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The Russian government has approved legislation to regulate the circulation of digital currencies, according to a Russian government insider. The Russian government will strictly supervise the circulation of cryptocurrency in the country and further protect the rights of ordinary investors. The finance ministry and the central bank have until February 18th to draw up legislation. This means that there will not be a blanket ban on the use, exchange and circulation of digital currencies in Russia.
In a report Tuesday, JPMorgan reiterated Bitcoin’s “fair value” at $38,000, about 12% below current levels. Bitcoin briefly topped $45,000 yesterday, leading other cryptocurrencies to follow suit. This reflects a renewed embrace of risk assets by global investors. But the overall cryptocurrency market is not necessarily out of the bottom, and the outlook remains uncertain. If the BTC price does not stand above $48,000 in the short term, then the cryptocurrency market may still be difficult to reverse.
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