{"id":7960,"date":"2022-02-15T07:24:44","date_gmt":"2022-02-15T07:24:44","guid":{"rendered":"http:\/\/egrowonline.com\/?p=7960"},"modified":"2022-02-15T07:24:44","modified_gmt":"2022-02-15T07:24:44","slug":"cryptoverse-bitcoin-runs-into-russian-rules-and-regiments","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=7960","title":{"rendered":"Cryptoverse: Bitcoin runs into Russian rules and regiments"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p id=\"primary-image-caption\" data-testid=\"primary-image-caption\" class=\"Text__text___2vZwzq Text__medium-grey___tow7K6 Text__regular___3orWU3 Text__small___10gNo_ Body__base___3K85eE Body__caption___3SJBpz article-body__primary-image-caption___1tqiF7\">A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS\/Edgar Su<\/p>\n<div class=\"registration-prompt__container___bYuCJ7 column article-body__aside-registration-prompt___1Ealxw\">\n<div class=\"registration-prompt__text-content___3mCDaQ\">\n<h6 class=\"Text__text___2vZwzq Text__white___cSohpe Text__medium___3mY4FC Text__heading_6___302kri Heading__base___3qCIA2 Heading__heading_6___1Flmx1 registration-prompt__heading___2LgQ-c\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button class=\"Button__button___3B9OxT Button__secondary___1qNGNf Button__round___SR4lqT TextButton__container___2ipwLP registration-prompt__button-text___eFmPbk\" type=\"button\"><\/p>\n<p><span class=\"Text__text___2vZwzq Text__inherit-color___1Jv4Eu Text__bold___2pIB3c Text__default___1ZhUwy TextButton__medium___1HuzMG\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Feb 15 (Reuters) &#8211; Bristling tensions and looming laws in Europe could offer clues to two questions: Can bitcoin be a safe-haven asset? And can Russia emerge as a crypto superpower?<\/p>\n<p data-testid=\"paragraph-1\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">The answer to the first, for now at least, is no; while fortress gold has risen 2.3% over the past week, as Western warnings about Russian aggression have intensified, bitcoin has lost 3%. That was worse than the 0.9% decline of the Nasdaq Composite <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/quote\/.IXIC\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__medium___3mY4FC Text__large___1NuIuP Link__underline_default___1RrRWa\" rel=\"noopener\">(.IXIC)<\/a> index.<\/p>\n<p data-testid=\"paragraph-2\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">&#8220;I don&#8217;t see any evidence of bitcoin being a safe haven,&#8221; said Chris Weston, head of research at Melbourne-based brokerage Pepperstone. &#8220;The Ukraine situation with Russia is a really hard one to price, so in that situation, you just buy crude futures.&#8221;<\/p>\n<div class=\"registration-prompt__container___bYuCJ7 registration-prompt__inline___lE4_O9 article-body__element___vulnXJ article-body__inline-registration-prompt___OCH-j6\">\n<div class=\"registration-prompt__text-content___3mCDaQ\">\n<h5 class=\"Text__text___2vZwzq Text__white___cSohpe Text__medium___3mY4FC Text__heading_5___Zn3DqM Heading__base___3qCIA2 Heading__heading_5___ruN8eD registration-prompt__heading___2LgQ-c\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3B9OxT Button__secondary___1qNGNf Button__round___SR4lqT TextButton__container___2ipwLP registration-prompt__button-text___eFmPbk\" type=\"button\"><\/p>\n<p><span class=\"Text__text___2vZwzq Text__inherit-color___1Jv4Eu Text__bold___2pIB3c Text__default___1ZhUwy TextButton__medium___1HuzMG\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Yet it&#8217;s too early to dismiss the argument made by many bitcoin advocates who say the cryptocurrency, just into its teens, is destined to be a form of digital gold that should retain its value when riskier assets such as stocks tumble.<\/p>\n<p data-testid=\"paragraph-4\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">While bitcoin has slipped towards levels of around $42,000 in recent days, it hasn&#8217;t surrendered all the gains made from lows of $32,950 hit on Jan. 24.<\/p>\n<p data-testid=\"paragraph-5\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Some investors also point to how relatively calm trading has been, at a time of high geopolitical tension, with Russia having massed more than 100,000 troops near Ukraine, though rejecting Western prophecies of invasion as &#8220;hysteria&#8221;.<\/p>\n<p data-testid=\"paragraph-6\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Bitcoin&#8217;s average 30-day volatility has fallen to 3.48%, versus its 2021 average of 4.56%, according to BuyBitcoinWorldwide&#8217;s volatility index.<\/p>\n<p data-testid=\"paragraph-7\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Data platform Coinglass&#8217; bitcoin Fear &amp; Greed index, which measures market sentiment &#8211; 0 indicates extreme fear and 100 is extreme greed &#8211; stands at 46, above the nervy 11-33 range where it had been trading since late November.<\/p>\n<p data-testid=\"paragraph-8\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Matthew Dibb, chief operating officer of Singapore-based crypto platform Stack Funds, said he was bullish on crypto in the longer term as an alternative asset and a hedge to world events &#8211; &#8220;But not quite yet.&#8221;<\/p>\n<p data-testid=\"paragraph-9\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">&#8220;We are beginning to see some discorrelation between bitcoin and the equities market, which is very nice,&#8221; he added. &#8220;But while we&#8217;re seeing some traditional safe havens pop off with the Ukraine and Russia situation, we haven&#8217;t really seen that in crypto.