Bitcoin News and Finance: What You Need to Know

Russian financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international settlements, the head of the agency, Yuri Chikhanchin, has indicated. The statement adds to growing support for the legalization of international crypto payments in Russia amid financial restrictions imposed over its invasion of Ukraine. Top Financial Regulator in Russia Welcomes International Crypto Payments The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring , fully accepts that cryptocurrencies can be employed for settlements with foreign partners, Yury Chikhanchin, director of the regulatory body has stated. Speaking in the Federation Council, the upper house of Russian parliament, Chikhanchin emphasized that payments with digital assets inside Russia are prohibited by law. The country’s current legislation bans “money surrogates.” However, under certain conditions, such payments may well be used in international trade, Chik

Federal Reserve Vice Chair Lael Brainard has stressed the importance of establishing sound regulation for the crypto financial system “now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.” Fed Vice Chair Brainard on Crypto Regulation Lael Brainard, the vice chair of the Board of the Federal Reserve Governors, talked about crypto regulation and decentralized finance (defi) Friday at a Bank of England conference in London. She began by referencing recent volatility in the crypto market, stating that it “has exposed serious vulnerabilities in the crypto financial system.” She added that both traditional and crypto financial systems are susceptible to leverage, settlement, opacity, maturity, and liquidity transformation risks. Noting that “Innovation has the potential to make financial services faster, cheaper, and more inclusive and to do so in ways that are native to the digital ecosystem,” Brai

Fidelity’s director of Global Macro has shared his bitcoin and ether price outlook. His analysis shows that bitcoin is cheap but ether could be even cheaper. “Ethereum could be close to a bottom,” he added. Fidelity’s Director on Bitcoin and Ether Price Outlook Jurrien Timmer, director of Global Macro in Fidelity Investments’ global asset allocation division, shared his bitcoin and ether price analysis in a series of tweets Friday. Timmer specializes in global macro strategy and active asset allocation. He joined Fidelity 27 years ago as a technical research analyst. He explained why bitcoin is cheap. “I use the price per millions of non-zero addresses as an estimate for bitcoin’s valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels,” he detailed, emphasizing: In other words, bitcoin is cheap. “At its recent low of $17,600, bitcoin is now below even my more conservative S-curve model, which is base

The U.S. Treasury Department has delivered a framework for crypto assets to President Joe Biden, fulfilling its obligation as directed in the executive order on crypto that the president issued in March. U.S. Treasury Secretary Delivers Crypto Framework to Biden The U.S. Department of the Treasury published a fact sheet titled “Framework for International Engagement on Digital Assets” Thursday. It states that the Secretary of the Treasury has delivered to President Joe Biden “a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s executive order on Ensuring Responsible Development of Digital Assets.” Biden’s executive order on crypto regulation was issued on March 9. The framework calls for the U.S. and its foreign allies to collaborate to create international standards for regulating crypto assets. The Treasury described: Uneven regulation, supervision, and compliance across jurisdictions creates opportunities

The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart. The Water Network A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm. As per a CNBC TV18 report , the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.