Topic: [2018-03-20] Russian Government Resolves Disagreement on Draft Crypto Law (Read 145 times)
March 20, 2018, 05:47:04 AM
Allowing an ICO and also prohibiting it to be traded on other assets seems to be useless. I mean they already established a threshold for ICOs why would they disallow trading cryptocurrencies in their country? Where would they based the price from? And what would be the use of those cryptocurrencies if it only serves on purpose? I think with the next step they should not allow the Central Bank to interfere with the legislation as they are seriously not helping cryptocurrencies and ICOs to move forward in Russia.
March 20, 2018, 05:38:56 AM
It seems to me that all statements on consensus will remain at the level of conversations. There will be no action in this direction. I heard that the closest satellite in Russia is Belarus. There have long been allegations that Lukashenko creates favorable conditions for the users of cryptocurrencies. Perhaps the Russians will see what will come of this experiment. But so far I haven't heard any news from Belarus.
March 20, 2018, 04:34:02 AM
The Russia Federation is inching closer to deciding on a law covering initial coin offerings (ICO) and the trading of crypto tokens within the country.
According to a report by Russian news agency RIA on Monday, Russian deputy finance minister Alexei Moiseev said that a jurisdictional disagreement between the Bank of Russia and the Finance Ministry over the content of a draft law to govern cryptocurrency related activities in the country has been resolved.
As previously reported, the Finance Ministry has filed a draft that would impose a threshold for ICO activities in Russia as an effort to allow token sales under a regulated environment.
However, whether the law should allow these token offerings to be exchanged with Russian rubles and other assets drew conflicting opinions from the Bank of Russia, the country's central bank.
However, as the country is eying a summer deadline to roll out the new law, the two government bodies have reached a consensus that the Bank of Russia's opinion will take precedent, according to Moiseev.
"Yes. The central bank will make a decision," he said.
According to RIA, the Bank of Russia said that it may now consider the option of allowing investors to exchange tokens issued under the proposed ICO framework with fiat currencies. However, crypto-to-crypto trading may not be permitted, in an effort to avoid "questionable" anonymous transactions, RIA said.
https://www.coindesk.com/russia-government-resolves-disagreement-on-draft-cryptocurrency-law/
According to a report by Russian news agency RIA on Monday, Russian deputy finance minister Alexei Moiseev said that a jurisdictional disagreement between the Bank of Russia and the Finance Ministry over the content of a draft law to govern cryptocurrency related activities in the country has been resolved.
As previously reported, the Finance Ministry has filed a draft that would impose a threshold for ICO activities in Russia as an effort to allow token sales under a regulated environment.
However, whether the law should allow these token offerings to be exchanged with Russian rubles and other assets drew conflicting opinions from the Bank of Russia, the country's central bank.
However, as the country is eying a summer deadline to roll out the new law, the two government bodies have reached a consensus that the Bank of Russia's opinion will take precedent, according to Moiseev.
"Yes. The central bank will make a decision," he said.
According to RIA, the Bank of Russia said that it may now consider the option of allowing investors to exchange tokens issued under the proposed ICO framework with fiat currencies. However, crypto-to-crypto trading may not be permitted, in an effort to avoid "questionable" anonymous transactions, RIA said.
https://www.coindesk.com/russia-government-resolves-disagreement-on-draft-cryptocurrency-law/
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