Are ฿itcoin Cryptocurrency Payments Coming to Russia?

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In a recent report on PlaySlots4RealMoney.com.com by Rich Caesar, a new proposed bill introduced by the minister of finance in Russia could change the entire scope of the cryptocurrency industry in that country.

The main goal of this bill is to protect the rights of cryptocurrency owners. However, it appears that the ultimate goal of this measure is to increase cryptocurrency trade throughout the country.According to PlaySlots4RealMoney.com, the bill addresses the need  to regulate the use of “digital currency” for payments with Russian borders. Registered as Bill No. 424632-7, it takes a deeper look at all the various activities involved with the use of cryptocurrency. More specifically, the report mentions defining cryptocurrency as digital money and the process for cryptocurrency payments. It also seeks a better definition of the digital rights of digital asset owners.

The ministry is looking to allow authorities to tax the digital currencies to divert any collected funds back into the government’s coffers. Other aspects of the bill deal with inheritance rights and any bankruptcies claims concerning cryptocurrencies that may arise.Speaker of State Duma Vyacheslav Volodin and the head of the parliamentary legislation committee, Pavel Krasheninnikove were the co-sponsors of this bill according to PlaySlots4RealMoney.com. the bill goes on to become law, it will begin to regulate any initial coin offerings (ICO’s) and crypto mining. The future fate of any existing cryptocurrencies such as ฿itcoin will ultimately be decided by the Central Bank of Russia (CBR).

KickICO’s CEO Anti Danilevski described the main goal of this draft as a clear definition of the scope of action and the regulation of cryptocurrency in a recent interview with Forbes. He went on to add that the bill does not propose an outright ban on the use of cryptocurrency in the country. Russia’s previous stance on this issue did seek a  ban on cryptocurrencies due to their link to illegal activities such as money laundering and financial terrorism.This proposed bill also addresses ฿itcoin mining as an entrepreneurial activity. It defines this as creating cryptocurrency along with validating transactions in exchange for cryptocurrency payments. The bill would require ฿itcoin miners in Russia to register as self-employed operators offering services related to the cryptocurrency industry.

All exchanges dealing in crypto trade would have to be licensed. Digital financial assets could then be traded on existing platforms that have a stock exchange license. PlaySlots4RealMoney.com points out that the bill limits unregistered individuals that are not recognized as qualified investors to 50,000 rubles ($900) in ICO’s.

If this bill makes its way into Russian law, privat e individuals would have to open a special account with qualified operators to access and use their cryptocurrency holdings. These accounts would be the equivalent of a brokerage account that is set up to buy, sell and trade stocks. The target date for this new law to go into effect is May 1. All regulations pertaining to this law with be orchestrated by the Central Bank of Russia and the Ministries of Financial and Economic Development.

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