The New Regulations Give The Bank Of Russia Great Powers And Support The Development Of The Necessary Payment Infrastructure For The Digital Ruble
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Crypto Industry News:
A group of Russian lawmakers, led by the chairman of the Financial Market Committee Anatoly Aksakov, submitted a draft law on the digital ruble, a central bank digital currency (CBDC) issued by the Russian monetary authority. The document proposes legislative changes that are to create conditions for the implementation of the project.
According to the explanatory notes to the bill, cited by the RBC news portal, the main goal of the bill is to develop the necessary payment infrastructure for the digital ruble. Officials believe that this will provide Russian citizens, companies and the state with access to fast, convenient and cheap transfers.
The Act also aims to amend several existing provisions. For example, the law "On the national payment system" to which members of the Duma want to add definitions related to CBDC issues.
The new regulations give the Bank of Russia a lot of power and make it the sole operator of the CBDC platform. They also establish procedures for opening digital ruble wallets and accessing said platform.
The amendment to the Law "On Currency Regulation and Currency Control" secures the status of the digital ruble as the currency of the Russian Federation and defines CBDCs issued by central banks of other countries as foreign currencies.
In turn, amendments to the federal law "On Personal Data" allow the Russian Central Bank to process personal data without obtaining consent and without the need to notify the authority responsible for the protection of personal data rights in advance.
Technical Market Outlook:
The Ethereum cryptocurrency has retraced 38% of the last wave down on the H4 time frame chart and is currently trading close to this level. The 100 SMA is seen at the level of $1,246, so bulls need to break through this level in order to continue the bounce towards the technical resistance seen at $1,278. The key short-term technical support is seen at the level of $1,183. Please notice the spike in the momentum indicator on the H4 time frame chart to the positive territory.
Weekly Pivot Points:
WR3 - $1,258
WR2 - $1,232
WR1 - $1,220
Weekly Pivot - $1,205
WS1 - $1,191
WS2 - $1,178
WS3 - $1,152
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Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.
Relevance up to 11:00 2023-01-04 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
