Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions.
In the current conditions, “it is impossible to do without cross-border settlements in cryptocurrency,” Russia’s finance ministry and central bank have concluded after reconsidering their positions on the matter, Russian media reported. The institutions are obviously referring to the restrictions imposed over the conflict in Ukraine that have significantly limited Russia’s access to global finances.
Both financial regulators now believe that it’s necessary to legalize international settlements with cryptocurrencies, Deputy Finance Minister Alexei Moiseev revealed in an interview with the Russia-24 TV channel, quoted by the Tass news agency. He thinks this should happen soon.
The two institutions have had a long-standing clash in regards to the regulation of digital currencies like bitcoin inside Russia, with the Ministry of Finance (Minfin) pushing for the legalization of various operations with them and the Bank of Russia proposing a blanket ban earlier this year.
Moiseev admitted those differences remain. But the high-ranking official pointed out that the Central Bank of Russia (CBR) has updated its approach regarding crypto payments in the context of foreign trade relations, taking into account the changed situation. He further elaborated:
We are rethinking it. Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow.
The deputy finance minister explained that the goal will be to give Russians the opportunity to use cryptocurrency in international payments, on the one hand, and on the other, place it under control so that there is no possibility of using it for money laundering, payment for drugs, or other illicit purposes.
The Minfin is also suggesting to allow people who now open crypto wallets abroad to have wallets offered by domestic entities supervised by the CBR. These will be obliged to comply with the country’s anti-money laundering and know-your-customer regulations, Moiseev emphasized.
In June, Bank of Russia Governor Elvira Nabiullina said that cryptocurrencies could be used for payments as long as they “don’t penetrate” Russia’s financial system. Commenting on Moiseev’s latest statements for RIA Novosti, the bank’s press service stressed the monetary authority and the finance ministry are not talking about legalizing crypto payment or exchange inside the country. Recently, Russian Prime Minister Mikhail Mishustin described digital assets as a “safe alternative” in foreign trade.
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions.
In the current conditions, “it is impossible to do without cross-border settlements in cryptocurrency,” Russia’s finance ministry and central bank have concluded after reconsidering their positions on the matter, Russian media reported. The institutions are obviously referring to the restrictions imposed over the conflict in Ukraine that have significantly limited Russia’s access to global finances.
Both financial regulators now believe that it’s necessary to legalize international settlements with cryptocurrencies, Deputy Finance Minister Alexei Moiseev revealed in an interview with the Russia-24 TV channel, quoted by the Tass news agency. He thinks this should happen soon.
The two institutions have had a long-standing clash in regards to the regulation of digital currencies like bitcoin inside Russia, with the Ministry of Finance (Minfin) pushing for the legalization of various operations with them and the Bank of Russia proposing a blanket ban earlier this year.
Moiseev admitted those differences remain. But the high-ranking official pointed out that the Central Bank of Russia (CBR) has updated its approach regarding crypto payments in the context of foreign trade relations, taking into account the changed situation. He further elaborated:
We are rethinking it. Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow.
The deputy finance minister explained that the goal will be to give Russians the opportunity to use cryptocurrency in international payments, on the one hand, and on the other, place it under control so that there is no possibility of using it for money laundering, payment for drugs, or other illicit purposes.
The Minfin is also suggesting to allow people who now open crypto wallets abroad to have wallets offered by domestic entities supervised by the CBR. These will be obliged to comply with the country’s anti-money laundering and know-your-customer regulations, Moiseev emphasized.
In June, Bank of Russia Governor Elvira Nabiullina said that cryptocurrencies could be used for payments as long as they “don’t penetrate” Russia’s financial system. Commenting on Moiseev’s latest statements for RIA Novosti, the bank’s press service stressed the monetary authority and the finance ministry are not talking about legalizing crypto payment or exchange inside the country. Recently, Russian Prime Minister Mikhail Mishustin described digital assets as a “safe alternative” in foreign trade.
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Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday
Cardano was one of Saturday’s notable gainers, with the token surging to a three-week high. The sandbox was also in the green, rising to a multi-week peak, as sentiment in the cryptocurrency market remains mostly bullish. Overall, the global crypto market cap is up nearly 2% as of writing.
Cardano (ADA) climbed to a three-week high on Saturday, as the token rose for a fourth consecutive session.
Following a low of $0.4894 on Friday, ADA/USD was able to reach a peak of $0.5235 to start the weekend.
Saturday’s top is the highest point the token has traded at since August 18, and comes as prices climbed above a major resistance point.
The ceiling of $0.5115 was broken earlier in the day, and comes as the 10-day (red) moving average crossed against its 25-day (blue) counterpart.
Looking at the chart, another notable occurrence is that the relative strength index (RSI) of 14-days also moved beyond a ceiling, at 56.00.
Now tracking close to 58.00, should the index hit its higher resistance point of 60.40, we could see ADA price recapture the $0.5440 mark.
