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Crypto As Payment Means Outlawed In Russia After Putin Law Signing




Vladimir Putin, the President of Russia, has recently signed a new law. This law will officially prohibit the usage of cryptocurrencies in order to facilitate payment within the country, and will be in effect by 2021. At the same time as this, Russia’s government has recently begun to utilize blockchain technology in order to facilitate its constitutional amendment

Crypto Payments Illegal For Russia Come 2021

RIA, a local news outlet, went into detail on Friday about the matter. RIA explained that President Putin’s bill he just signed will see to the prevention of using crypto to pay for goods and services within Russia for its general citizens. However. What this bill will do, is enable the transactions through digital financial assets (DFA) within the country.

Alongside this, government officials, as well as any individual prohibited from possessing overseas accounts, are officially forbidden from owning any form of cryptocurrency.

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Anatoly Aksakov stands as the Head of the State Duma Committee on the Financial Market, and gave comment about this new bill, as well. Aksakov explained that Russia’s government has officially defined cryptocurrencies as a means of investment, payments, and savings. With this new law, Aksakov will see the Russian Ruble stay the only form of legal tender within the borders of Russia, which is something any country desires.

With this new law given official approval by the government, it should be noted that there’s a key stipulation within the article. Individuals and legal entities of Russia will be capable of challenging transactions made with digital currencies within the court. However, this will only be the case if they have already declared the transactions themselves, as well as the fact that they possessed crypto, to begin with.

It was back in May when Russia’s lawmakers started to propose a bill that would make the trading and issuance of crypto illegal within the country.  This original proposal planned on smacking offenders with fines of up to two million Rubles, as well as enforcing prison time. However, it wasn’t long before reports started to flow in that the State Duma was aiming to remove the criminal implications of the proposed bill.

Russia Likes Blockchain, But Not Crypto

The long and the short of this new bill is this: Crypto, as a payment means, is banned. However, companies are still capable of issuing DFAs, should they gain the approval of the Bank of Russia.

The tokenized securities can be exchanged for other assets, with these transactions being first approved, then monitored by the Russian central bank. Modalities will be developed by the bank of Russia to evaluate DFAs, as well, determining if they’re suitable for investment or not. Even so, it should be noted that DFAs cannot serve as a means of payment, just like its cryptocurrency counterpart.



A kormányoknak sokkal kevesebb dologba kellene beleszólniuk – állítja az amerikai képviselő




Tom Emmer amerikai képviselővel beszélgetett Anthony Pompliano legújabb podcastjében. Szó volt többek között Bitcoinról, decentralizációról, a Twitter-hackről és persze UFO-król is.

A Bitcoin decentralizált volta az, amely a fiat valuták fölé emeli a kriptopénzt – állítja Tom Emmer, az Amerikai Egyesült Államok Kongresszusának republikánus tagja.

Az Anthony Pomplianónak augusztus 3-án adott interjújában elítélően beszélt az amerikai pénzügyi rendszerről és annak működéséről.

Az aranystandard támogatójaként azt sem tartja szerencsésnek, hogy az állam nagyobb mértékben avatkozik be az emberek pénzügyeibe, mint arra valójában szükség lenne. Mint mondta:

Úgy gondolom, most egy következő fázisba tartunk, éppen ezért izgat engem annyira a kriptó, ez a terület. Mert, azt gondolom, a kormánynak van valamiféle szerepe? Ja, nem fogom azt mondani, hogy „nincs”. Csak nem gondolom, hogy nagy szerepe lenne. Szerintem az emberek saját magukat is képesek rendszabályozni.

Friedrich Hayek közgazdász-filozófus Út a szolgasághoz c. könyve alapján Emmer rámutatott, hogy egy centralizált rendszerben mindig lennie kell valakinek – vagy valamilyen csoportnak –, akik a pénz csoportosításáról döntenek. Ez pedig soha nem egy pozitív dolog.

A beszélgetés során szóba került a nem régi Twitter-hack, amely segített rávilágítani, mennyire megbízhatatlanok is tudnak lenni néha a központosított rendszerek.

Mégis – mint mondja – reméli, a fiat rendszer túl fogja élni a megpróbáltatásokat. Amivel mindössze gondja van, az a kormányok által történő megfigyelés:

Nincs szükségem arra, hogy a kormány figyelje, mit csinálok. Nincs joguk ahhoz, hogy tudják, mit csinálok. És tudod, őszintén, már most túl sok információnak vannak a birtokában. […] Én annak a híve vagyok, hogy a kormány ne ékelődjön közbe.

Ebből kifolyólag a CBDC-kel, vagyis a központi bankok által kibocsátott digitális valutákkal kapcsolatban sem vall túl pozitív nézeteket:

Nem tetszik az ötlet […] Pomp, ne feledd, valakinek mindig irányítania kell. […] Ha kriptopénzekkel dolgozunk, te irányítod a te tárcádat, én irányítom az enyémet, és te és én hajtjuk végre a cserét egymás között. Mert nincs szükségünk a Nagy Testvérre, hogy figyeljen minket.

A beszélgetés végén amolyan felfrissülésként szó esett még földönkívüliekről, akikkel kapcsolatban nevetve elmondta, miszerint reméli, hogy léteznek.


