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Regulation

Regulating Cryptocurrencies Is Not A Priority: Russian PM

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Regulating Cryptocurrencies

Regulating cryptocurrencies is currently not a priority for the Russian Government since cryptocurrencies lost their popularity in the country according to the Russian Prime Minister. Dmitry Medvedev’s comments were reported by a local news outlet and reached our altcoin news today.

According to the reports, Medvedev believes that cryptocurrencies are not interesting for the Russian population and there is no need for mainstream crypto adoption and crypto regulation:

 “The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already.”

During the annual international judicial forum on May 15, Medvedev pointed out that the problem was previously discussed at the previous forum in 2018. He then urged the government to legislate some of the crypto terms. While Bitcoin was a hot topic in 2018 and later the hype decreased, the prime minister concluded that the time has passed. He also believes there is still no opportunity for the crypto markets to rally.

His stance comes amidst the first major bullish sentiment of crypto markets in 2019. This happened when Bitcoin surged from the average threshold of $4,000 to above $8,000 during the 45 days since April 1 according to the data gathered from CoinMarketCap.

The Russian crypto regulation bill ‘’On Digital Financial Assets’’ was initially passed by the Russian Parliament in May 2018 but it was sent right away to the first reading stage as reported in the latest cryptocurrency news, after reports emerged there is a lack of major key concepts such as crypto mining.

While the parliament of the country has delayed yet again the consideration of the bill, the president of the country Vladimir Putin ordered the government to adopt crypto regulation for the entire crypto industry by July 2019. Last year, for example, Putin made a similar order and tried to create and enforce the regulation by summer 2018.

Russia has minimal progress in regulating cryptocurrencies and crypto related policies. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.’’

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Regulation

SEC Regulations Would Drive Innovation Away From US To Asia: Businessman

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The harsh cryptocurrency regulations by the Securities and Exchange Commission (SEC) are in the latest cryptocurrency news. According to a prominent businessman, the SEC regulations are about to drive away the innovation from the United States to Asia and a new climate. If you are unfamiliar with them, it is safe to say that one of the leading crypto exchanges in the world Poloniex (owned by Circle) announced geofencing of nine assets on its platform recently. This decision has led many to take a cautionary step fearing the Securities and Exchange Commission (SEC) and its retribution. We are talking about Fred Wilson, who is the co-founder of Union Square Ventures. He recently voiced his opinion towards the SEC regulations and the body's ruling to delist coins in the US cryptocurrency exchanges, labeling it as "very damaging." As many best cryptocurrency news sites show, Wilson believed that hostile policies would eventually drive away innovation from Silicon Valley which according to him is the "global epicenter of tech" to Asian countries. He tweeted pointing out to the SEC regulations:
“In 5-10 years when we look back and consider why the next big tech sector centered itself in Asia and not in the US, it will be the SEC’s unwillingness to create new rules to regulate new assets that will be the cause." https://twitter.com/fredwilson/status/1132045551594352646
He cited Coinbase as an example and stated that “most trusted/compliant/secure/safe” cryptocurrency exchanges were based in the United States. So, according to him, driving trading or liquidity to Asia is “detrimental to safety and security." An attorney at Byrne & Storm named Preston Byrne responded to the tweet concerning the SEC regulations, stating that "alleged misconduct" in Asia would be harmful to the entire cryptocurrency space. He also emphasized that one of the major threats to Bitcoin adoption was the "bad actors" who need to be properly identified and eliminated.
“95% of trading volume is faked. The Bitfinex/Tether saga is insane and only just getting started. If crypto is going to be adopted, we need to have more trust in our trading venues. That requires close supervision of trading venues and markets.”
Ari David Paul, the founder of BlockTower Capital, was also featured in the altcoin news for reacting to the post and stating:
“Hopefully we’re not headed toward a world where voluntary commerce can be stamped out globally. So for a global asset, this will always be an issue. Fortunately, you don’t need to care. $1b in CME future volume is real and traceable. Manipulation is temporary by nature.”
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Regulation

