Tag Archives: russia

russia 1927096 960 720

Bitcoin Russia: a new law proposition by Russia’s Central Bank

The Bitcoin Russia saga is continuing to move on, as the Russia’s Central Bank is writing a new law focused on digital currencies.

Reports suggest that the Bank of Russia is looking to recognize digital currencies as digital goods, so they will be subjected to regular taxation.

Also, this law will include info on how the government will keep an eye on and regulate domestic marketplaces.

According to Bloomberg and RBC, in fact, deputy governor of the Bank of Russia, Olga Skorobogatova discussed her institution’s work on new legislation.

On May 25th, Skorobogatova explained that legislation could be introduced in the Russia’s national legislature – or the so- called Duma – in June.

Digital currencies “should be regulated, because volumes are increasing compared to the previous year. If people are engaged in this, they have to pay money for it, and we have to have a clear understanding of how to control this activity”, explained Skorobogatova, according to a recent report published by Bloomberg.

So, Russia is moving ever closer toward some kind of legislative framework for bitcoin and other digital currencies.

Initially, the government seemed to want to take a contrary stance on the creation of issuance of the money surrogates and Russian officials revealed their idea to ban bitcoin as illegal.

That position has changed during the recent months, and the enthusiasm on the blockchain started to increase among both officials from the Bank of Russia as well as the Russian government.

For example, Prime Minister Dmitry Medvedev pushed for research into public applications of the distributed ledger tech.

Read more about Bitcoin Russia regulation here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
nice 1046188 960 720

Bitcoin in Russia: regulation will take place in 2019

Russia’s Ministry of Communications (Minkomsvyaz) has revealed it is looking for legalizing Bitcoin in Russia and the blockchain technology by 2019.

The local news agency called TASS talks about a document about the Russia’s Digital Economy of the Russian Federation project, which lays out a timeframe for creating and passing the blockchain regulation.

The document quoted the following:

“bringing into effect regulatory acts governing the possible use of technology for decentralized registers and legal certificates.”

Back in March, prime minister Dmitry Medvedev instructed Minkomsvyaz and its counterpart Ministry of Economic Growth (Minekonomrazvitie) to “study to what extent Blockchain would be applicable to our system of government.”

During the last year, Bitcoin in Russia has solidified from a rhetoric point of view also because the Russian Central Bank decided not to ban digital currencies including Bitcoin and this news was useful to calm businesses and users’ after a few years of uncertainty when Russia stated it would ban cryptocurrencies within the country.

Then, back in April, 2017, Russia announced it would recognize Bitcoin by 2018, but monitoring each transaction.

Read more about Bitcoin in Russia here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin in russia

Bitcoin in Russia: transactions will be monitored

Bitcoin in Russia will be officially “recognized” by 2018, but each transaction will be subjected to monitoring.

In a recent statement by the Russian central bank, Deputy Finance Minister Alexey Moiseev explains – in an interview quoted by Bloomberg – that a legal position about Bitcoin in Russia will be taken in the next future.

Recently, bitcoin and altcoins had been put aside regarding regulation, with users and companies operating in Russia threatened with takedowns and jail.

In October, Russian communications watchdog Roskomnadzor blocked access to a peer-to-peer marketplace called LocalBitcoins, but developers responded by setting up a new mirror site, LocalBitcoins.net.

“The state needs to know who at every moment of time stands on both sides of the financial chain. If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations,” said Moiseev about the Russian government position.

While digital currencies are still yet to receive an official status, Bloomberg reports that they will be treated as assets, cash or security by mid-2017.

Back in January, Deputy Olga Skorobogatova (Bank of Russia) commented that authorities “would not like to concretely block anything” instead of “understanding how to approach cryptocurrency and from this generating a basis for regulation.”

Read more about Bitcoin in Russia by clicking on the blog post titles below.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Central Bank of Russia works on the Blockchain

Central bank of Russia is continuing to work and study blockchain applications, having announced the creation of a new FinTech group focused in part on the distributed ledger.

Officially formed on 28th December 2016, the Russian group includes representatives from several important Russian banks including Alfa Bank, Sberbank and VTB. Also, it includes payments processor Qiwi and the National System of Payment Cards (NSPK).

Earlier this week, the company said Qiwi CEO Sergey Solonin will be the association’s new chief.

In addition to the blockchain, Central Bank of Russia explained it will also investigate identification technologies and new payment system frameworks within the group.

