Category Archives: Russia

Auto Added by WPeMatico

Russia Adopts Digital Rights Law as “Basis” for Digital Economy Development

The Russian parliament Duma has voted on a new digital rights legislation to be enacted in October this year. The latest changes to the Russian civil codex went through the third and final Duma reading on Tuesday.

The law adds a new article, 141.1, of the Civil Code of the Russian Federation along with establishing the concept of “digital rights” in Russian legislation. It also determines the mechanism of digital rights’ application and transfer and sheds light on the rules for digital transactions such as contracts.

The Chairman of the State Duma, Vyacheslav Volodin, stated in a press release:

“[The digital rights law] forms the basis for the development of the digital economy. This is a new area for our rights; thus it is important for us to consolidate the basic concepts.”

In another interview on the changes in the legal landscape after the implementation of this legislation, a senior partner at a Moscow-based legal firm, Aleksandr Zhuravlev, said that although there is still some room for improvement, the country’s approach is arguably better than many others.

“Of course the current project has flaws […] that could lead to ambiguity in some areas: determining the legal nature of cryptocurrencies and mining, as well as several other aspects (digital financial asset inheritance, etc.), Zhuravlev said. “However, it’s worth noting that Russia has not gone down the route of China or India, which have selected a prohibitive approach to digital assets.”

The decision will now lead an exhaustive debate on the description and handling of digital currencies pertaining civil property rights, although the related legislative proceedings and the draft bill on crypto titled ‘On Digital Financial Assets’ has already seen many delays and missed deadlines.

In July 2018, the Russian president, Vladimir Putin, had already expressed his desire to enact cryptocurrency regulation, and the current legislation is one significant step towards achieving that goal.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Russia Adopts Digital Rights Law as “Basis” for Digital Economy Development appeared first on BitcoinNews.com.

US Sanctions Russian Bank Over Alleged Support for Venezuela’s Crypto

US Sanctions Russian Bank Over Alleged Support for Venezuela’s Crypto

The United States Treasury Department, in an official press release, has added Moscow-based Evrofinance Mosnarbank to its sanctions list, after allegedly showing a willingness to finance Venezuela’s Petro (PTR) cryptocurrency.

A Venezuelan government account at Evrofinance was used to invite early investors to buy PTR, stated the Treasury.

According to reports, Evrofinance is jointly owned by Venezuelan and Russian government companies. Moreover, Evrofinance’s involvement in Petro was seen by the Treasury as Venezuela’s President Maduro’s method to avoid US financial sanctions.

Utilizing the Venezuelan National Development Fund, Hugo Chavez, Maduro’s predecessor, secured a 49% stake in Evrofrinance back in 2011, noted the statement.

Along with that, 50% stake in Evrofinance was owned by VTB Bank (Russia’s second largest bank) and Russia’s Gazprombank at the time of its incorporation. Gazprom, the Russian government-owned gas producer, is a major shareholder in Gazprombank.

The US will keep taking action against all international financial institutions that are looking to support Maduro regime, maintained the Treasury. Majority of the EU and US-based banks have refused to offer any support to Maduro’s government.

Moreover, Evrofinance has been accused of funding PDVSA, Venezuelan state-owned oil company. Since January 2019, PDVSA is under US sanctions.

In December 2017, Juan Guaido (Venezuelan self-declared interim president backed by Canada, US, and Germany) declared Maduro’s Petro a scam. However, Petro’s future is still hanging in the balance.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post US Sanctions Russian Bank Over Alleged Support for Venezuela’s Crypto appeared first on BitcoinNews.com.

Russian Railways to Implement Blockchain

Russian Railways to Implement Blockchain

Plans are brewing in Russia to use blockchain technology to provide exempts in its railway transport system, according to Russian news outlet Rambler News Service (RNS).

The agreement being discussed between the Russian national pension fund and the Russian Railways will allow travel discounts and also provide transparency to monitor the railway transport system. The head of the Pension Fund, Anton Drozdov, has said that the deal will be finalized later this year. He is, however, hopeful that with the new blockchain ascent, it will eliminate forgery and fraud perpetrated by uses of discounted transport services.

It would seem that the central bank of Russia is backing the project up and will be releasing a legislative structure for the project soon. The pilot for the blockchain project will be done on the Moscow-Tver railway line, says the head of the national fund, although he has explained that it may not be implemented on the proposed individual pension capital, noting that the Pension Fund cannot be involved in the initiative at the current stage.

