More

    Russia Dismisses the Term “Crypto” From Its Law Until Possibly Late 2018

    Russia Dismisses the Term, “Crypto” From Its Law Until Possibly Late 2018

    Russia has been very active when it comes to the crypto sphere, as the country has been conducting several research and development in an attempt to understand and create a regulatory framework in which the digital asset can be considered legal. In fact, during the said processes, cryptocurrencies were never frowned upon, at least until recently.

    A recent press release by Coin Geek revealed that lawmakers were unable to decide on how cryptocurrencies should be perceived, hence forcing the country to eliminate the term from its law and other legal affairs. This comes out as a shock considering the fact that Russia even conducted its very own successful, Initial Coin Offering (ICO). So, what happened exactly?

    Turns out, a regulatory framework was presented to Russia’s lower house of parliament under the instructions of President Vladimir Putin. This happened in July 2018 and resulted in a complete confusion due to the lack of coordination among legislators, which further delayed the decision-making processes.

    Due to the postponing on behalf of lawmakers, the country has finalized that until a sound conclusion has been arrived to, they will not include cryptocurrencies in their law. This is not entirely problematic for citizens who have invested in the respective sphere considering that cryptocurrencies are still considered “digital financial assets”, can be bought, sold or transferred to one’s likings, can be swapped for rubles, and finally, citizens can still invest in ICOs.

    To supplement lawmakers’ processes on coming up with a clear classification for cryptocurrencies, Russia’s Federal Financial Monitoring Service (FFMS) is supposedly working towards a study that focuses on crypto transactions, wallets and primarily, the use of BTC. Results of the FFMS study is anticipated for by year end, therefore the country could potentially add cryptocurrency back into its legal affairs or further postpone it. This, unfortunately, will have to wait until year-end 2018.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,782FollowersFollow
    4,137FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.