Russia To Confirm Cryptocurrencies And ICOs Regulatory Framework – According to Anatoly Aksakov, who is the chair of the State Duma’s Financial Market Committee, Russia might be enroute to adopting its exclusive national bank digital currency.
In addition to the three bills presented in March, that the Russian Parliament is considering to direct smart contracts, digital currencies, digital currency mining, and Initial Coin Offering (ICOs). It appears that the administrators now also have a state-supported cryptocurrency to research.
With the end goal to better assimilate into the cryptocurrency market, the Financial Market Committee of the Russian Parliament is in discussions to launch an encoded type of the nation’s fiat currency, in other words, a digital ruble, Aksakov revealed to RIA Novosti.
“This is the same ruble, just in encrypted form. It tracks the money turnover between the blockchain participants. The information system can place tokens, digital rights to raise funds for projects. All rights are taken into account in the information platform. This resource allows you to exchange money for crypto money. For example, you bring 100 thousand rubles to a bank and get 100 thousand crypto rubles. And one to one for fiat money. You use these funds to buy goods fixed in the blockchain.”
CryptoRuble To Empower The Exchange And Economic Process
The member from the State Duma trusts the Bank of Russia. which ought to manage the entire procedure of propelling the Russian ruble as the cryptocurrency. However, the national bank is tentative about the matter. Aksakov anticipates that blockchain will, in the long run, speak to a considerable segment of Russia’s economy. Which at that point will raise the requirement for a CryptoRuble that facilitates trade and economic procedures in the nation.
The President Of The Central Bank Of Russia Called Bitcoin “quasi-money.”
Until further notice, cryptocurrencies are not an approved method of payment in Russia. Elvira Nabiullina, President of the Central Bank of Russia, called Bitcoin “quasi-money.” The national bank does not permit cryptocurrencies to be traded for rubles, money or other property.
Despite the State Duma introducing three draft bills on cryptocurrencies and digital tokens, they are considered assets. No one will be able to pay for goods and services in Russia. In addition, regulation on ICOs may limit the investment of non-accredited investors to 50,000 rubles (approximately $900) at the most. Aksakov said the Parliament plans to approve the regulatory framework on cryptocurrencies and initial coin offerings by the end of 2018, but the crypto-ruble is not no the list.
“This is not in the bill, it’s my fantasy of what I suppose will be in the future. So far there is no request. While we are creating first of all the legal possibilities for holding an ICO within the Russian jurisdiction and provide for the protection of investors’ rights, the rules of operators, the requirements for them and the information system. First, we create the infrastructure, then the infrastructure may require cryptocurrency.”
Even though the Bank of Russia thinks about digital forms of money as “quasi-money”, a new ICO technology has been tested on the national bank’s administrative platform, with the end goal to direct the first transaction including tokenized assets.