ALTCOIN, BLOCKCHAIN

Russia Increases Oil-Backed Cryptocurrency Efforts

MOSCOW – Igor Yusufov, the former Energy Minister of Russia, has proposed an oil-backed cryptocurrency, which will utilize blockchain technology, according to Russian news source Rambler.

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Igor Kostikov, former head of the Federal Securities Commission of Russia, stated he supports the oil-backed cryptocurrency initiative and suggested that Russia should tokenize any exchangeable resource.

Igor Kostikov
Igor Kostikov

“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptocurrency market as a whole,” stated Kostikov.

Yusufov explicitly stated in the interview with Rambler that the oil-backed cryptocurrency will utilize blockchain technology to track and verify every barrel of oil.

Igor Yusufov
Igor Yusufov

The Duma will vote on further cryptocurrency regulation beginning in March.

In January, Valentina Matvienko, the chairman of the upper house of the Russian parliament, urged lawmakers in the lower house to expedite all cryptocurrency bills regarding regulation.

Valentina Matvienko
Valentina Matvienko

According to Matvienko, these bills have already spent a year in the Duma, the lower house of Russian parliament, without any significant changes.

In February 2017, Venezuelan President Nicola Maduro announced they would be creating their own oil-backed cryptocurrency, the Petro. To date, the oil-backed Petro has yet to emerge.

The construction of the proposed Russian oil-backed cryptocurrency is reportedly at its final stage.

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BLOCKCHAIN

Russia Announces New Crypto Regulations for ‘Russian Offshores’

MOSCOW – The Russian Ministry of Economic Development has announced a new set of laws for “Russian offshores,” allowing companies to avoid paying taxes, and will includes measures regarding cryptocurrency and shipping.

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Ilya Torosov
Ilya Torosov

“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response,” said Ilya Torosov, Deputy Minister of Economic Development of Russia.

Last month, Russian President Vladimir Putin issued a deadline for the Russia government to adopt cryptocurrency regulations by July 1, 2019.

The new regulations are required to include a regulatory framework for cryptocurrency, as well as more financial resources for blockchain technology.

The lower chamber of parliament, the State Duma, stated they will be reviewing and implementing new cryptocurrency regulations this month.

Former Energy Minister Igor Yusufov is also proposing a state-sponsored, blockchain-based, cryptocurrency that will be backed by Russia’s oil reserves.

Igor Kostikov
Igor Kostikov

“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptocurrency market as a whole,” stated Kostikov.

Yusufov explicitly stated in the interview with Rambler that the oil-backed cryptocurrency will utilize blockchain technology to track and verify every barrel of oil.

Stay tuned to Blockchain Daily as new updates are expected to be released regarding both the new regulations and the Russian oil-backed cryptocurrency this week.

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BITCOIN, BLOCKCHAIN

Russian Parliament to Introduce 20 Cryptocurrency Bills

Vyacheslav Volodin, the chairman of the lower chamber of the Russian parliament, stated bills regarding digital assets, digital rights, and crowdfunding will be a priority during the upcoming session.

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Vyacheslav Volodin
Vyacheslav Volodin

“I would like to mention the block of bills on the digital economy,” said Volodin.

“These are laws on digital financial assets, digital rights, and crowdfunding. We have identified this work as one of our priorities.”

Volodin continued to advocate for a working group of authorities, entrepreneurs, and researchers to enhance the advancement of new digital economy laws.

He added that in the near future the Government of the Russian Federation will introduce more than 20 bills on the digital economy.

“We need to be prepared for a qualitative review of these legislative initiatives,” said Volodin.

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ALTCOIN, BLOCKCHAIN

Cryptoruble Halted by Russian Central Bank

Sergey Shvetsov, deputy governor of the Bank of Russia, stated “The appearance of a cryptoruble in the foreseeable future is unlikely,” Russian government owned news agency TASS reported.

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“I’m of the opinion that as long as the demand for cryptocurrencies is linked to a large extent with the bypass of regulations, it is clear that the regulator cannot afford to issue a cryptoruble, which will allow to bypass regulations,” Shevetsov said at the Gaidar Forum this week.

The Russian central bank deputy chairman, Olga Skorobogatova, confirmed Shevetsov’s comments, stating she didn’t see a need for a cryptoruble.

Deputy Finance Minister, Alexei Moiseev, spoke to reporters during the Gaidar Forum and said he “supports the idea of using a cryptoruble in cross-border settlements.”

“The issue on which to focus now is the use of electronic money, a cryptoruble, in cross-border settlements. Settlements with our leading trading partners, at least the countries of the former USSR, could be made not in a foreign currency but in electronic rubles,” said Moiseev.

Conversely, Moiseev later admitted to not understanding what a cryptoruble is.

“To be honest, I do not even understand what a cryptoruble is…I understand what an electronic ruble is,” Moiseev stated.

The Russian Association of Blockchain and Cryptocurrency (RACIB) estimated that a cryptoruble will not be available in the nation until at least the middle of 2019.

“If the proposal on the cryptoruble will be put forward in July as part of the president’s instruction, the normative documents will be drafted and introduced in the fall, the director of the association proclaimed.

“They should be agreed at the end of the year, and the launch of the currency will take place in the middle of 2019.”

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BITCOIN, BLOCKCHAIN

Vladimir Putin: Crypto Regulation Will be Required in the Future

Vladimir Putin stated he believes cryptocurrencies like Bitcoin need to be regulated by the nation’s central bank.

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“This is the prerogative of the central bank at present and the central bank has sufficient authority so far. However, in broad terms, legislative regulation will be definitely required in future,” said Putin on TASS, owned by the Russian government.

TASS quoted Putin articulating both the threats and opportunities contained within cryptocurrencies.

“It is known that the cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it and it is not secured by anything,” Putin said.

“It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently.”

TASS also reported Russian prime minister, Dimitry Medvedev, has commented on blockchain technology specifically.

Dmitry Medvedev
Dmitry Medvedev

“Cryptocurrencies can also disappear in an exactly the same way in several years and the technology being the basis for their development – blockchain – will become part of everyday reality,” the prime minister reportedly said.

According to the TASS report, cryptocurrency legislation within Russia will be announced in February.

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