Bitcoin Bad News as Russia tries to effectively ban crypto, Chinese Censorship, Falling Prices, Illegal Mining and More
By The Crypto Basic on The Capital
The Bitcoin and cryptocurrency community is fluctuating from the sudden market downturn within the face of the coronavirus crisis, with Bitcoin prices fluctuating strongly in recent days.
Earlier this month, many welcomed India’s decision to permit banks within the country to trade cryptocurrency — something that ought to boost Bitcoin’s price despite the very fact that the market collapsed amid the panic caused by coronaviruses.
Now that potential Bitcoin buyers are considering returning to the market, a senior Russian official has warned that his late bill for digital assets will include a ban on cryptocurrency issuance and sales.
We believe that from financial stability, anti-money laundering and consumer protection perspective, there are great risks of legalizing cryptocurrency operations, “Alexey Guznov, head of the central bank’s legal department, told Russian news agency Interfax English this week about Google.
“We are against the fact that there are institutions that organize the release of cryptocurrency and facilitate its dissemination,” said Guznov, adding the upcoming bill. “Directly forms a ban on the issue and therefore the organization of the scope of cryptocurrency. And injects liability for infringements of this ban.”
The law, which aims to clarify the rules for digital assets in more general terms, could be passed this spring. It is seen as part of Russia’s strategy to boost the digital services economy.
“The Kremlin has established a digital agenda together of the foremost important national projects within the history of Russia,” said Vladislav Ginko, an economist at the Russian state think factory RANEPA.
“This state project is meant to manage Stalin’s industrialization and catch the politics of modern youth to fuel their passion to form the country a digital superpower based essentially on digital aids rather than factories. “
The Bitcoin clock is starting — less than 52 days before the next halving — and we hope that Bitcoin will still have a value in this case. Dealer Peter Brandt is not optimistic. He sees Bitcoin in a $ 1,000 gold race. On the other hand, in January he thought that BTC would not reach $ 6,000.
And there was something like a rebound. After falling to $ 3,700, Bitcoin rose back along with the stocks in response to the government’s coronavirus response package. Tim Draper believes that if the dust settles (and nobody coughs), it will be the blockchain that is building the new world — not banks and governments.
In the meantime, the Federal Reserve will, of course, do what the Federal Reserve does. Interest rates have been cut to zero and quantitative easing is restarting. It’s about printing money — something you just can’t do with a blockchain.
And the government is giving away money. The Trump administration has announced it will send checks for $ 1,000 to U.S. citizens. What would happen if everyone used this money to top up Bitcoin? Some people cracked the numbers. They think it would send BTC’s price back over $ 20,000. That would be nice, but it won’t happen that way.
Congressman Darren Soto, a co-chair of Congress’ blockchain caucus, spoke about how blockchain can be included in the federal budget, the status of the Libra, and why President Trump hates Bitcoin so much.
US Treasury Secretary Steven Mnuchin could come over. Despite being a crypto skeptic for a long time, Mnuchin has named Brian Brooks one of the best banking regulators in the country. Brooks, who will be the chief operating officer and first deputy comptroller for the Office of the Comptroller of the Currency, was the chief legal officer at Coinbase.
During his tenure at the company, Brooks called for a symbolized version of the dollar.
A dollar token would unlock financial transactions, but the blockchain can do much more. Chinese journalist Sarah Zheng from the South China Morning Post used a blockchain to circumvent the Chinese government’s censorship. Your interview with Dr. Ai, a doctor from Wuhan, the epicenter of the coronavirus outbreak, contained QR codes and used the Ethereum network to store content online.
But any tool can be used for both evil and good. A Dutch citizen named Mr. Dark has been charged with “real rape” and child pornography videos being sold on the dark Internet
Blockchain debts earned to his site were investigated by law enforcement, and helped guide to his imprisonment. Once he’s fastened up, that would be one solution we’d be glad to see lost.
And an agent of the Chinese research engine Baidu has been sentenced for mining on the organization’s servers. He arranged to pick up about $14,300 worth of Monero by operating scripts on about 200 Baidu servers. He got three years in jail for his acts.
