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Russia to legalize bitcoins and cryptocurrencies soon

Sep 11, 2017 Posted /  5013 Views

Russia to legalize bitcoins and cryptocurrencies soon

Russia to legalize bitcoins and cryptocurrencies soon

1. Russia is thinking to legitimize cryptocurrencies. It is creating a legal framework that will take the authority for the transactions utilizing the digital currencies like Bitcoin, given by the RT reports.

2. This was conveyed by the Russian Finance Minister Anton Siluanov at a recent financial forum in Moscow.

3. It is a complete transformation from the Russian Ministry’s position last year, coming out  from the President Vladimir Putin signified acceptance for the digital currencies.

4. Earlier, Vladimir Putin had met with Vitalik Buterin, the founder of Ethereum blockchain who established the merits of Russia’s utilization of the Blockchain, the technology on which Bitcoin works.

5. Subsequently, a consortium of lenders have thought deeply over the probability of utilizing the technology to cut costs.

6. Meanwhile, a presidential aide had stated plans for an ICO.

7. The Russian Finance Ministry was previously hesitant and had considered the ban on the use of cryptocurrencies in apartments which it judged as  unsafe.

8. Now that they are getting support from Putin, and the state has realized that the digital currencies are part of the modern economic realities, Siluanov said that “there is no point in outlawing them”.

9. “The next move is to draw up a bill before yearend to regulate cryptocurrencies”, he further added.

10. Siluanov is yet to reveal other details, but has said that the Russian Ministry’s aim is to make the trading of cryptocurrencies covered by law to in the similar way as buying treasury bonds and many other securities.

11. As with other technology trending around the globe, digital currency has not won over everyone yet.

12. There are people in Russia which are still non-believers.

13. Bank of Russia Governor for example said that the global uproar on digital currencies as a gold fever sweeping all nations and expressed the apprehension over their utilization as a surrogate for money.

14. In other news China has not been on the receptive end to the increasing demand for cryptocurrencies.

15. Moreover its financial regulator plans to shut the major Bitcoin exchanges that has led to Bitcoin’s price plunging. 

16. There has also been much prediction over cracking down on digital currency, which was  followed by a recent decision by The People’s Bank of China to ban the fundraising via ICOs, which have increased in popularity.

17. The National Settlement Depository which is Russia’s central securities depository for the MOEX, is now creating a blockchain platform which is based on the Russian designed Waves Platform to make a ledger system to account for crypto-currency trades.

18. Individual investors globally are getting in on this, with Bitcoin rising over 700% in opposition to the dollar over the last 12 months, increases like that they are becoming impossible to avoid.

19. Development of that platform is already in process, with a prototype predicted to be tested in the early half of 2018.

20. Russian regulators and legislators need to make the legal framework to reduce risks of these digital assets to investors.

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Tags: Russia and Bitcoins Russia and Bitcoins regalization ico initial coin offering

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