russia bitcoin crypto

The Russian Finance Ministry recently released a new report on a bill that they plan on putting into place sometime soon. The state would like to put the bill into place as quickly as they can in the hopes of getting into the cryptocurrency world while it is still in the front of many peoples minds. According to the report “The bill legalizes the term “digital financial asset” as a security in electronic form, “created using encryption methods, of which the legal title of ownership is verified by making a digital record in the register of digital transactions,” also known as a blockchain.

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The bill states that cryptocurrencies are not an authorized means of payment in Russia. Therefore, cryptocurrency — based on this draft — is not money.” The bill that was drafted mentions cryptocurrency and tokens as another form of digital money, and is used as payment for the services from a start-up company. Tokens can be exchanged on crypto exchanges like stocks, which leads to a wild amount of speculation across world markets that many cite as the reason for so much turmoil in the industry. Anti Danilevski, CEO of KickICO, a blockchain platform for fundraising in crypto that raised over $80 million in 2017 in their initial coin offering stated that “The purpose of these bills is to define the scope of action and of the regulations of cryptocurrencies, not their prohibition, and this is good news for Russia.”

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He further stated that “For us, as a company, it is important to act legally…so once you get a better sense of the rules, it allows projects from the real economy to launch their ICOs here, instead of doing it in other countries.” The hopes are high that these companies can find some sort of solace with the new regulation.


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