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XRP Forms Crushing Textbook Reversal Sign After 30% Explosion




  • XRP has seen an extremely strong rally over the past few days, outperforming Bitcoin and even Ethereum on some days.
  • Since July 22nd, the asset has gained in excess of 50%, reaching highs not seen since the February blow-off top.
  • Some analysts see this price action as a precursor to a macro bull run for XRP.
  • While this may be true, the leading altcoin is printing some signs that it will reverse for a few days or weeks, then potentially it may head higher.

XRP Could Soon See Reversal: TD Sequential

XRP has been on a near-unstoppable rally over the past two weeks.

Even during last weekend’s flash crash, during which Ethereum crumpled by 26% in the span of five minutes, XRP was largely unfazed: it bounced back to multi-month highs just hours after the crash. Yet there is a textbook indicator printing a sell signal.

XRP is forming a “sell 9” candle on its daily chart, as per the Tom Demark Sequential. The sequential is a time-based indicator that prints “9” and “13” candles at the inflection points in the trend of an asset.

This “sell 9” candle that has formed on the chart of the altcoin predicts a multi-day correction.


Chart of XRP's price action over the past few months from

There are other signals and analysts predicting a retracement or at least a period of consolidation as XRP approaches critical resistance levels.

Cryptocurrency research firm Blockfyre published the chart below on August 3rd. It wrote that XRP is unlikely to break past the macro resistance at $0.33 at first go and will instead consolidate below this level, then potentially move higher:

“$XRP up 32% since the breakout of this downtrend and initial post but finds it self hurtling at light speed towards heavy resistance which should stall it for some time before continuation. Bulls looking for weekly close above .30-33.”


Chart of XRP's macro price action with analysis by Blockfyre and Pentoshi, head of TA at Blockfyre. Chart from

Ripple Releases Latest Market Update Report

The cryptocurrency’s recent price performance comes shortly after Ripple Labs revealed in its Q2 market report that it has been buying XRP on the secondary market. This comes after the company faced criticism from some corners of the industry who argued that Ripple was suppressing the asset’s price.

“A healthy, orderly XRP market is required to minimize cost and risk for customers, and Ripple plays a responsible role in the liquidity process. As more financial institutions leverage RippleNet’s ODL service, more liquidity is added into the XRP market. That said, Ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices,” wrote the company in the report. 

Along with its purchases of the cryptocurrency on the open market, Ripple also sold $32.5 million worth of the asset over the counter over Q2.

Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from
XRP Forms Crushing Textbook Reversal Sign After 30% Explosion


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This Newly Formed Structure Could Cause Bitcoin to See Major Losses




  • Bitcoin and the aggregated cryptocurrency market are currently in a precarious position following the series of strong rejections seen yesterday evening
  • The selling pressure incurred as a result of these rejections has not yet been enough to force BTC or other assets below their crucial support levels
  • That being said, analysts are growing increasingly cautious on BTC’s near-term outlook
  • One trader explained that a recently emerged technical pattern seems to indicate downside is imminent
  • It is important to note that there is one fundamental development that could invalidate this pattern

Bitcoin rallied up to highs of $11,500 overnight before facing an influx of selling pressure that slowed its ascent.

The cryptocurrency is now trading just above its crucial support at $11,000.

Although buyers have been in firm control of Bitcoin throughout the past few weeks, ever since it posted a rejection at $12,000, its momentum has been slowing.

This may indicate that it needs to undergo another consolidation phase before it can push higher.

One pattern resulting from this recent price action is quite bearish, suggesting that the benchmark crypto could be poised to see notable downside.

Bitcoin Struggles to Maintain Momentum as Selling Pressure Grows 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,100.

Buyers tried to spark a fresh leg higher yesterday, but only led BTC as high as $11,500 before it lost its strength and reeled lower.

This is the second firm rejection seen in the past several days – the first being BTC’s massive selloff seen when it tapped $12,000 on Saturday evening.

Analysts are now noting that the cryptocurrency could be well-positioned to see further near-term downside.

While speaking about this possibility, one trader said that the selloff recently seen at $12,000 is not “momentum to disregard.”

“I expected a stronger Monday session for BTC to be bullish, disappointing, it even dumped late Western session hours before the close. We dumped over 1’500$ [on] Sunday after tapping 12.2k, it’s not momentum to disregard, could very well be rolling in our faces.”


Image Courtesy of SalsaTekila. Chart via TradingView.

Here’s What Could Work to Invalidate This Weakness

Bitcoin is in a precarious position now, but the tides may quickly shift back into buyers’ favor in the coming days.

The same trader later noted that one development that could invalidate the sentiment he shared is a $120 million Tether mint that just took place.

He even went so far as to note that this fresh stablecoin supply could help propel BTC significantly higher.

“Closed my BTC short on 11,110$: woke up to a 120MM$ tether mint, which changes my [perspective] altogether: new highs much more likely just because of it IMO. Side lined for now.”

How Bitcoin trends throughout the coming couple of hours as its daily close approaches may provide investors with greater insight into its near-term trend.

Featured image from Unsplash.
Charts from TradingView.


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A kormányoknak sokkal kevesebb dologba kellene beleszólniuk – állítja az amerikai képviselő