The sandbox (SAND) was another notable mover to start the weekend, with prices also hitting a multi-week high.
SAND/USD was able climb above its $1.00 mark on Saturday, hitting an intraday high of $1.02 in the process.
Today’s peak is the strongest point that SAND has reached since August 26, and comes after four days of back-to-back gains.
Some fear that this run could be cut short, however, as the RSI looks set to collide with a ceiling at 49.30.
As of writing, the RSI is tracking at 48.33, which is its highest point since mid-August, when prices were trading above $1.35.
Should the index move past the upcoming hurdle, bulls will likely aim to target exits close to resistance around $1.10.
Cardano was one of Saturday’s notable gainers, with the token surging to a three-week high. The sandbox was also in the green, rising to a multi-week peak, as sentiment in the cryptocurrency market remains mostly bullish. Overall, the global crypto market cap is up nearly 2% as of writing.
Cardano (ADA) climbed to a three-week high on Saturday, as the token rose for a fourth consecutive session.
Following a low of $0.4894 on Friday, ADA/USD was able to reach a peak of $0.5235 to start the weekend.
Saturday’s top is the highest point the token has traded at since August 18, and comes as prices climbed above a major resistance point.
The ceiling of $0.5115 was broken earlier in the day, and comes as the 10-day (red) moving average crossed against its 25-day (blue) counterpart.
Looking at the chart, another notable occurrence is that the relative strength index (RSI) of 14-days also moved beyond a ceiling, at 56.00.
Now tracking close to 58.00, should the index hit its higher resistance point of 60.40, we could see ADA price recapture the $0.5440 mark.
The sandbox (SAND) was another notable mover to start the weekend, with prices also hitting a multi-week high.
SAND/USD was able climb above its $1.00 mark on Saturday, hitting an intraday high of $1.02 in the process.
Today’s peak is the strongest point that SAND has reached since August 26, and comes after four days of back-to-back gains.
Some fear that this run could be cut short, however, as the RSI looks set to collide with a ceiling at 49.30.
As of writing, the RSI is tracking at 48.33, which is its highest point since mid-August, when prices were trading above $1.35.
Should the index move past the upcoming hurdle, bulls will likely aim to target exits close to resistance around $1.10.
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Biggest Movers: LTC Hits Highest Point Since June, as APE Climbs to 3-Week High
Litecoin rose to a three-month high in today’s session, following a breakout of a key resistance level. The move took place prior to the release of U.S. inflation data, which fell to 8.3% in August. However, following the release, which was higher than expected, earlier gains eased. Apecoin also hit a multi-week high in today’s session.
Litecoin (LTC) climbed to a three-month high on Tuesday, as the token moved beyond its $64.50 resistance level.
Following a low of $60.39 to start the week, LTC/USD rallied to an intraday peak of $67.07 in today’s session.
This is the strongest point that litecoin has traded at since June 1, when the token hit a high of $70.50.
Today’s surge in LTC was somewhat short lived, with prices falling below the aforementioned resistance point as the day progressed.
As of writing, litecoin is trading at $63.43, and this comes as the relative strength index (RSI) hit a hurdle of its own.
The index collided with a ceiling of 60.00, which bulls have so far been unable to move beyond, resulting in prices dropping.
While litecoin hit a three-month peak, apecoin (APE) moved to a three-week high earlier in the day.
APE/USD was able to climb to a peak of $5.87 on Tuesday, less than 24 hours after trading at a low of $5.25.
Tuesday’s top is the highest point that apecoin has traded at since August 18, when the token was above $6.00.
Looking at the chart, APE has been on a bull run over the past week, following a bounce from support of $4.20.
This has led to an increase in price momentum, with the 10-day (red) moving average, now on the cusp of a cross with the longer-term 25-day (blue) trend line.
Prices have since tailed off, as the RSI fell from its recent six-week peak above the 60.00 mark.
Litecoin rose to a three-month high in today’s session, following a breakout of a key resistance level. The move took place prior to the release of U.S. inflation data, which fell to 8.3% in August. However, following the release, which was higher than expected, earlier gains eased. Apecoin also hit a multi-week high in today’s session.
Litecoin (LTC) climbed to a three-month high on Tuesday, as the token moved beyond its $64.50 resistance level.
Following a low of $60.39 to start the week, LTC/USD rallied to an intraday peak of $67.07 in today’s session.
This is the strongest point that litecoin has traded at since June 1, when the token hit a high of $70.50.
Today’s surge in LTC was somewhat short lived, with prices falling below the aforementioned resistance point as the day progressed.
As of writing, litecoin is trading at $63.43, and this comes as the relative strength index (RSI) hit a hurdle of its own.
The index collided with a ceiling of 60.00, which bulls have so far been unable to move beyond, resulting in prices dropping.
