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Russia is poised to enact stringent regulations on cryptocurrency trading, aiming to curb the mass trade of digital assets like Bitcoin within its borders. This move, driven by geopolitical tensions and sanctions, signals a significant shift in the country’s approach to digital finance.

Russia’s Cryptocurrency Policy Shift: Centralized Control and Regulatory Uncertainties

In a recent report by CryptoPotato, the government’s decision to control the bitcoin industry is a significant step. Only miners and projects sanctioned by the Central Bank will be permitted to operate. Importantly, any creation of cryptocurrency exchanges and over-the-counter (OTC) services outside the experimental legislative framework will be deemed illegal.

Anton Gorelkin, Chairman of the State Duma Committee on the Financial Market, has clarified that he does not support a complete ban on bitcoin circulation in Russia.

In a Telegram post, he clarified that the restriction is not intended to prohibit all Bitcoin use but rather to govern the formation of cryptocurrency exchange platforms within Russia’s legal framework.

Gorelkin further claims that geopolitical circumstances, including considerations of international relations impact the establishment of a legitimate Russian crypto infrastructure. He said that allowing such infrastructure would expose Russian enterprises to Western sanctions.

Gorelkin further stated that the limitation may be lifted and that customers can continue to use foreign crypto exchanges and OTC services as previously. However, the impact on several OTC crypto services in Moscow remains undetermined.

Anatoly Aksakov’s Agenda: Bolstering Ruble with Stricter Cryptocurrency Regulations

Gorelkin’s latest article needs to clarify Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, who stated that the controversial measure aims to limit non-Russian cryptocurrency operations to reinforce the ruble’s dominance.

Aksakov stated that the law would provide exemptions for crypto miners and Central Bank-backed pilot projects under a trial legal framework, citing that crypto mining contributes significantly to Russia’s tax revenue.

Meanwhile, Russia’s Finance Minister, Anton Siluanov, has urged for a more balanced approach, arguing for regulation permitting the use of cryptocurrencies in local and foreign transactions.

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Ondo’s value has soared by 2846.67% in the past six months, bolstered by a recent 7.44% weekly gain. With its price currently oscillating between $0.64 and $1.03, Ondo is on a trajectory towards potentially hitting $1.24 and possibly $1.63. While the outlook is promising, market shifts could temper this ascent, and investors are advised to remain vigilant. Nonetheless, Ondo is attractive for those looking to leverage its bullish trend.

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3. Aptos: Experiencing Fluctuations with Growth Potential

Aptos has shown a 7% increase in the last week, despite a 40% fall over the previous month. Prices fluctuating between $8.97 and $10.65 suggest a possible climb to $11.31 or even $12.99 if the upward trend continues. However, the medium-term downturn poses risks, demanding cautious investment strategies. Aptos presents a compelling choice for those prepared to manage its price volatility.

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Optimism has demonstrated volatile yet promising market dynamics, with a 14% rise over the last week counterbalanced by a 31% decrease in the past month. Prices ranging from $2.14 to $2.64 indicate potential recovery targets at $2.83 and $3.33. Despite mixed market signals, OP’s resilience suggests it might be poised for near-term recovery and growth.

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