill on Bitcoin and crypto regulation. The bill seeks to establish a common ground on crypto regulation with the central bank of Russia. Furthermore, it also includes provisions that would regulate the circulation and possessions of cryptocurrency in the country.
The crypto industry has recently faced many challenges and issues in the country. This confused the crypto community and investors, weakening the mass adoption of cryptos in the country. However, financial sectors can now look forward to better crypto regulations with the bill officially being submitted.
💥BREAKING: Russia’s Ministry of Finance has formally submitted the draft bill on #Bitcoin and crypto regulation.
They’re moving fast! 🙌
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 21, 2022
Meanwhile, the ongoing tension between Ukraine and Russia continues to affect the stock market, including the crypto space. Based on CoinGecko, the whole crypto market has been down by -1.5% in the past 24 hours. Hence, most of the crypto assets in the space are now waving red flags, a scenario not favored by traders and investors.
On the other hand, the king of crypto assets, Bitcoin, struggles below $40k per crypto. This BTC market dip was felt across the crypto space, resulting in a market depression. Aside from Bitcoin, top crypto assets such as ETH, BNB, and ADA, to name a few, are also bending their knees amid the bearish market.
At the time of writing, BTC trades at $37 while ETH’s price amounts to $2600 per crypto. Both cryptos have had a decline rate of over -5% in the past 7 days.
