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No Russian Bitcoin Expected: Central Bank Sees No Reason for National Cryptocurrency

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    The head of Russia’s Central Bank said that there are “no obvious reasons” for creating a national cryptocurrency.

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According to Tass, the head of Russia’s central bank Elvira Nabiullina, speaking at the Finopolis forum of innovative financial technologies, cast doubt on the need to create a national cryptocurrency.

No bright future for crypto fans

Nabiullina noted that she doesn’t see the advantages that the national cryptocurrency can give, and on this occasion said the following, speaking to Deputy Governor of the People’s Bank of China Fan Yifei:

"As Russia’s Central Bank, we have been studying this topic and the need to issue a national cryptocurrency is not obvious for us. Not only for technological reasons, but also because it is (difficult) to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough."

Same course

The words of the central bank head only confirm the chosen course of the country. Before, Nabiullina repeatedly emphasized that the regulator doesn’t support the legalization of cryptocurrencies as a legitimate means of payment, but sees the prospects of blockchain technology. The regulation of digital currencies in Russia is actively continuing.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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