&#8221;<\/p>\n<p data-testid=\"paragraph-10\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">CRYPTO SUPERPOWERS<\/p>\n<p data-testid=\"paragraph-11\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Meanwhile: A new law for crypto assets expected to be announced in Russia this week could potentially shape the global scene.<\/p>\n<p data-testid=\"paragraph-12\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Russia&#8217;s importance for cryptocurrencies has been growing over the past year after a ban on bitcoin mining in China, previously the world&#8217;s dominant centre for the activity, sent miners scrambling for alternatives. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/chinas-crypto-crackdown-speeds-shift-central-asia-north-america-mining-2021-05-26\/\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__medium___3mY4FC Text__large___1NuIuP Link__underline_default___1RrRWa\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-13\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Russia had become the third-largest centre for bitcoin mining in the world as of last August, according to data from Britain&#8217;s Cambridge Centre for Alternative Finance.<\/p>\n<p data-testid=\"paragraph-14\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">The United States accounts for the largest share of mining, about 42.7% of the global &#8220;hashrate&#8221; &#8211; the computing power being used by computers connected to the bitcoin network &#8211; followed by Kazakhstan and Russia with 18.1% and 11.2% respectively.<\/p>\n<p data-testid=\"paragraph-15\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Some industry watchers believe Russia might have since overtaken Kazakhstan, where miners have contended with government internet shutdowns during unrest this year. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/kazakhstans-bitcoin-paradise-may-be-losing-its-lustre-2022-01-14\/\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__medium___3mY4FC Text__large___1NuIuP Link__underline_default___1RrRWa\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-16\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">It remains unclear, though, what the Russian regulations will hold.<\/p>\n<p data-testid=\"paragraph-17\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Last week authorities said they were working on rules that would allow cryptocurrency purchases to take place, but only through locally registered and licensed companies. Industry players saw this as a positive development after the central bank had proposed banning the use and mining of cryptocurrencies in January.<\/p>\n<p data-testid=\"paragraph-18\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Russian Deputy Finance Minister Alexei Moiseev said on Monday that ensuring that money flows and crypto transactions could be traced was crucial, including being able to identify users. If included in the draft law, that may diminish one of cryptocurrencies&#8217; major selling points &#8211; their anonymity.<\/p>\n<p data-testid=\"paragraph-19\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Moiseev also told reporters that banks and exchanges, required to comply with anti-money laundering laws, would be the only legal entry point for crypto into the Russian market.<\/p>\n<div class=\"registration-prompt__container___bYuCJ7 registration-prompt__inline___lE4_O9 article-body__element___vulnXJ\">\n<div class=\"registration-prompt__text-content___3mCDaQ\">\n<h5 class=\"Text__text___2vZwzq Text__white___cSohpe Text__medium___3mY4FC Text__heading_5___Zn3DqM Heading__base___3qCIA2 Heading__heading_5___ruN8eD registration-prompt__heading___2LgQ-c\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3B9OxT Button__secondary___1qNGNf Button__round___SR4lqT TextButton__container___2ipwLP registration-prompt__button-text___eFmPbk\" type=\"button\"><\/p>\n<p><span class=\"Text__text___2vZwzq Text__inherit-color___1Jv4Eu Text__bold___2pIB3c Text__default___1ZhUwy TextButton__medium___1HuzMG\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__default___1ZhUwy sign-off__text___1kMQGj\">Additional reporting by Lisa Mattackal and Medha Singh in Bengaluru, and Elena Fabrichnaya in Moscow<br \/>\nEditing by Vidya Ranganathan and Pravin Char<\/span><\/p>\n<p class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__regular___3orWU3 Text__large___1NuIuP Body__base___3K85eE Body__large_body___1_XkH1 article-body__element___vulnXJ\">Our Standards: <a target=\"_blank\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"Text__text___2vZwzq Text__dark-grey___1T5z1- Text__medium___3mY4FC Text__large___1NuIuP Link__underline_default___1RrRWa\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/markets\/europe\/cryptoverse-bitcoin-runs-into-russian-rules-regiments-2022-02-15\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS\/Edgar Su Register now for FREE unlimited access to Reuters.com Register Feb 15 (Reuters) &#8211; Bristling tensions and looming laws in Europe could offer clues to two questions: Can bitcoin be a safe-haven asset? And can Russia emerge [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,4916,5106,719,5105,1396],"class_list":["post-7960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-cryptoverse","tag-regiments","tag-rules","tag-runs","tag-russian"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/AOEOU7DFBRN5ZA32VLFEUPFGKY.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7960"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7960\/revisions"}],"predecessor-version":[{"id":7962,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7960\/revisions\/7962"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/7961"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7960"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}