With all the focus on Russia’s actions in Ukraine, the country has quietly made a move to become more liberal on Bitcoin investing. Below, we’ll talk about why this could be huge news for crypto traders!
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Everyone is focused on Russia right now for one very obvious reason. And by no means do I want to minimize that.
But beneath all the conflict, the Russian Ministry of Finance is making new moves to open up crypto investing in the country… to a point.
According to this article, the MoF is submitting a draft bill on Bitcoin regulation that could open the Russian economy to Bitcoin investing on a fairly small scale.
They explicitly explain that using digital currencies as payment will still be prohibited.
Still, this represents a pretty significant shift.
Until now, Russia has been labeled a pretty anti-crypto country, shutting down mining and trading within their borders.
Apparently, that is because the powers that be in the Bank of Russia and the Ministry of Finance.
The Ministry wants to allow cryptocurrency within a defined legal framework. But the Bank of Russia wants Bitcoin trading and mining completely outlawed.
But Putin stepped in and put his hands on the scale in January, signaling his belief that Russia could be set up for success in Bitcoin mining, an industry he supports.
As we all know, Putin’s ideas will ultimately win out in Russia, so this draft bill could be the first step down a road towards further adoption.
According to the article, there will be pretty strict limits on the amount of Bitcoin anyone within Russia can buy, as low as just $7,700 a year. But $7,700 is a significant step up from zero.
Why does this matter to all of the non-Russian folks in my audience?
Well, because it’s just another sign of the “Age of Adoption,” the term I use to refer to the era of cryptocurrency that we’re in right now.
I’ve been saying for a while now that we’re well past the point where crypto could ever just be deleted from the face of the earth, like some of the bears still somehow fear.
But as we see more and more companies and even countries adopt Bitcoin and other cryptos in major ways, it’s only going to increase demand in the market as a whole.
Russia opening its doors to Bitcoin can’t be a bad thing for demand. So it will be interesting to watch the price of BTC as this news advances.
Not saying it makes up for all the bad stuff Russia’s done this week, but it’s a step in the right direction in one very small area.
Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
Daily Profit Publishing and Jeffry Turnmire do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
We are not licensed to provide you personalized investment advice. Nothing in these communications should be construed as personal investment or financial advice.
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