Bank Of Russia Is Interested In Developing A Gold-Backed Cryptocurrency

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The central bank of the Russian Federation, Bank of Russia, is finally set to consider a proposal that would allow it to develop and launch a cryptocurrency backed by reserves of gold. The review process has been in the latest cryptocurrency news after it was confirmed by the bank's official Governor, Elvira Nabiullina on May 23rd. Right now, the review process entails the body's leadership exploring how such a state-sanctioned cryptocurrency could be used to facilitate payment settlements between countries - most of which members of the European Economic Union (EEU) which Russia has been trying to freeze in recent years. The news about Bank of Russia and its interest in a gold-backed cryptocurrency were featured by many best cryptocurrency news sites, who also asked for comments by experts. The Governor Nabiullina noted this week that the policymarkets and their gold-backed crypto proposal was officially on the slate. However, she (and perhaps most of her peers in the Bank of Russia brass) thought that "it is more important to develop settlements in national currencies.” Even though the review is notable since it is coming from one of the largest central banks, Governor Nabiullina and her staff are in general skeptical towards cryptocurrencies and very unlikely to greenlight the Duma's token plan which was a hot topic in the altcoin news.
“We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates,” the Bank of Russia's governor said.
So, what can be concluded from all this is the fact that Bank of Russia is simply carrying out its constitutional duties in scrutinizing the Duma's latest cryptocurrency proposal. If it was up to them, such a review wouldn't have taken place anytime soon. However, the episode marks a crucial milestone in the coming altcoin news, mostly because it involves a central bank which is procedurally going through the motions of considering the development of its own cryptocurrency. Prior to the gold-backed cryptocurrency, the former Russian energy minister Igor Yusufov proposed an oil-backed cryptocurrency as a one way ticket for countries like Russia to bypass sanctions.
“[An] oil-backed cryptocurrency would allow oil producing countries to avoid any financial and trade restrictions that have become excessive in recent years, and to step up exports of oil and natural gas” Yusufov said back in 2018.
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Regulation

Gold-Backed Crypto Will Settle Payments In Russia: RSB

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Gold-backed crypto will be implemented in Russia because of its immutability and censorship that the government appreciates. Following the latest cryptocurrency news coming from Russia, we are about to read more about their decision. Russia is not the only country that considered using gold-backed crypto. For instance, Iran did it as well in order to conduct business with other countries. The Central Banker Elvira Nabiulina was not thrilled about the idea of the cryptocurrency saying that a settlement mechanism based with national currencies would be a better idea:
 “We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”
Russia has been going on and off on the subject of cryptocurrencies. The government considered a ban on cryptocurrencies, then only for crypto trading but none of that happened and now the current stage for the legality and regulation of cryptocurrencies is unknown. Due to the lack of regulation in the country one economist fooled many western outlets into believing that Russia is going to procure about $10 billion in cryptocurrency. The country considered the ban on cryptocurrency which the central banks especially likes but is now working on a regulatory framework that stops normal people from acquiring and trading cryptocurrency. The digital regulations are also inconsistent with the mentioned ‘’ digital iron curtain.’’ President Vladimir Putin even ordered experts to work on creating a ‘’CryptoRuble’’ that will help the country to subvert the western sanctions. As reported in the best cryptocurrency news sites, Russia is a part of the Eurasian Economic Union whose members include the former Soviet-bloc countries. The EAEU Minister of Integration Tatyana Valovaya was more keen on using gold-backed crypto to settle payments and stated:
 “We have prepared an analytical report and will present it soon, that will analyze what cryptocurrencies are, what is happening in the world, what approaches countries have, what regulation is provided. […] If the trend of cryptocurrencies and blockchain development is picking up pace, we have to realize that.”
As mentioned, other countries are already working on gold-backed cryptocurrencies for international settlements such as Iran. Other Middle Eastern nations also transact with each other by using decentralized ledgers.
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Regulation

Central Bank Of Laos Warns Against Using Cryptocurrency

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The Central Bank of Laos is in today's altcoin news for warning the public against the use, purchase and sale of digital currencies, as reports from the local news outlet Vientiane Times show on May 21. Also known as The Bank of the Lao PDR, the Central Bank of Laos issued a warning to the financial market participants against the public - going directly to confront the cryptocurrency transactions as they are considered illegal in the country. Previously, the bank banned financial institutions from conducting operations with cryptocurrencies and making investments in such assets.
"The Central Bank of Laos and its Transaction System Management Department recently issued the warning after learning that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the central bank has banned the use of these currencies."
Meanwhile, the latest cryptocurrency news also show the public which seems concerned about the anonymity of the sender and receiver in a crypto transaction. This fact worries because of the increased risk of digital assets and cryptocurrencies in the money laundering practices. However, a source familiar with the matter recently spoke and told Vientiane Times that authorities don't have a relevant security system that will protect cryptocurrency holders. Even though countries such as Canada, Malta and Switzerland have embraced the new asset class to different degrees, officials around the globe still express their skepticism towards crypto and hardliners call for outright bans on the use of digital assets. In the US, the situation is not similar to the Central Bank of Laos as the legal status of crypto varies from state to state. The best cryptocurrency news sites recently reported that the California Congressman Brad Sherman called for a full ban on cryptocurrencies. He also claimed that cryptocurrency presents a threat to the power of the US dollar and affects world economic developments. In April this year, we also reported a situation similar to the Bank of Laos in India - where the government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could reportedly be used for money laundering. The Ministry of Corporate Affairs then stated that cryptocurrencies are used in fraudulent schemes to 'defraud gullible investors.'  
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