At the end of the year, regulators around the world gave another idea of their stance on Bitcoin and Co. India, Russia and the US They expect new crypto regulations in 2022. Last week at the regulatory ECHO.
US Department of the Treasury Insists on Rules for Stable Coins
Anyone who follows the political debates around the crypto market will quickly notice that stablecoins are still ahead of Bitcoin in terms of regulatory priority in some countries, for example in the US In an interview with Bloomberg Nellie Liang emphasized the urgency of an expanded set of rules on December 17. The undersecretary of the Treasury said: “If Congress does not legislate, regulators will try to use whatever powers they have.” However, without changing the law, he sees difficulties in taking the necessary measures to protect financial stability. Congress remains divided on the issue of stablecoins. So it remains to be seen if a stablecoin law can be expected in the US in early 2022.
Despite the ban: China’s Bitcoin miners remain online
The Chinese government’s mining ban was undoubtedly one of the most drastic events in the crypto year 2021. In the name of protecting the environment and preserving energy reserves, Chinese authorities gradually disconnected miners from Bitcoin . What in hindsight may have turned out to be a harbinger of China’s Bitcoin ban had dire consequences for the mining industry. Until the ban, Chinese companies finally had the upper hand when it came to mining. Bitcoin’s hash rate only reached its previous level a few weeks ago.
But even in China itself, Bitcoin mining does not appear to have come to a complete halt. The latest media reports suggest that up to 20 percent of the global hash rate can still be assigned to the Middle Kingdom. Secret mining is carried out mainly through hydroelectric plants, the energy reserves of which are particularly easy to exploit. However, miners also use other methods to go unnoticed. More than 100,000 mining IPs are active in China every day.
Russia: Bitcoin only through foreign exchanges
In terms of crypto regulation, we received contrary news from Russia last week. While the central bank lobbied for a blanket ban on Bitcoin, voices in politics advocated a more sensitive regulatory approach. Now a more concrete picture seems to be emerging. Because the Russian news agency Tass reported last Monday that crypto transactions in Russia should remain legal even if the central bank wishes to do so. According to Vladimir Chistyukhin, deputy head of the central bank, the possession and sale of Bitcoin and Co. is supposed to be legal in Russia. However, there is an important restriction here. Because Russian citizens must carry out their transactions through foreign stock exchanges and infrastructures. Chistyukhin also promised that the central bank would soon clarify its opinion on the role of cryptocurrencies in the Russian financial system in a report. The official added: “Let me give you some advice: We don’t see any place for cryptocurrencies in the Russian financial market.”
Indian crypto law won’t be until next year
The Indian parliament did not vote on a possible Bitcoin ban this year. Because contrary to what was reported a month ago, the crypto law no longer appears in an updated version of the Indian lower house’s agenda. Parliament met for the last time on December 22 for 2021. There has also been no vote in recent weeks. Therefore, the decision on cryptocurrencies will be postponed until next year. the Economic times reported that Prime Minister Narendra Modi’s government plans to hold “broader deliberations” before a decision. Therefore, the paths to a more crypto-friendly regulatory approach are still open.
El Salvador acquires 21 bitcoins
Nayib Bukele loves great (virtual) looks. El Salvador’s controversial president, controversial for his authoritarian leadership style, announced on December 21 on Twitter that his country was further expanding its own Bitcoin reserves. It is not a coincidence that Bukele acquired 21 BTC, of all things, but rather a dramatic calculation. After all, last Tuesday was “21. Day in the year 21 of the XXI century ”. With this message for the future, El Salvador is approaching the year 2022. The Central American state recognized Bitcoin as an official currency this year. Next, the Bukele government plans to build its own city dedicated to cryptocurrencies.