While litecoin hit a three-month peak, apecoin (APE) moved to a three-week high earlier in the day.
APE/USD was able to climb to a peak of $5.87 on Tuesday, less than 24 hours after trading at a low of $5.25.
Tuesday’s top is the highest point that apecoin has traded at since August 18, when the token was above $6.00.
Looking at the chart, APE has been on a bull run over the past week, following a bounce from support of $4.20.
This has led to an increase in price momentum, with the 10-day (red) moving average, now on the cusp of a cross with the longer-term 25-day (blue) trend line.
Prices have since tailed off, as the RSI fell from its recent six-week peak above the 60.00 mark.
Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge
Ethereum moved to a three-week low on Friday, as market sentiment remained bearish following the completion of The Merge. The world’s second largest cryptocurrency dropped below $1,500 today, less than 24 hours after the historic migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin also neared a multi-week low.
Bitcoin (BTC) fell further below $20,000 on Friday, ahead of next week’s expected interest rate hike by the U.S. Federal Reserve.
BTC/USD dropped to an intraday low of $19,625.22 in today’s session, taking prices closer to a support of $19,300.
Crypto markets have been turbulent for the majority of the week, following disappointing U.S. inflation data.
The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.
Looking at the chart, this recent drop for bitcoin comes as the token hit a floor within its 14-day relative strength index (RSI).
The index is now tracking at 43.48, with a move towards a resistance of 46.00 the next likely move. Should this happen, we could see BTC once again trading above $20,000.
Ethereum (ETH) was once again in the red in today’s session, as the token dropped to a two-week low.
Following a peak of $1,594.54 during yesterday’s session, ETH/USD fell to a bottom of $1,451.56 earlier today.
The move saw ethereum approach, but not collide with, a key support point of $1,430, as bulls reentered to push prices higher.
As of writing, the world’s second largest cryptocurrency continues to trade close to today’s bottom, which was its lowest point since August 29.
Many still believe a reversal could come, once this current red wave subsides, with the first target for bulls likely the recapture of the $1,500 region.
Next week’s Federal Open Market Committee (FOMC) meeting will likely be a key test for prices, with the potential for a 100-basis point hike on the table. As such, many remain uncertain on how this will impact market confidence.
Ethereum moved to a three-week low on Friday, as market sentiment remained bearish following the completion of The Merge. The world’s second largest cryptocurrency dropped below $1,500 today, less than 24 hours after the historic migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin also neared a multi-week low.
Bitcoin (BTC) fell further below $20,000 on Friday, ahead of next week’s expected interest rate hike by the U.S. Federal Reserve.
BTC/USD dropped to an intraday low of $19,625.22 in today’s session, taking prices closer to a support of $19,300.
Crypto markets have been turbulent for the majority of the week, following disappointing U.S. inflation data.
The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.
Looking at the chart, this recent drop for bitcoin comes as the token hit a floor within its 14-day relative strength index (RSI).
The index is now tracking at 43.48, with a move towards a resistance of 46.00 the next likely move. Should this happen, we could see BTC once again trading above $20,000.
Ethereum (ETH) was once again in the red in today’s session, as the token dropped to a two-week low.
Following a peak of $1,594.54 during yesterday’s session, ETH/USD fell to a bottom of $1,451.56 earlier today.
The move saw ethereum approach, but not collide with, a key support point of $1,430, as bulls reentered to push prices higher.
As of writing, the world’s second largest cryptocurrency continues to trade close to today’s bottom, which was its lowest point since August 29.
Many still believe a reversal could come, once this current red wave subsides, with the first target for bulls likely the recapture of the $1,500 region.
Next week’s Federal Open Market Committee (FOMC) meeting will likely be a key test for prices, with the potential for a 100-basis point hike on the table. As such, many remain uncertain on how this will impact market confidence.
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Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops
While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in the costs of production are said to be the factors behind the latest increase.
According to the latest data from Nigeria’s National Bureau of Statistics (NBS), the West African country’s headline inflation for the month of August 2022 topped 20.52%. The latest rate is 3.51 percentage points higher than the 17.01% recorded in August 2021.
With this latest surge, Nigeria has now seen its year-on-year (YoY) inflation increase for the seventh consecutive month. According to the statistical body, the depreciation of the local currency is one of the main factors that caused the YoY inflation rate to surge.
As reported by Bitcoin News, the Nigerian currency’s exchange rate against the U.S. dollar plunged to a new low in late July 2022. While the country’s central bank has blamed speculators for their role in undermining the local currency, some economists argue that the ongoing shortage of foreign currency is largely to blame.
Besides the currency depreciation, the NBS also pointed to disruptions in the supply of food and the increase in general production costs as the other factors that caused the YoY inflation rate to rise.
However, despite the latest surge in the country’s YoY inflation, the NBS data suggests the month-on-month inflation dropped marginally from the 1.82% seen in July 2022 to 1.77% in August 2022. Concerning the country’s consumer price index (CPI), the statistical body said:
The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.
Meanwhile, the NBS data shows that the YoY inflation rate in urban Nigeria (20.95%) was marginally higher than in rural Nigeria (20.12%). On a month-to-month basis, the rural inflation rate dropped by 0.06% from 1.81% in July 2022 to 1.75% in August 2022, while the urban rate only went down by 0.03%.
While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in the costs of production are said to be the factors behind the latest increase.
According to the latest data from Nigeria’s National Bureau of Statistics (NBS), the West African country’s headline inflation for the month of August 2022 topped 20.52%. The latest rate is 3.51 percentage points higher than the 17.01% recorded in August 2021.
With this latest surge, Nigeria has now seen its year-on-year (YoY) inflation increase for the seventh consecutive month. According to the statistical body, the depreciation of the local currency is one of the main factors that caused the YoY inflation rate to surge.
As reported by Bitcoin News, the Nigerian currency’s exchange rate against the U.S. dollar plunged to a new low in late July 2022. While the country’s central bank has blamed speculators for their role in undermining the local currency, some economists argue that the ongoing shortage of foreign currency is largely to blame.
Besides the currency depreciation, the NBS also pointed to disruptions in the supply of food and the increase in general production costs as the other factors that caused the YoY inflation rate to rise.
However, despite the latest surge in the country’s YoY inflation, the NBS data suggests the month-on-month inflation dropped marginally from the 1.82% seen in July 2022 to 1.77% in August 2022. Concerning the country’s consumer price index (CPI), the statistical body said:
The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.
Meanwhile, the NBS data shows that the YoY inflation rate in urban Nigeria (20.95%) was marginally higher than in rural Nigeria (20.12%). On a month-to-month basis, the rural inflation rate dropped by 0.06% from 1.81% in July 2022 to 1.75% in August 2022, while the urban rate only went down by 0.03%.
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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Some Expect Fed to Hike Rates by 1%
Bitcoin fell below $19,000 on Wednesday, as markets prepared for a potential 100 basis point interest rate hike from the United States central bank. Although the consensus for a rate increase remains at 0.75%, some believe that with inflation remaining at historically high levels, a 1.00% hike could be on the cards. Ethereum remained lower on the news, trading marginally above $1,300.
Bitcoin (BTC) fell below $19,000 earlier in the day, as traders began to prepare for today’s Federal Open Market Committee (FOMC) meeting.
Market uncertainty remains rife as speculation grows on whether the Fed could go as far as raising rates by 100 basis points.
As a result, BTC/USD fell to a low of $18,813.46 earlier today, a day after hitting a peak above the $19,600 level.
Looking at the chart, this most recent drop has pushed the 10-day (red) moving average on the brink of a downwards cross with its 25-day (blue) counterpart.
Should this happen, we could see bitcoin not only slip below $19,000, but potentially drop under $18,000 for the first time since June.
As of writing, the token is trading at $19,153.66, as prices continue to consolidate prior to this afternoon’s announcement.
Ethereum (ETH) was also consolidating on hump day, with the token trading marginally above the $1,300 level.
Following a high of $1,378.68 on Tuesday, ETH/USD moved to an intraday low of $1,319.20 earlier today, as sentiment in crypto markets remained bearish.
Traders have been tentative in recent days, opting to liquidate positions as opposed to holding onto longs ahead of the rate hike.
The rise in uncertainty also came following a collision on the 14-day relative strength index (RSI), with the index hitting a resistance point.
As of writing, the index is tracking at 38.43, which is marginally below a ceiling of 39.00, currently the main obstacle preventing prices from climbing.
Although there remains a high level of fear in the marketplace, should we see a breakout of the aforementioned ceiling, ETH bulls may reenter the market, and attempt to take price above $1,400.
Bitcoin fell below $19,000 on Wednesday, as markets prepared for a potential 100 basis point interest rate hike from the United States central bank. Although the consensus for a rate increase remains at 0.75%, some believe that with inflation remaining at historically high levels, a 1.00% hike could be on the cards. Ethereum remained lower on the news, trading marginally above $1,300.
Bitcoin (BTC) fell below $19,000 earlier in the day, as traders began to prepare for today’s Federal Open Market Committee (FOMC) meeting.
Market uncertainty remains rife as speculation grows on whether the Fed could go as far as raising rates by 100 basis points.
As a result, BTC/USD fell to a low of $18,813.46 earlier today, a day after hitting a peak above the $19,600 level.
Looking at the chart, this most recent drop has pushed the 10-day (red) moving average on the brink of a downwards cross with its 25-day (blue) counterpart.
Should this happen, we could see bitcoin not only slip below $19,000, but potentially drop under $18,000 for the first time since June.
As of writing, the token is trading at $19,153.66, as prices continue to consolidate prior to this afternoon’s announcement.
