Industry experts reveal a possible method for Bank of Russia to block crypto

Bank of Russia’s crypto restrictions through MCC would unlikely affect exchanges that have been operating illegally so far.

Amid the ongoing uncertainty about the future of cryptocurrencies in Russia, one local industry executive has disclosed a potential method for the Bank of Russia to block crypto transactions.

Andrey Mikhaylishin, CEO of the local crypto payment startup Joys, said that the Russian central bank is now considering several potential options to make its crypto ban possible, Forbes Russia reported Friday.

One of the possible restriction methods includes blocking debit card payments to crypto exchanges or wallets using merchant category codes (MCC), Mikhaylishin said. The report notes that the executive became aware of this blocking method from Bank of Russia employees.

MCC codes are four-digit numbers used by credit card processors like Visa or Mastercard to describe a merchant’s primary business activities. For example, crypto transactions are usually identified with the 6051 MCC code, while payments at grocery stores have the 5411 MCC code. According to the report, the Bank of Russia could oblige local banks to simply ban transactions with the 6051 MCC code.

While the potential plan is apparently still being discussed in Russia, some industry figures have questioned the effectiveness of such a strategy.

Maria Stankevich, a member of the Russian Committee on Blockchain Technologies and Cryptoeconomics, told Cointelegraph that potential MCC-based restrictions would trigger transparent businesses to leave the country while not affecting illegal crypto exchanges:

“I am 100% sure if they prohibit transfers to cryptocurrency with the right MCC, then honest exchanges will leave the market in the first place. There will remain grey crypto exchanges, which will do so-called miscoding, using other codes for transactions.”

Stankevich suggested that miscoding penalties at providers like Visa are insufficient for illegal crypto exchanges to stop their operations. As previously reported, there are several grey crypto businesses in Russia, with at least 50 of them located in Moscow City, a financial district in Russia’s capital.

The exec also expressed optimism about the cryptocurrency industry in Russia, pointing out that the Bank of Russia is essentially the only regulator that is against crypto adoption in the country:

“We have always known that the central bank is against crypto and wants it to be banned, but I still don’t think that this will be the way for Russia, because the central bank is in the minority there.”

Related: Bank of Russia governor: Banning crypto in Russia is ‘quite doable’

“I personally know many high-ranking officials in Russia that understand the importance of crypto,” Stankevich added.

The news comes after Bank of Russia governor Elvira Nabiullina announced the Bank’s intention to prevent the local financial system from using crypto. Another exec at the bank subsequently claimed that Russians will only be able to invest in cryptocurrencies like Bitcoin (BTC) through foreign companies.

The post Industry experts reveal a possible method for Bank of Russia to block crypto appeared first on CoinRegWatch.

Merry Christmas! Bitcoin Price Above 50K! What’s next?

The Bitcoin Price broke the $ 50,000 mark for the first time in a week. The price has been around $ 46,000 in the last few days. The surge could be a harbinger of new Bitcoin rallies. Because the first quarter of 2022 could make up for the lack of price explosions of the last 2 months.

Bitcoin Price Breaks 50K

In the last few days, the Bitcoin price fluctuated again and again between 46,000 and 47,000 dollars. The price tested the lower resistance several times. Had that resistance been broken, Bitcoin could have plunged as low as $ 40,000. But now the bottom of the major market correction seems to have been reached.

As early as Tuesday we saw the price rise to as much as $ 49,000. The price stabilized for a day before rising to over $ 50,000 on Thursday. This brought about a small rally that was already predicted due to the stable lower resistance at $ 46,000.

Bitcoin Price - BTC/USD 1-day chart showing a break in the 50K mark
Fig.1 BTC/USD 1-day chart showing a break in the 50K mark – TradingView

Can Bitcoin Price Break $ 60,000 by the End of the Year?

A prerequisite for this to happen is that we should have exceeded $ 50,000 again by Christmas. This requirement was just met!

Now we hope that the breakthrough will trigger strong support that can bring the Bitcoin price close to $ 60,000. We only have one week left until the end of the year, but a strong increase in value in a short period of time does not seem to be ruled out. The fundamental data of the Bitcoin blockchain are excellent at the moment and suggest that the coin is undervalued.

Big BTC Rally in the First Quarter

The first quarter of 2022 could now be the time when we see a parabolic rise in the Bitcoin price. This final run already took place in 2013 and 2017. However, at that time the fourth quarter was the time of major price increases. This run could have been postponed in the current cycle.

Every Bitcoin cycle is different. This statement led some bearish investors to proclaim the $ 68,000 from November as a Bitcoin price peak. So we are already at the beginning of the long-term bear market. Bitcoin fundamentals and the price chart do not suggest this. A longer cycle, on the other hand, seems more likely. So the big run could begin in January.

——> You can purchase Bitcoin on  Binance,  Coinbase,  Kraken, and  Bitfinex <——

bitcoin christmas
bitcoin christmas© Cryptoticker

The post Merry Christmas! Bitcoin Price Above 50K! What’s next? appeared first on CryptoTicker.

Bitcoin & cryptocurrency news

Forget Disney World – DeSantis Pushes For CryptoWorld In Florida

Florida Governor Ron DeSantis is certainly a notable figure in the world of politics regardless of which side of the aisle you sit. Here at CryptoGiggle we avoid talking partisan politics at all times, but when a new bill or policy could affect the crypto-world, we cover the facts. Recently DeSantis has declared himself as […]

The post Forget Disney World – DeSantis Pushes For CryptoWorld In Florida appeared first on Crypto Giggle. Your home for Crypto Moonshots

2 Reasons Why Current “Frying Pan” Bottom Is Extremely Bullish For Bitcoin

Why this pundit expects November to be huge for Bitcoin, projects price at over $20k

Bitcoin bulls could be on to something splendid after price printed a bullish reversal pattern on Thursday, days after losing grip of the $53,000 support. According to Mathew Hayland, a seasoned crypto technical and on-chain analyst, Bitcoin’s price is slowly forging a pattern that could ignite a spirited bullish run once various conditions are met. […]