Bitcoin’s adoption is gaining momentum in Russia, where it’s being utilized for international trade. Russian Finance Minister Anton Siluanov revealed that the country is experimenting with Bitcoin and Digital Financial Assets (DFAs) as alternative settlement methods. With the goal of reducing reliance on traditional currencies amidst geopolitical tensions, Bitcoin is becoming an integral part of Russia’s “creative settlements,” offering an alternative to the US dollar. Additionally, plans are underway to expand Bitcoin mining and its use in sovereign transactions by 2024. While Siluanov cautioned against speculative investments, the integration of Bitcoin in international trade is expected to bolster its demand and value in uncertain times.

MicroStrategy’s Strategic Accumulation Sparks Optimism
MicroStrategy, a major institutional player in the cryptocurrency market, continues its aggressive acquisition of Bitcoin. The company announced plans to issue additional shares to further increase its holdings, following a $561 million Bitcoin purchase during its seventh consecutive week of accumulation. This move has strengthened investor confidence, with Bitcoin’s price rising to $98,117, reflecting a 0.32% increase after the announcement. With Bitcoin’s annual growth surpassing 135%, significantly outperforming traditional assets like gold, MicroStrategy’s accumulation reinforces institutional trust in digital assets and adds stability to the market.

Technical Insights: Bitcoin Eyes Bullish Breakout
Bitcoin is currently consolidating after retracing 50% from $92,126 to $108,400. At $98,117, the cryptocurrency faces immediate resistance at $102,207. A decisive breakout above this level could open the path toward $104,954 and $108,400. On the downside, failure to hold the $100,293 pivot might trigger corrections to $95,717 and $92,139. Technical indicators suggest a neutral-to-positive trend, with the RSI at 57.39 signaling moderate buying pressure and the 50-day EMA at $97,427 providing robust support. Traders should await a clear move above $102,207 to confirm a bullish continuation.

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Ukraine is gearing up to legalize cryptocurrencies, marking a major milestone in its journey toward embracing digital assets. Lawmakers, alongside the National Bank and the International Monetary Fund (IMF), are working tirelessly to finalize a bill expected to be adopted in the first quarter of 2025.
Key Highlights:
🔹 Bill Drafting Underway:
Danylo Hetmantsev, Head of the Ukrainian Parliament Committee for Finances, Tax, and Customs Policy, confirmed at the “Domestic Investment Opportunities” seminar that parliament’s working group is preparing a cryptocurrency draft bill.
> “We want to legalize cryptocurrencies in 2025’s first quarter,” Hetmantsev stated, signaling Ukraine’s intent to align with international standards.
🔹 No Tax Exemptions on Crypto:
Despite the push for legalization, the bill will adopt a “cautious approach” regarding tax exemptions for digital assets. Experts warn that such exemptions could facilitate tax evasion, a concern echoed by the IMF.
🔹 Legislation History:
In March 2022, President Volodymyr Zelenskyy signed the “On Virtual Assets” legislation, providing a regulatory framework for the digital asset market. However, the law wasn’t enforced until early 2024, when amendments to the Tax Code were made.
🔹 IMF’s Role:
The IMF has been instrumental in shaping Ukraine’s crypto policy. In April 2024, it emphasized the need for stricter regulations, warning that an unregulated crypto industry could threaten price stability and monetary transmission efficiency.
Why It Matters:
1. Economic Boost:
Legalizing crypto could attract domestic and foreign investments, creating new economic opportunities and fostering innovation in the blockchain space.
2. Increased Tax Revenue:
With clear regulations, exchanges and traders will be obligated to pay taxes, helping Ukraine recover millions in potential revenue previously lost due to the absence of legal oversight.
3. International Compliance:
By collaborating with the IMF and European specialists, Ukraine aims to establish a robust regulatory framework that aligns with global standards, ensuring its competitiveness in the digital economy.
Challenges Ahead:
While legalization is a significant step forward, challenges remain:
Balancing innovation and regulation without stifling growth.
Addressing concerns over tax evasion and market stability.
Educating the public and businesses about the implications of crypto laws.
What’s Next for Crypto in Ukraine?
As the world watches, Ukraine’s move to legalize crypto could set a precedent for other nations. With Bitcoin ($BTC ) reclaiming the $101K mark, the timing couldn’t be better for Ukraine to tap into the growing market.
The final draft of the legislation is expected to be available after the New Year, with early 2025 shaping up to be a transformative period for Ukraine’s crypto landscape.
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