Olga Skorobogatova, or the bank’s deputy governor, explained in an official statement:

“The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”

This news reveals that Bank of Russia intends to play a leading role in the test and development of blockchain applications within the country and not only. Its interest in the technology is not a secret.

Recenlty, the Russian central bank has been undertaking a hands-on education into the ledger, announcing a new system for financial messaging called Masterchain back in October to improve its national payment system.

Also, the Russian government has been exploring the blockchain and it announced that Bitcoin is not an illegal method of payment.

Click here to read more news about Russia and Blockchain. 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin in russia

Russian Blockchain to improve national payments

Today we want to talk about the recent Russian Blockchain interest and the country major announcements related to bitcoin and the distributed ledger.

According to Economic Times, Russia wants to use the blockchain technology to improve its national payment system and to simplify clients’ identification.

The Association of Financial Innovation (AFI) in Russia, in fact, prepared a draft for improving the regulation of its own national payment system.

This draft has been shared for a first discussion on the Association’s official web site. After this discussion, the roadmap will be presented to the Russian Duma, the Ministry of finance and the Bank of Russia.

According to the official article, the roadmap includes the use of the distributed ledger technology for users identification. Here an extract:

“Along with expansion opportunities in the short term transactions under the simplified identification of clients, develop an approach and implement a single identifier (possibly using blockchain technology)”.

The Association for Financial Technologies Development (FinTech Association) was recently setted up by the Bank of Russia.

Its participants will study and test the most promising technologies, including the distributed ledger, open application program interface (open API) and remote identification technologies. Also, the association will create a single payment space both for households and legal entities.

Russian Blockchain Interest

Earlier in 2016, the Bank of Russia revealed its technical prototype for financial messaging, based on the blockchain and called Masterchain.

This tool would allow instant confirmation of data; also it would create a few financial opportunities for the market participants to provide game-changing products and services to their clients.

Recenlty Russia seems to love the Blockchain very much. In fact, the national tax authority recognized Bitcoin as a foreign money, expressing the legality of Bitcoin use and transactions.

Also, Siberia Airlines revealed its use of the Ethereum Blockchain Smart Contract in a few transations.

To read more about Russian Blockchain projects, click here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin accepted

Russia Bitcoin recognized by tax authorities

The uncertainties about the relationship Russia Bitcoin were finally disappeared.

In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.

In fact, the document finally explained that there is no legal prohibition of digital currencies in Russia.

Russia Bitcoin and uncertainty

For almost three years it was not clear if the Russian authorities  wanted to ban or accept Bitcoin and introduce several penalties.

Somewhere during this period, the Russian ministry of finance commented about the possibility of a four years imprisonment introduction for people involved in the Bitcoin use.

Also, even bank officials sentenced to seven years in prison and banned from holding certain positions.

However, Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.

For Russia Bitcoin is a foreign currency

The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.

In fact, this document essentially defines the buying and selling of Bitcoin and other cryptocurrencies a monetary transaction.

Bitcoin for Money laundering and terrorism

However, the document also explained that Russian authorities will investigate about people who use Bitcoin for money laundering and terrorism.

Even if this calls for KYC and AML from exchanges is yet to be clarified by the Russian government as there are more interpretations that are yet to be communicated.

Source: Coindesk.com

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Russian Party accepts Bitcoin


Today reports explain that a minor political Russian party accepts bitcoin donations.

The center-right party created back in 2009 called the Party of Growth, in fact, will accept donations in the cryptocurrency. 

This news originally appeared on Interfax and TASS, two magazines about Russia and that cover remarks from Boris Titov, the head of the Party of Growth and advisor to Russian President Putin for business-related issues.

Why the Russian Party accepts Bitcoin 

According to these magazines, Titov explained that the party need funds from new sources, including crowdfunding and bitcoin – but only from people with verified identity, he continued. 

In fact, the party wants to promote the acceptance of the digital currency within its own country.

To do so, the party will also create a legislation that will be able to simplify the technology adoption and development in Russia.

“Russia can take advantage of the difficult economic situation that has developed today for us to become a very profitable country open to blockchain.”

Currently the party of Growth doesn’t hold any seats in the Duma, but it has two representatives in Russia’s regional legislatures.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

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.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

bitcoin in russia

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?

Open your free digital wallet here to store your cryptocurrencies in a safe place.