Ethereum (ETH) was also consolidating on hump day, with the token trading marginally above the $1,300 level.
Following a high of $1,378.68 on Tuesday, ETH/USD moved to an intraday low of $1,319.20 earlier today, as sentiment in crypto markets remained bearish.
Traders have been tentative in recent days, opting to liquidate positions as opposed to holding onto longs ahead of the rate hike.
The rise in uncertainty also came following a collision on the 14-day relative strength index (RSI), with the index hitting a resistance point.
As of writing, the index is tracking at 38.43, which is marginally below a ceiling of 39.00, currently the main obstacle preventing prices from climbing.
Although there remains a high level of fear in the marketplace, should we see a breakout of the aforementioned ceiling, ETH bulls may reenter the market, and attempt to take price above $1,400.
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Allbridge, the multichain hub, is expanding its stablecoin options on the Waves blockchain, while an instant exchange service Swop.fi is opening multi-pools for investing! 💸
Each multipool consists of differently flavored USDT or USDC stablecoins: Allbridge-wrapped tokens from Ethereum, Polygon, Binance Smart Chain and a traditional Waves-based coins. 💪🏿4x stability for your investments!
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See article for details on multi-pool mechanics.
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Russia Starts Developing Mechanism for International Crypto Payments
Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.
Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.
“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.
The current version of the bill “On Digital Currency,” put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.
This week, Deputy Minister of Finance Alexey Moiseev unveiled that his department and the Bank of Russia have reached an in-principle agreement on new legislation authorizing international payments in cryptocurrency.
Earlier in September, the two institutions concluded that Russia “can’t do without cross-border crypto payments” in the face of mounting sanctions. Quoted by the RIA Novosti news agency and the business daily Kommersant, the government official said:
Now we have a bill already agreed with the central bank. It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be used, in the first place in cross-border settlements.
At the same time, according to a report by RBC Crypto, Moiseev admitted that the issue with “entry and exit to fiat” remains to be resolved. Then, experts will have to determine the minimum infrastructure that Russia needs to create in order to be able to implement such cryptocurrency payments.
The finance ministry and the monetary authority have also agreed on a draft law concerning crypto mining that will legally define the activity. The deputy minister noted that the question of whether miners should credit the minted digital coins to wallets in the Russian Federation or abroad has so far been decided in favor of the second option.
Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.
Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.
“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.
The current version of the bill “On Digital Currency,” put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.
This week, Deputy Minister of Finance Alexey Moiseev unveiled that his department and the Bank of Russia have reached an in-principle agreement on new legislation authorizing international payments in cryptocurrency.
Earlier in September, the two institutions concluded that Russia “can’t do without cross-border crypto payments” in the face of mounting sanctions. Quoted by the RIA Novosti news agency and the business daily Kommersant, the government official said:
Now we have a bill already agreed with the central bank. It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be used, in the first place in cross-border settlements.
At the same time, according to a report by RBC Crypto, Moiseev admitted that the issue with “entry and exit to fiat” remains to be resolved. Then, experts will have to determine the minimum infrastructure that Russia needs to create in order to be able to implement such cryptocurrency payments.
The finance ministry and the monetary authority have also agreed on a draft law concerning crypto mining that will legally define the activity. The deputy minister noted that the question of whether miners should credit the minted digital coins to wallets in the Russian Federation or abroad has so far been decided in favor of the second option.
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Bitcoin Network’s Mining Difficulty Drops for the First Time in 2 Months
Following four consecutive Bitcoin mining difficulty increases, the network’s difficulty dropped for the first time in 68 days, sliding 2.14% at block height 756,000 on Tuesday. The change means it’s currently 2.14% easier to find a bitcoin block reward following the mining difficulty’s all-time high (ATH) that took place on September 13.
Bitcoin miners caught a break this week after the network’s mining difficulty slid by 2.14% on Tuesday evening. The difficulty is now 31.36 trillion following the 32.04 trillion ATH recorded on Tuesday, September 13. The network’s difficulty will remain at 31.36 trillion for the next two weeks, as the difficulty is adjusted every 2,016 blocks.
While the network’s hashrate is coasting along at 234 exahash per second (EH/s), statistics show during the last 2,016 blocks the average hashrate was 225.2 EH/s. According to current metrics, with current BTC prices and electrical costs at $0.07 per kilowatt hour (kWh), roughly 41 SHA256 application-specific integrated circuit (ASIC) bitcoin miners make an estimated profit between $0.12 and $7.95 per day. At $0.12 per kWh, nine ASIC bitcoin miners make an estimated profit between $0.33 and $4.24 per day.
The top five most profitable ASIC mining machines today include the Bitmain Antminer S19 XP with 140 terahash per second (TH/s), the Antminer S19 Pro+ Hyd (198 TH/s), the Microbt Whatsminer M50S (126 TH/s), the Microbt Whatsminer M50 (114 TH/s), and the Bitmain Antminer S19 Pro (110 TH/s).
