There’s been a lot of anxiety across the entire crypto industry recently, and a lot of it has had to do with regulations. After China’s crackdown, India has shown interest in a crypto ban. Meanwhile, the U.S. is going to start coming down on the asset class soon. And on top of it all, Russia is stirring up worries in recent weeks of its own potential crypto ban. Luckily for crypto bulls, though, it looks like things won’t turn that drastic within the superpower’s borders. Some Vladimir Putin crypto news is starting to ease the tension.
Indeed, the U.S. and Russia are in the limelight among crypto investors, as both countries seem to be preparing regulations. With both countries’ governments chock-full of mixed opinions on the asset class, investors have been holding their breath; nobody is quite sure of what to think in terms of how strict these regulations will be once revealed.
Things are coming to a head this week. First, the U.S. will potentially lead to turmoil for crypto prices as the Fed meeting comes to a close today. We will find out through the Fed’s post-meeting statement whether or not interest rate hikes will be coming in March. If it is true, the news could be detrimental to already struggling cryptocurrency prices.
Putin Crypto News Alleviates Fears of a Russia Crypto Ban
While this drama takes shape in the U.S., there is some bullish Vladimir Putin crypto news that is relieving some of the tension. Indeed, the President of Russia does not seem ready to ban crypto outright.
The worries began last week, as the Russian central bank proposed a sweeping ban on crypto trading, exchanges and mining. In a report chronicling the issues and risk involved in crypto trading, the bank advised the government to take swift action; of course, this stirred up plenty of concern, as Russia is a vast global superpower and cutting itself off from crypto entirely could stymie the sector’s growth.
On Tuesday, it came to light that this view isn’t shared by everybody in the world of Russian economic policy. Indeed, the Russian finance ministry said yesterday that it opposed a blanket ban. Rather, it advised regulation of crypto.
In comments made this afternoon, President Putin implies he’s not entirely comfortable with the idea of a full-on ban, either. The president met with other Russian government officials over video today. In the meeting, Putin advised both sides to come to an agreement in the middle. Putin’s reason for this is relatively straightforward; he believes the countries surplus of power gives it a competitive advantage over other countries in terms of mining. Putin says this advantage can potentially outweigh the risks of crypto.
As this news breaks, the crypto industry seems to be trending upward, or at least sideways through the afternoon. Naturally, this is a welcome change from the massive losses seen earlier in the week.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.