Several large Russian banks have expressed their strong interest in cooperating with the cryptocurrency industry and Blockchain during a closed-door meeting held at the Moscow Stock Exchange. Demand for cryptocurrencies in Russia is very high, but banks are unable to meet this demand due to the lack of clearly defined provisions. For this reason, representatives of Russian banks present at the meeting talked with regulators from Japan, Luxembourg and Singapore to adjust their experience to local realities. In addition, a lobbying group was set up with the aim of approaching the Russian government with suggestions on how to regulate the cryptocurrency in the country.
As the RBC Correspondent has learned, a representative of a large Russian bank has proposed to create an alternative draft law on digital resources, which will be drastically changed from the current regulations proposed by the government. According to the RBC report, the meeting was organized by a lobbying group comprising the largest Russian bank Sberbank, Alfa-Bank, VTB and others. The lobbying group also discussed regulatory issues with global experts, such as officials of the Bitflyer stock exchange. Former Luxembourg Finance Minister, Luc Frieden, also took part in the meeting explaining how he managed to create a legal framework for cryptocurrencies.
This was not the first group meeting at the Moscow Stock Exchange. The first meeting devoted to the Russian regulation on digital assets took place in June.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading below the important technical resistance zone, established between the levels of $6,521 - $6, 550. Moreover, there is the internal trendline resistance around this level as well, which makes this area hard to break through. The nearest support is seen at the level of $6,413. In a case of a breakout, the next target for bulls is seen at the level of $6,666.