During the past three days, 423 blocks were discovered by miners and Foundry USA found 108 blocks. Foundry has been the top miner during the last three days with 25.53% of the global hashrate or 56.53 EH/s.
Foundry is followed by Antpool, F2pool, Binance Pool, and Viabtc respectively. Currently, 11 known mining pools are dedicating hashrate toward the Bitcoin blockchain, representing 98.11% of the global hashrate. Unknown hashrate commands 1.89% of the global hashrate today or 4.19 EH/s used to discover eight blocks out of the 423 found in three days.
Meanwhile, at current block time speeds the next difficulty change is estimated to be an increase of roughly 1.32%, but that could change a great deal over the next 1,957 blocks left to mine.
Following four consecutive Bitcoin mining difficulty increases, the network’s difficulty dropped for the first time in 68 days, sliding 2.14% at block height 756,000 on Tuesday. The change means it’s currently 2.14% easier to find a bitcoin block reward following the mining difficulty’s all-time high (ATH) that took place on September 13.
Bitcoin miners caught a break this week after the network’s mining difficulty slid by 2.14% on Tuesday evening. The difficulty is now 31.36 trillion following the 32.04 trillion ATH recorded on Tuesday, September 13. The network’s difficulty will remain at 31.36 trillion for the next two weeks, as the difficulty is adjusted every 2,016 blocks.
While the network’s hashrate is coasting along at 234 exahash per second (EH/s), statistics show during the last 2,016 blocks the average hashrate was 225.2 EH/s. According to current metrics, with current BTC prices and electrical costs at $0.07 per kilowatt hour (kWh), roughly 41 SHA256 application-specific integrated circuit (ASIC) bitcoin miners make an estimated profit between $0.12 and $7.95 per day. At $0.12 per kWh, nine ASIC bitcoin miners make an estimated profit between $0.33 and $4.24 per day.
The top five most profitable ASIC mining machines today include the Bitmain Antminer S19 XP with 140 terahash per second (TH/s), the Antminer S19 Pro+ Hyd (198 TH/s), the Microbt Whatsminer M50S (126 TH/s), the Microbt Whatsminer M50 (114 TH/s), and the Bitmain Antminer S19 Pro (110 TH/s).
During the past three days, 423 blocks were discovered by miners and Foundry USA found 108 blocks. Foundry has been the top miner during the last three days with 25.53% of the global hashrate or 56.53 EH/s.
Foundry is followed by Antpool, F2pool, Binance Pool, and Viabtc respectively. Currently, 11 known mining pools are dedicating hashrate toward the Bitcoin blockchain, representing 98.11% of the global hashrate. Unknown hashrate commands 1.89% of the global hashrate today or 4.19 EH/s used to discover eight blocks out of the 423 found in three days.
Meanwhile, at current block time speeds the next difficulty change is estimated to be an increase of roughly 1.32%, but that could change a great deal over the next 1,957 blocks left to mine.
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Binance Officially Launches Crypto Exchange in New Zealand Following Regulatory Approval
Binance has officially launched a cryptocurrency exchange in New Zealand after successfully registering with the country’s financial regulator. “We see significant value in having a serious New Zealand presence,” said Binance CEO Changpeng Zhao (CZ).
Global crypto exchange Binance announced Friday that it has successfully registered as a financial service provider with the New Zealand Ministry of Business, Innovation and Employment (MBIE). The crypto exchange also announced the official launch of Binance New Zealand (Binance NZ).
Noting that the registration was actually effective on Sept. 10, the company detailed:
This registration allows Binance NZ to offer a range of financial services, including spot trading, staking, NFTs and more.
Binance CEO Changpeng Zhao (CZ) commented: “A lot of major tech firms are slow to open a New Zealand office. I guess for some, it’s easy to overlook as it’s a smaller market but we see significant value in having a serious New Zealand presence.” The executive continued:
The history of fintech innovation in New Zealand is very well known, with one of the earliest and most rapid uptakes of digital transactions in the world.
“We see New Zealand as a bit of a pioneer, so from that perspective, I think there’s a lot to be learned here with our local team working with Kiwis to envisage the future of currency, transactions and the web,” Zhao further opined.
Binance has been expanding globally, including in Dubai, Kazakhstan, Romania, Spain, Brazil, Italy, and France. The company is also reportedly trying to reenter the Japanese crypto market after exiting it four years ago. Meanwhile, the crypto exchange is seeing a record increase in the number of Indian users after the government started imposing a new crypto tax.
The company has made regulatory compliance one of its top priorities. Last week, Binance created a global advisory board to tackle regulatory challenges.
Binance has officially launched a cryptocurrency exchange in New Zealand after successfully registering with the country’s financial regulator. “We see significant value in having a serious New Zealand presence,” said Binance CEO Changpeng Zhao (CZ).
