Speaking at a press conference on the increase in household debt, chairman Anatoly Aksakov expressed his conviction that the government will create a stablecoin related 1: 1 with ruble. The national cryptocurrency would be secured with a bank deposit at a certain amount. Then, the bank institution is to emit the right amount of cryptographic assets, using blockchain technology and keeping the ratio 1: 1.
According to Moscow's Mskagency news outlet, the chairman explained that the cryptocurrency would be issued by the central bank because it is supported by the fiat currency. In conclusion, Aksakov noted that the implementation of block-chain technology in the issue of "cryptographic money" is "promising".
It is worth noting here that the first reports on plans to create the "cryptoruble" appeared already in October 2017. Nevertheless, this project has not yet seen the light of day and in June this year. Vladimir Putin himself announced that Russia can not have its own cryptocurrency, because they are by definition decentralized and "go beyond the borders of countries."
Referring to the use of cryptocurrencies as a form of payment, Putin said then that although such a solution works in Japan, which has partially adopted the crypto, it does not work in other countries. He criticized their value: "The ratio of the central bank to the cryptocurrency is such that they are not considered a means of payment or a way to store value. Cryptocurrencies are not supported in any way, they should be treated with caution. "
The president, however, remarked at the time that Russia should keep an eye on the "phenomenon of the developing world" in order to determine what should be the role of the country in this process. It would seem, therefore, that the Russian State Duma is slowly beginning to understand the phenomenon of virtual currencies and sees great potential in them.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made an up move towards the technical resistance zone located between the levels of $6,433 - $6,455 and then the Doji candlestick formation was made just in that zone. Since then, the price has moved lower towards the level of $6,344 which is a technical support. Please notice, the short-term orange trend lie will provide support for the bulls on their way up. In a case of a breakout below this line, the next support is seen at the level of $6,274.
