The Russian Ministry of Finance intends to legalize the cryptocurrency trade
In the OPEN team, we are all interested in the mass distribution of cryptocurrency and blockchain technologies, and therefore we are watching what is happening on the world stage in search of signs that this process is gaining momentum. Today, Russia seems to be in the spotlight as the next world power, which may well legalize cryptocurrency.
After several months of rumors and conjectures, a bill prepared by the Russian Ministry of Finance regarding the legalization of cryptocurrency trade may become the first step in the process of legitimizing digital assets in this country. Although there are no special digital money laws in Russia, currently it is illegal to pay for anything through cryptocurrencies or exchange them for rubles, and mining is in the gray zone at best.
The bill, which is expected to be adopted as early as March, is intended to solve these problems and help create a more open environment for trading cryptocurrencies and investing in digital tokens in Russia, but only on licensed exchanges, and also implies state mining regulation.
“The point is that the purchase and sale of cryptocurrency will be somehow standardized… it will need to be bought and sold on official exchanges, trading on which will be legalized,” said Deputy Finance Minister Alexei Moiseyev.
We are glad to change, but we take them seriously
President Vladimir Putin seems to see an inevitable future in cryptocurrencies – after the June meeting with the founder of Ethereum, Vitalik Buterin in the Kremlin noted that “the president supported the idea of establishing ties with potential Russian partners.” In Russian economic circles they even talk about the possible appearance of a “crypto-ruble”, but these are only isolated rumors so far. At the same time, recognizing the attendant risks, President Putin ordered the development of a draft law regulating Bitcoin and other cryptocurrencies, ICO, as well as mining, no later than July 2018.
Undoubtedly, the new bill is a response to the call for government supervision, and it appears at a critical time for Russia – at the height of the boom of support for cryptocurrencies and blockchain technologies, for example, by people like Dmitry Marinichev, the head of the Russian Russian Mining Center with an area of 9000 m2, which attracted through the initial offer of tokens $ 43 million to expand its project, or Aleksey Kolesnik, who reportedly purchased two power plants in the Perm region only to provide energy yes a center and a farm for mining.
To date, only about 3% of Bitcoin nodes are located in Russia, but cold weather and cheap energy can make a difference if mining is legalized. In addition, such Russian blockchain companies as Waves – with a declared market capitalization of $ 400 million, 80% of which they operate outside of Russia, will be able to return their technologies and revenues to their home country.
What does this mean for OPEN and the rest of the world
What exactly to expect from this bill is still not completely clear (new information is likely to come in February). But to the world of cryptocurrency, this signal unambiguously promises new business opportunities. When governments on the world stage are forced to develop bills for new technologies and markets, this is a clear sign that serious changes are taking place and they will remain with us for a long time. We have foreseen and waited for such a development of events for many years, so that the inspiration prevailing in the market certainly finds a response in our offices. We are eager to do our part of the work and present the OPEN wallet to everyone. We are preparing to launch a platform designed to promote mass distribution and adoption of cryptocurrencies throughout the world, and we hope that you will join our mission in one way or another.
Source: chby.io
