When Can the Bank of Russia Legalize Crypto Mining?

Moscow’s monetary authority is now ready to support the legalization of crypto mining. Provided that Russian miners will be obliged to sell the coins they mine in the process outside the country. This was announced by the head of the Financial Technologies Department of the Bank of Russia. The central bank has been a tough voice in ongoing discussions about the future of cryptocurrencies in Russia; which proposed earlier this year a complete ban on most related activities, including mining. However, facing opposition from other government institutions and dealing with financial constraints imposed by the war in Ukraine, the position changed.

Last month, it was noted that crypto payments may be allowed if they do not “penetrate” the Russian financial system. At the same time, some believed that digital currencies such as Bitcoin should not be traded on Russian platforms. These resources are very explosive and risky for investors. Telling at the International Forum this week, announced that mining will not be accountable to the Central Bank of Russia. This is one of the ways to buy cryptocurrency, in the form of a commission. Acceptance of crypto processes performed by miners.

According to the director of the Department of Financial Policy of the Ministry of Finance, some large crypto mining companies based in the Russian Federation have also had to deal with foreign restrictions on withdrawing funds. This suggested that Russia may have to build its foreign exchange infrastructure to ensure industry liquidity.

However, according to the CBR, cryptocurrency mined by miners in Russia should be sold across borders and not allowed to accumulate in the country. The point is to avoid creating an incentive for its further use in domestic payments.

SOL to rising Above $40 Levels – Crypto Hopes

Solana’s value analysis lets us know that the market is bearish. However, the $30.0 support was able to hold prices. A descending triangle pattern was also observed on the 4-hour chart. This pattern is usually bearish. This suggests that SOL may continue to decline. The currency found support at $30 and resistance at $41 on the 4-hour chart. Formed a descending triangle pattern, which is usually bearish. This suggests that the crypto may continue its decline towards $30.

SOL formed a bearish flag pattern, a continuation pattern. A flag pattern appears when prices make a significant move. This is after a part of consolidation. This is generally seen as a continuation of the previous trend. In this situation, the first trend is the downtrend that began in mid-April. A defensive flag formation implies that the price will likely fall to the $30 support level.

The MACD is in a bearish composition and is shrinking. This suggests that the bears are controlling the market. The moving averages are currently bearish and down trending. This indicates that the bears have taken over the market. Solana’s price analysis over the past 24 hours indicates that the price has been hovering around $33.5 with a slight downward trend. The cryptocurrency is trading below the $34 resistance and moving averages. Faces immediate resistance at $34; If it breaks above this level, the price could rise to $36. On the drawback, the earlier support is at $32, followed by $30.

Conclusion

RSI has broken out of the descending triangle pattern. This shows that the downward power is increasing. Recently, at 40, it is nearing oversold territory. If the RSI breaks out of this level, it may indicate that SOL prices are likely to fall further. On the downside, the first support level is $30, followed by $25. On the upside, a battle is at $41 and $50.

SOL price analysis shows that the situation is bearish. Prices remained in a narrow range and failed to break the $33 resistance. The technical indicators on the daily chart are all bearish. This confirms the view that prices will decrease again.

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