Bitcoin: A Very Weird Situation
Bitcoin: A Very Weird Situation\n\nhttps://xpocket.finance/\nhttps://t.me/xpocketdefi\nhttps://twitter.com/xpocketdefi\n(Today’s video sponsor)\n\nTwitter: https://twitter.com/Crypto_Daily\nInstagram: http://instagram.com/crypto_daily\n\nIt’s been an interesting few days. From going from actually bored at the Bitcoin crypto markets, to running around panicking. As extreme as that 180 reaction that is, and how that usually doesn’t age very well, here’s what FUD came out this week adding fuel to that panic. \n\nChina banning Bitcoin (again)\nFrance suggesting imposing KYC for, get this, all transactions. Good luck with that. \nMt. Gox definitely ready to distribute $2 billion worth of Bitcoin very soon. As they’ve been saying since 2018. \nCitibank downgrades Microstrategy stock from buy to sell. The sheer audacity of a bank no less saying that. \n\nSo should we be panicking right now and if so to what degree. Let’s take a look at on chain factors to see if we can glean some insights. \n\nDisclaimer: I am not a financial adviser and this is not financial advice.\n\n#crypto #cryptocurrency #bitcoin
The Ministry of Finance wants to divide the cryptocurrency into types
During the discussion of the Russian Union of Industrialists and Entrepreneurs, the Ministry of Finance of the Russian Federation proposed a new method for regulating cryptocurrency by dividing it into three types.
The Office proposes to introduce concepts such as «technical token», «virtual asset» and «digital financial asset». Presumably, this differentiation will satisfy the needs of the business.
This initiative is structurally similar to the proposal of British regulators, which divided the entire cryptocurrency into security tokens, utility tokens, and exchange tokens..
According to experts, the proposal of the Ministry of Finance is competent and corresponds to world practice..
However, Roman Yankovsky, a member of the Commission on the Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association, noted that the so-called «technical tokens» already regulated by law «About crowdfunding», and combine all cryptocurrencies into one type, without allocating state cryptocurrencies and secured cryptocurrencies not entirely logical.
Deputy Finance Minister of the Russian Federation Alexey Moiseev believes that Russia will never be allowed to use cryptocurrency for settlements.
The first deputy chairman of the Central Bank Sergey Shvetsov said that he considers cryptocurrency «high-tech financial pyramid», and noted that the Bank of Russia does not intend to facilitate the acquisition of cryptocurrencies by residents of the Russian Federation, especially for investment purposes.