The internet regulator of China named the Cyberspace Administration of China (CAC) is in the latest crypto news for outlining a final draft of regulations that concern companies operating in the field of cryptocurrencies and blockchain. As the rules by the regulator outline:
“The Regulations on the Management of Blockchain Information Services has been reviewed and approved by the Office of the Internet Information Office of the State Council and is hereby promulgated and will be implemented as of February 15, 2019.”
Coming into effect from February this year, the rules will provide a set of guidelines which all businesses are required to follow. As the final draft outlines, the State Internet Information Office will be responsible for blockchain regulation at a national level, aside from the state or province-specific authorities overseeing the regulations in the respective states.
In the past, China has cracked down ICOs by banning them (2017) along with banning domestic cryptocurrency exchanges. However, this new move shows that the country is ready to back all the businesses and companies that develop new products. The only limitation is that they must undergo “safety assessment in accordance with relevant regulations”.
“Blockchain information service providers and users shall not use blockchain information services to engage in activities prohibited by laws and administrative regulations that endanger national security, disrupt social order, and infringe on the legitimate rights and interests of others,” the document states.
Overall, the regulations look stringent and we will see how they will affect companies within China. Given the crackdown in 2017, they are not a surprise but may also have a positive impact on the neighbouring India which is set to announce cryptocurrency regulations soon.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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