Global crypto exchange Binance announced Friday that it has successfully registered as a financial service provider with the New Zealand Ministry of Business, Innovation and Employment (MBIE). The crypto exchange also announced the official launch of Binance New Zealand (Binance NZ).
Noting that the registration was actually effective on Sept. 10, the company detailed:
This registration allows Binance NZ to offer a range of financial services, including spot trading, staking, NFTs and more.
Binance CEO Changpeng Zhao (CZ) commented: “A lot of major tech firms are slow to open a New Zealand office. I guess for some, it’s easy to overlook as it’s a smaller market but we see significant value in having a serious New Zealand presence.” The executive continued:
The history of fintech innovation in New Zealand is very well known, with one of the earliest and most rapid uptakes of digital transactions in the world.
“We see New Zealand as a bit of a pioneer, so from that perspective, I think there’s a lot to be learned here with our local team working with Kiwis to envisage the future of currency, transactions and the web,” Zhao further opined.
Binance has been expanding globally, including in Dubai, Kazakhstan, Romania, Spain, Brazil, Italy, and France. The company is also reportedly trying to reenter the Japanese crypto market after exiting it four years ago. Meanwhile, the crypto exchange is seeing a record increase in the number of Indian users after the government started imposing a new crypto tax.
The company has made regulatory compliance one of its top priorities. Last week, Binance created a global advisory board to tackle regulatory challenges.
UN Report Urges Fed to Suspend Interest Rate Hikes, Presses for ‘Public Spending’ Increases
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years.
Monetary tightening measures may not be a good idea according to the United Nations (U.N.) agency UNCTAD. The entity, created in 1964, is an intergovernmental organization created to help developing nations enhance global trade. UNCTAD notes in an annual report that the recent interest rate hikes by the U.S. Federal Reserve and numerous central banks worldwide will reduce the economic output of both wealthy and poor countries between 0.5% and 0.8% over a three-year period.
“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies,” UNCTAD’s report notes. “UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion — close to 20% of the world’s income.”
The annual report immediately digs into central banks raising benchmark lending rates and creating tougher monetary policy. UNCTAD blames the world’s economic hardships on “supply-side shocks, waning consumer and investor confidence,” and the Ukraine-Russia war. “Despite this, leading central banks are raising interest rates sharply, threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” the U.N. agency’s report explains.
The report, authored by UNCTAD’s secretary-general Rebeca Grynspan, says that Latin American countries and specific regions in Africa may “suffer [from] some of the sharpest slowdowns this year.” “The average growth rate for developing economies is projected to drop below 3% — a pace that is insufficient for sustainable development and will further squeeze public and private finances and damage employment prospects,” Grynspan details. UNCTAD’s call on the Fed and the rest of the world’s central banks is quite similar to the complaint written by U.S. Senator Elizabeth Warren (D-Mass).
Warren complained about the Fed raising the federal funds rate after it hiked the rate by 75 basis points (bps) on July 27. Using the news outlet the Wall Street Journal (WSJ), Warren published an opinion editorial that said the U.S. central bank could trigger “a devastating recession.” Warren further talked about the subject again on CNN’s State of the Union weeks later, after Fed chair Jerome Powell presented his economic outlook at the 2022 Jackson Hole Economic Symposium. Grynspan’s report is in kindred spirit, and it details that “interest rate hikes by advanced economies are hitting the most vulnerable hardest.”
UNCTAD’s report concludes by highlighting a few ways global leaders can address the problem and one of them is to “increase public spending.” The agency also urges governments to enforce “strategic price controls to directly target energy, food and other vital areas.” The U.N. agency calls on public and private executives to direct more funds toward green energy research and development. Lastly, the agency wants to see global leaders get behind the Black Sea Grain Initiative. The U.N.-led initiative would allow massive volumes of food and fertilizer exports from Odesa, Chornomorsk, and Yuzhny in Ukraine.
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years.
Monetary tightening measures may not be a good idea according to the United Nations (U.N.) agency UNCTAD. The entity, created in 1964, is an intergovernmental organization created to help developing nations enhance global trade. UNCTAD notes in an annual report that the recent interest rate hikes by the U.S. Federal Reserve and numerous central banks worldwide will reduce the economic output of both wealthy and poor countries between 0.5% and 0.8% over a three-year period.
“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies,” UNCTAD’s report notes. “UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion — close to 20% of the world’s income.”
The annual report immediately digs into central banks raising benchmark lending rates and creating tougher monetary policy. UNCTAD blames the world’s economic hardships on “supply-side shocks, waning consumer and investor confidence,” and the Ukraine-Russia war. “Despite this, leading central banks are raising interest rates sharply, threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” the U.N. agency’s report explains.
