Category Archive: russia

Regulators to allow Bitcoin in Russia


Russia’s Ministry of Finance revealed that regulators now wants to propose a new law to allow Bitcoin in Russia.
Actually, they want still ban Bitcoin in Russia for domestic use, but they want to use it as a foreign currency.
In a recent interview conducted by the Rossiyskaya Gazeta magazine, deputy finance minister Alexei Moiseev explained this move to limit the use of other currencies domestically. 
As Moiseev said, ruble is supported by Russian Constitution, so it can be the only currency in use for national trading.

How to use Bitcoin in Russia

“Can Russian citizens have a wallet and pay bitcoins in those countries where it is allowed? Why not? Therefore, we are formulating the law in such a way in order to allow buying cryptocurrencies for foreign operations and allow Russian citizens to sell bitcoins for profit reasons in foreign countries.”
This announcement represents a significant change for Bitcoin Russia.
In fact, previously Russian government wanted to ban digital currencies and to impose criminal penalties for their users, despite more positive notes from the Russian central bank.
Currently there is no law to prevent the use of bitcoin domestically, and Russia doesn’t want to limit the development of the blockchain, but only to prevent the Bitcoin use for national commerce.

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Russian Banks work on a Blockchain Unit

Russian Banks work on a Blockchain Unit

A few days ago Russian Banks and public institutions revealed that they will create a unit that aims at studying blockchain applications.
Announced on July 1st, this private consortium includes QIWI, B&N Bank, Khanty-Mansiysk Otkritie Bank, Tinkoff Bank, MDM Bank, and Accenture.
The project was announced during the 25th International Financial Congress in St. Petersburg, hosted by the Russian Central Bank.
This unit focuses on the development of “blockchain proofs-of-concept, work on joint research and policy outreach, and the creation of technology standards”. 
The idea for this project came when the QIWI revealed its hope for creating the so-called “Russia’s R3CEV”, a group of financial services focused on the distributed ledger. 
CEO Sergey Solonin explained:

“I’m convinced that the Consortium, which brought together the Russia’s largest financial company, is able to become an effective platform for multilateral cooperation in exploration, launching innovations and their implementations in financial services.”

Bank of Russia works on the Blockchain

Bank of Russia is not new to an involvement with the Blockchain, in fact,
A few months ago Olga Skorobogatova of Bank of Russia explained that “the development of modern financial markets is inseparable from the development of financial technology”, when the bank revealed his purpose to start studying the distributed ledger back in February 2016.

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Bitcoin’s Monthly Recap of June 2015

Welcome to HolyTransaction sixth monthly recap for the year 2015. This past month of June has has been eventful for Bitcoin due to events within the Bitcoin ecosystem and from the general economic world as well; during that time, the bitcoin price fell from a low of $223.51 to a high of $272.50, according to Bitcoin exchange Bitstamp.
Russia Reverses Stance on Bitcoin Ban, Open to P2P Transactions
According to Russian media Izvestia, the Russian government is expected to reverse its stance on Bitcoin in the coming months. Over the last year, different arms of the Russian government have come forward with different opinions on Bitcoin, with the Central Bank being notably open to the idea of cryptocurrencies. This news comes on the heels of a reversal on a website ban affecting several Russian Bitcoin sites. Around the world, an anti-Bitcoin stance is increasingly becoming more and more unpopular.
Decentralized Marketplace OpenBazaar Receives $1 Million USD Funding
The decentralized marketplace project, OpenBazaar, has raised $1 million USD in funding from names such as Andreessen Horowitz and Union Square Ventures. OpenBazaar has sometimes been called the spiritual successor to infamous marketplaces such as the Silk Road. Of course, that is not the purpose of the project; however, the applications of a secure and open marketplace software has obvious implications for the black market. The infusion of venture capital money into such a controversial area shows the promise of Bitcoin technology in the world of commerce.
Silk Road Investigator Pleads Guilty to Money Laundering
In the latest drama from the Silk Road drug market takedown, one of two federal agents working on the Silk Road case has plead guilty to money laundering, extortion, and other crimes. Carl Force infiltrated the Silk Road marketplace as the head of the Baltimore-based team that took down the infamous site; however, while leading the investigation, Force stole money from Silk Road and the now convicted Ross Ulbricht. Force even signed a movie deal with 20th Century Fox to detail his exploits. Another agent, Shaun Bridges, also plead guilty to similar crimes.
Nasdaq Private Market Works with Chain to use Bitcoin
In a continued show of interest in Bitcoin technology, the Nasdaq OMX Group Inc. has chosen Bitcoin startup Chain to test a new type of trading. Using Bitcoin technology, Nasdaq hopes to secure the trading of private company shares. The Nasdaq Private Market currently services pre-IPO trading of shares in private companies and blockchain technology will manifest here first. Nasdaq’s CEO Bob Greifeld explained: “As blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole, Nasdaq aims to be at the center of this watershed development.”
Greek Economic Crisis Raises Bitcoin Awareness
For the last month, the world has been eagerly watching Greece struggle with the European Union over its debt and a proposed deal to save the beleaguered country. In the meantime, banks, PayPal, and Western Union have all taken a much-felt hiatus from the country, leaving the Greek people to suffer financially. In this economic turmoil, many have started learning about Bitcoin. Bitcoin companies across Europe are reporting increased levels of usage and activity from the Greek area. In 2014, when Cyprus was having similar issues, interest in Bitcoin also experienced a noticeable jump.

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Russia reconsidering Bitcoin?

(CryptoCoinsNews) Could Bitcoin make it back into Russia? The latest news is that the draft law is in need of major revision as the Russian Ministry of Economic Development has not approved the draft in its current form. This is certainly not because of the desire to enhance freedom and liberty for Russian citizens, but because it may hurt Russian corporations ability to attract new business. The “quasi-money” designation includes things like gift cards and certificates that businesses use to bring in new customers. Banks, major retailers, and telecom companies would take a huge hit, and with the national GDP/economy is already having a terrible year, this bill does more harm than good overall.
“The proposed draft regulation act doesn’t solve any tasks assigned, but only serves to create legal barriers to the implementation of marketing programs of businesses and business development in general,” according to the Ministry of Economic Development.”
The issue with nation-states attacking Bitcoin out of defense of their currency is a complicated one. Many nations are in debt due to their debt-based fiat currency/central banking system. The current inherently flawed system is designed to leave nations indebted. Bitcoin and it’s potential growth leave open a way to build new businesses, generate new revenue streams by attracting investors, and ways for future taxation to help alleviate the nation’s indebtedness. Russia’s previous hard stance against Bitcoin was taken before many of their current economic issues and sanctions manifested.
Russia’s economic situation may continue to spiral downward, as they may soon suffer from restriction of access to the global financial system. In particular to the payment system SWIFT (Society for Worldwide Interbank Financial Telecommunication, which supplies secure messaging services and interface software to wholesale financial entities. An international banking computer partnership). Some critics say the government should pay more attention to financial innovations instead of trying to ban them.
Does this mean Bitcoin is in the clear? Not exactly. The bill most likely will be revised, but it may just benefit Russian corporations, but still restrict Russians ability to use electronic currency. The ban may just work around gift cards and bonus cards and remain for digital currency. The nature of the extent of the revisions remains unclear. What do you think Russia will do with Bitcoin?

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Satoshi