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Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected SoonMajor government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled. Financial Authorities Reach Consensus on How to Regulate Mining of Digital […]

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

Major government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled.

Financial Authorities Reach Consensus on How to Regulate Mining of Digital Coins in Russia

The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians.

Anatoly Aksakov, chair of the parliamentary Financial Market Committee, announced during the Kazan Digital Week forum that draft legislation introducing rules for the sector will soon be submitted to the lower house of Russian parliament, the State Duma. Quoted by RBC Crypto, he said:

In the near future, the bill will appear in the State Duma, we will work to pass it faster.

The Russian lawmaker also gave his own take on the matter. Aksakov believes that cryptocurrency mining should be allowed only in regions with abundant energy resources and prohibited in those that experience shortages.

Earlier in September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, and the Federal Security Service to elaborate a common position on draft federal laws regulating the issuance and circulation of digital currencies, including their mining and use in international settlements.

The head of the Russian government also ordered the Ministry of Finance, with the participation of the Bank of Russia, to submit consensus proposals for the development of the market for digital financial assets (DFAs), including the application of decentralized technologies, by Dec. 1.

The two regulators will have to update the Strategy for the Development of the Russian Financial Market Until 2030. The document should be revised taking into account President Vladimir Putin’s instructions and the current geopolitical situation, Mishustin stated on Sept. 13. He also emphasized that under the current conditions, the employment of DFAs will contribute to ensuring uninterrupted payments for imports and exports.

Russian authorities have been discussing the regulation of cryptocurrencies and related activities for quite some time, with the CBR and Minfin taking almost opposite positions until recently. While the central bank proposed a blanket ban, the department has favored legalization. However, the two regulators recently agreed that Russia would need cross-border crypto payments to deal with the pressure exerted by Western restrictions on its foreign trade.

The majority of officials in Moscow also share the view that the Russian Federation should exploit its competitive advantages in the field of crypto mining, which were highlighted by the Russian president, too. Many regions in the vast country offer both low-cost energy and cool climate. At the same time, Russian crypto miners have also been hit by sanctions imposed over Moscow’s invasion of Ukraine.

Do you think Russia will legalize other crypto-related activities besides mining? Let us know in the comments section below.

Source: Mining Archives – Bitcoin News

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Altcoins

BNB Coin Prediction: What is the Binance Coin Forecast for 2035?

This article is all about what is the Binance Coin forecast for 2035. Let’s take a look at it in more detail.

Slowly and steadily Binance Coin (BNB) has become one of the most beneficial cryptocurrencies by market cap. Above all, the evolution of the biggest trading platform for cryptocurrencies, Binance, assures that the BNB has grown in value massively in recent years. This article is all about what is the Binance Coin forecast for 2035. Let’s take a look at it in more detail.

What is Binance Coin (BNB)?

The Binance Coin (BNB) is the native cryptocurrency of the Binance trading platform. Binance has been by far the largest cryptocurrency trading exchange for some time. The BNB is operated on Binance for trading and paying fees. Due to the massive growth of Binance, the BNB has also become one of the largest cryptocurrencies on the market.

The Binance Coin was launched in 2017 as an ERC-20 token. Since 2019, the BNB has been running on its own blockchain, the Binance Chain. Likewise, Binance launched the Binance Smart Chain in parallel with the Binance Chain to enable the integration of smart contracts. This year the merger to form the BNB Chain took place. 

BNB is Binance’s native token. It functions as a utility token on the platform that users can purchase, trade, and interact with. The use of BNB decreases transaction fees when trading cryptocurrencies.

How has Binance Coin (BNB) moved over the past few months?

Binance Coin (BNB) has witnessed more vertical losses over the past few months amid the bear market. In the 2021 bull market, BNB hit an all-time high of $690 in May. In November 2021, the BNB was able to reach similar heights with over $650. But in November the bear market began and prices dropped sharply.

In 2022, the BNB was only worth $527. In January, BNB witnessed heavy losses before its price was able to recover in the following months. But in May 2022 another heavy crash started. BNB reached its low of $197 in mid-June. In the weeks that followed, the price stabilized again. At the beginning of October, the BNB rate was $282. At the time of writing this, the BNB coin is trading at $294.98.

Why did Binance Coin (BNB) become so popular?

— Binance (@binance)

The Binance Coin (BNB) is now set among the top 10 cryptocurrencies by market capitalization. In the bull market, BNB was occasionally the number 3 cryptocurrency behind Bitcoin and Ethereum. The Binance Coin forecast has become better and better in recent years as the Binance platform has grown into the biggest trading platform for cryptocurrencies.

Binance reimburses a lot of transaction fees to its users when they use the BNB on the platform. In recent years, the BNB has become an increasingly significant part of the platform. As Binance expands and the number of users increases, so does the demand for the Binance coin, which enhances the price and forecast. 

As demand increases, Binance also assures that the supply of BNB is regularly lowered. A specific percentage of BNB is brushed out every 3 months, making the Binance Coin deflationary and making the prediction for BNB better in the future.

What is the Binance Coin forecast for the next few years?

In the next few years, the BNB could continue to grow. With the biggest trading platform for cryptocurrencies behind it, the token could be able to continue to rise, particularly in bull markets. The increasing demand due to the development of the platform and the decreasing supply due to periodic burning are ideal requirements for a long-term price gain. 

In the following, we want to predict the Binance Coin forecast for the next few years. We look at the end of 2022 and then want to look more closely into the future, into the years 2025 and 2030. 

What will be the price of the Binance coin at the end of 2022?

BNB/USD Weekly chart – GoCharting

In the coming months, we could still notice specific movements in cryptocurrency prices and also in BNB. But how high can BNB go if we are in the middle of a bear market right now?

In the next two months, a strong price movement at the BNB is very unlikely. The Binance Coin is now a rather sturdy coin on the crypto market and closely follows the macro developments on the market. The bear market is in full swing. Similarly, we have noticed little movement on the market in recent weeks. This could remain the case for the next two months. 

The Binance Coin forecast for the end of 2022 could be close to the current price. Strong price drops or increases are very unlikely. The influence of the bear market is too strong for rallies. In recent months, we have established too strong support at the lower end of prices to go down.

Binance Coin Forecast End of 2022: $240– $290

What is the Binance Coin forecast for 2025?

BNB/USD Monthly chart – GoCharting

Now that we’ve covered the short-term Binance Coin forecast, let’s look a little more into the future. We have to mention that the bear market could come to an end in the next 1-2 years. A new bull market is very likely after a new Bitcoin Halving. This is very likely to happen in 2024. 

In the next bull market, the BNB could rise massively again. In the last bear market, BNB dropped as low as $10 and increased to an all-time high of almost $700. That was growth by a factor of 70. In the next bull market, this aspect is very likely to decline as it has with other coins. A factor of 20 appears possible. If we accept a low of $150 in the current bear market, Binance Coin could rally to $3000, making the 2025 forecast excessively bullish.

Binance Coin Prediction 2025: $750 – $3500

What is the Binance Coin forecast for 2035?

Now we want to look even more closely into the future. We have to be a little careful with this, as long-term predictions for cryptocurrencies can be very difficult. It is most likely after 2025 that we will witness another bear market that could drop BNB price by 80%. After the next Bitcoin Halving (probably in 2028), a bull market could come again.

If we assume that the Binance Coin price drops to $600 in the bear market and the bull market follows a 15x gain, the BNB price could rise to $9000. Thus, the Binance Coin forecast for 2035 is extremely positive. Yet, this forecast is very hypothetical and a lot can occur on the market in the next few years.

Binance Coin Forecast 2035: $1000 – $9000

Source: Altcoin

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