The report, authored by UNCTAD’s secretary-general Rebeca Grynspan, says that Latin American countries and specific regions in Africa may “suffer [from] some of the sharpest slowdowns this year.” “The average growth rate for developing economies is projected to drop below 3% — a pace that is insufficient for sustainable development and will further squeeze public and private finances and damage employment prospects,” Grynspan details. UNCTAD’s call on the Fed and the rest of the world’s central banks is quite similar to the complaint written by U.S. Senator Elizabeth Warren (D-Mass).
Warren complained about the Fed raising the federal funds rate after it hiked the rate by 75 basis points (bps) on July 27. Using the news outlet the Wall Street Journal (WSJ), Warren published an opinion editorial that said the U.S. central bank could trigger “a devastating recession.” Warren further talked about the subject again on CNN’s State of the Union weeks later, after Fed chair Jerome Powell presented his economic outlook at the 2022 Jackson Hole Economic Symposium. Grynspan’s report is in kindred spirit, and it details that “interest rate hikes by advanced economies are hitting the most vulnerable hardest.”
UNCTAD’s report concludes by highlighting a few ways global leaders can address the problem and one of them is to “increase public spending.” The agency also urges governments to enforce “strategic price controls to directly target energy, food and other vital areas.” The U.N. agency calls on public and private executives to direct more funds toward green energy research and development. Lastly, the agency wants to see global leaders get behind the Black Sea Grain Initiative. The U.N.-led initiative would allow massive volumes of food and fertilizer exports from Odesa, Chornomorsk, and Yuzhny in Ukraine.
Binance Receives License to Operate in Kazakhstan
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August.
Crypto exchange Binance has received a license to conduct business in Kazakhstan, the company said in a press release on October 6.
According to the press release, the newly acquired license from the Astana Financial Services Authority (AFSA) will now give Binance the status of a regulated platform that can operate as a digital asset and custody services provider at the Astana International Financial Center.
“We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange,” Gleb Kostarev, Binance’s Asia director, stated in the press release.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August. The Astana International Financial Center is a regional platform dedicated to the development of services related to digital assets.
Earlier this year, the crypto exchange increased the size of its compliance team and received approvals and provisional approvals from other nations and jurisdictions, including France, Dubai, and Spain, after receiving criticism from regulators in the UK and Japan last year, as well as Uzbekistan and Israel this year.
Binance and Kazakhstan also announced earlier yesterday that they are joining forces in a partnership that will seek to ensure the safe development of the country’s crypto market.
The Memorandum of Understanding revealed that Binance and Kazakhstan’s Financial Monitoring Agency intend to inform each other about cases involving the use of digital assets for illegal activities.
Binance also promised to share data that can be used to identify and block cryptocurrency holdings acquired through illegal means, as well as those used in the financing of terrorism and the laundering of illicit proceeds.
Tigran Gambaryan, the company’s global head of intelligence and investigations, stated that Binance has the most comprehensive compliance program in the market. He added that this program includes tools to identify suspicious activity and accounts, as well as anti-money laundering and sanctions compliance principles.
In May, Binance and the Ministry of Digital Development and Innovation of Kazakhstan signed another Memorandum of Understanding, as part of which Binance will advise the government of Nur-Sultan on cryptocurrency regulations.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August.
Crypto exchange Binance has received a license to conduct business in Kazakhstan, the company said in a press release on October 6.
According to the press release, the newly acquired license from the Astana Financial Services Authority (AFSA) will now give Binance the status of a regulated platform that can operate as a digital asset and custody services provider at the Astana International Financial Center.
“We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange,” Gleb Kostarev, Binance’s Asia director, stated in the press release.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August. The Astana International Financial Center is a regional platform dedicated to the development of services related to digital assets.
Earlier this year, the crypto exchange increased the size of its compliance team and received approvals and provisional approvals from other nations and jurisdictions, including France, Dubai, and Spain, after receiving criticism from regulators in the UK and Japan last year, as well as Uzbekistan and Israel this year.
Binance and Kazakhstan also announced earlier yesterday that they are joining forces in a partnership that will seek to ensure the safe development of the country’s crypto market.
The Memorandum of Understanding revealed that Binance and Kazakhstan’s Financial Monitoring Agency intend to inform each other about cases involving the use of digital assets for illegal activities.
Binance also promised to share data that can be used to identify and block cryptocurrency holdings acquired through illegal means, as well as those used in the financing of terrorism and the laundering of illicit proceeds.
Tigran Gambaryan, the company’s global head of intelligence and investigations, stated that Binance has the most comprehensive compliance program in the market. He added that this program includes tools to identify suspicious activity and accounts, as well as anti-money laundering and sanctions compliance principles.
In May, Binance and the Ministry of Digital Development and Innovation of Kazakhstan signed another Memorandum of Understanding, as part of which Binance will advise the government of Nur-Sultan on cryptocurrency regulations.
