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On January 2nd, Barclays maintained its forecast of a Federal Reserve rate cut in 2026. In a report, the banks US economists stated that the Fed is expected to cut rates twice in 2026, each time by 25 basis points, in March and June respectively. They believe that the risk of delaying rate cuts is greater compared to this baseline scenario. Information from the Feds December policy meeting minutes aligns with Barclays expectations, namely that the January meeting may hold rates steady, with economists noting that "the Federal Open Market Committee needs time to assess the impact of recent rate cuts."On January 2nd, Louis Navellier & Associates, Chief Investment Officer, stated in a report that the Federal Reserve will cut interest rates four more times in 2026 to bring the level down to the neutral point. He pointed out that weakening home prices are exacerbating deflationary concerns, a problem the Fed needs to address. He stated, "Furthermore, given that the US economy hasnt created many jobs, theres no reason for the Fed to maintain a tight stance." Navellier also noted that if deflationary pressures intensify further, more rate cuts may be necessary.The Hang Seng Tech Index in Hong Kong continued its upward trend in the afternoon, rising more than 4%, while the Hang Seng Index rose 2.65%. Stocks in sectors such as power equipment, domestic retail, gaming software, semiconductors, and military industry took turns to rise.On January 2nd, Changan Automobile announced that its sales volume in 2025 will reach 2.913 million vehicles, a year-on-year increase of 8.5%, setting a new high in nearly nine years. Among them, sales of new energy vehicles will reach 1.109 million vehicles, a year-on-year increase of 51%.Hong Kong-listed tech stocks continued their upward trend in the afternoon, with Baidu (09888.HK) rising over 8.6%, NetEase (09999.HK) rising over 6%, Trip.com (09961.HK) and Alibaba (09988.HK) rising over 4%, and Tencent Holdings (00700.HK), Kuaishou (01024.HK), and JD.com (09618.HK) rising over 3%.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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