Cryptocurrencies were crashing hard this morning when “unconfirmed” reports said China would close down their Bitcoin exchanges. Now Reuters is out with breaking news from Russia saying things like “buyer/seller” registration and “by the end of the year” To anybody holding cryptocurrency, this news may not want to be taken lightly…
Last weekend, during the pause between two very nasty hurricanes, there was a storm in cryptocurrency markets with saw Bitcoin plunge over 20% peak to trough, and Ethereum and others plunged even worse.
Today there have been two pieces of crypto news that must have crypto speculators on edge. First there were reports coming out that China was going to shut down exchanges.
— Lulu Yilun Chen (@luluyilun) September 8, 2017
Well, moments ago, Reuters just fired off a Tweet of their own. While it is also Bitcoin, this time, it’s Russia:
— Reuters Top News (@Reuters) September 8, 2017
From the Reuters article, we see that Russia will have regulations by the end of the year:
By the end of this year, the finance ministry will finish working on a law that would define a procedure for buying crypto-currencies, which would also include registration of those willing to buy the virtual money, Siluanov said.
Buying of crypto-currencies should be similar to buying securities, such as treasury bonds for households launched by the finance ministry this year, Siluanov said.
He did not explain what the criteria would be for establishing which crypto-currency transactions would be subject to Russian regulations.
Some things to think about:
Why is all the Bitcoin news today China and Russia related?
What will people do if they lose power due to hurricanes, fires, or other natural disasters this weekend?
So far, the reaction in Bitcoin is muted after heavy losses in the morning: