Russia’s Finance Ministry Introduces Digital Currency Bill, Despite Objections From the Central Bank

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Today’s Cryptocurrency Headline

Russia’s Ministry of Finance is moving forward with its cryptocurrency regulation plans, with a bill submitted to parliament on Feb. 18. The announcement highlights the policy split between the Ministry of Finance and the Bank of Russia. It is reported that the Russian central bank opposes regulation and insists on banning cryptocurrency trading and mining. The central bank has been pushing ahead with pilot work on its central bank digital currency, the digital ruble, and has recommended penalties for cryptocurrency transactions and issuance, with fines of up to 500,000 rubles ($6,360) for individuals and 1 million for companies, TASS news agency reported. The finance ministry said the Russian banks’ objections “will be considered in the further work on this bill where they don’t contradict the Ministry of Finance approach”. The official text of the bill is not available in the online database of legislative documents.

BingX’s Bitcoin Chart

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Both Bitcoin and Ethereum hashrate hit record highs in February. According to btc.com data, the hashrate of the entire Bitcoin network hit a record of 248.11 EH/s on February 12, and the hashrate of Ethereum hit a record of 1028.23 TH/s on February 15. BTC plunged and closed below the $40,000 psychological price level on Feb. 20. The bulls attempted to push the price back to the $40,000 price early today, but the price was unable to sustain above $39,500 and it dipped to $38,000. The strong selling pressure in the past few days has reverted the relative strength index (RSI) into negative territory, and the Crypto Fear and Greed Index shows the market sentiment entering extreme fear again. If the price declines further and the bulls are not able to hold the $36,000 price level, we could see BTC drop to $33,000.

 

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