More blockchain exploits have been spotted within the Russian Federation, one of which involved a bill to apply blockchain to e-voting in order to foster transparency in the system. On another development, a Russian deputy minister has disclosed cryptocurrency plans for offshore developments. Oil-Backed crypto has been proposed by former Minister of Energy Igor Yusufov who suggested that crypto could help cut cost on the settlement level in the energy market not influenced by exchange rate fluctuations and unbacked fiat.

More so, President Vladimir Putin has issued out an order to facilitate the release of a digital asset regulation by 1 July, with the aim of developing the digital asset industry in the country. Meanwhile, in the state of Duma, plans to review and adopt a crypto regulation has been progressive, and perhaps adoption may happen in March.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Russian Railways to Implement Blockchain appeared first on BitcoinNews.com.

Russian Deputy Minister Discloses Crypto Plans for Offshore Development

Russian Deputy Minister Discloses Crypto Plans for Offshore Development

The Russian deputy minister of economic development Ilya Torosov has mentioned that a new package of measures for the improvement of Russian offshore will affect ships and digital assets, according to local news outlet TASS.

The Special Administrative Regions (SAR) was developed last year by the Ministry of Economic Development as part of its “Russian offshore companies” initiative, and now, it intends to include exemption from certain taxes of resident ships, as well as provide special regulation of digital assets alongside the issuance of different shares types. Torosov said in an interview:

“We are working on the issue of exemption of ships registered in the Russian open registry of ships owned by residents of the SAR, from VAT, income tax, transport tax, property tax. We also discuss lower insurance premium rates […] Plus features of the regulation of digital assets.”

According to the news outlet, there might be a possibility of using cryptocurrency since the new development suggests the implementation of features found in the regulatory framework of digital assets. Accordingly, the minister said: “It is clear that this is a cryptocurrency, but for now we are talking more generally.”

The Russian Federation has been working towards a crypto-inclusive economy for a while now. Several opinions and proposals have been brought forward.

The chairman of the financial market committee in Duma Anatoly Aksakov called cryptocurrencies “ambiguous,” further suggesting that they weren’t needed. The Russian Minister of Justice Alexander Konovalov also opined on the early implementation of crypto-related legislation since the digital asset wasn’t a legal tender in the country. Other suggestions such as oil-backed crypto have also been proposed by Energy Minister Igor Yusufov.

In late February, President Vladimir Putin finally instructed two of his cabinet members, Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich, to facilitate the development of a cryptocurrency legislature latest by 1 July, putting a rest to the matter.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Russian Deputy Minister Discloses Crypto Plans for Offshore Development appeared first on BitcoinNews.com.

Russia Sets 1st July Deadline for Crypto Regulation

Russia Sets 1st July As New Deadline For Crypto Regulation

Cryptocurrency regulation in Russia has yet again been given a final deadline as President Vladimir Putin has given instructions to the Federal Assembly to come up with a regulatory framework for the digital asset industry.

The Presidential Address posted on the Kremlin website specifically issued orders to Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich to draw up a working legal framework “aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies”. The deadline was set at 1 July 2019.

Up until now, a crypto regulation draft had been in the works with several edits and criticism accompany the initial draft. With as much vagueness present from the onset, there still has not been a complete working draft for the government to enforce. A lobby group had also attempted to provide an alternative cryptocurrency legislation bill which it claimed will be more efficient, addressing the contradictions in the initial draft.

In 2018, tendencies had been drawn against Bitcoin. The chairman of the financial market committee in Duma Anatoly Aksakov had said:

“Earlier we had some thoughts on Bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous Bitcoins.”

Moreover, early developments had included renaming cryptocurrencies to digital rights.

More so, Putin may have been pro-blockchain, suggesting so when he claimed Russia won’t be left behind in the blockchain race, but was certainly doubleminded about crypto such that he had at some point considered a state-backed currency dubbed the cryptoruble, however, the project was later shot down.

Further, there had been rumors that the country was planning a huge investment in Bitcoin, while this was later dismissed as rumors, economist Vladislav Ginko – who originally provided the speculations – stood by his initial claims.

In many parts of the world, cryptocurrency regulations remain important subjects yet have been in the gray areas, perhaps because of the nascent nature of the emerging asset class and its evolving markets.

Recently, India’s Supreme Court had ordered the financial regulatory watchdog to come up with a framework on cryptocurrency in order to proceed with the case involving the Reserve Bank of India and players within the cryptocurrency industry in the country who sought to reverse the bank’s decision on the ban of financial services from commercial banks to c