A draft bill aimed at protecting the rights of cryptocurrency owners while also regulating them in line with Russian laws was introduced to parliament in March with the biggest expectation being the legalization of cryptocurrency payments. However, as local media outlets report, the expectation of making digital currencies legal may.
The Russian government has prepared a memo on the law “On digital financial assets” that states the “exchange of cryptocurrencies for fiat money to the amount of 600,000 rubles (around $10,000) and more has to be subject to mandatory currency control,” Russian publication Izvestiya reports.
Moscow court ordered Telegram messenger app to be blocked in Russia after failing to give the country’s Secret Service (FSB) decryption keys to access users’ messages. Telegram argues this would violate users’ privacy and that the codes constantly change.
Russia’s Ministry of Telecom and Mass Communications (MinComSvyaz) has prepared guidelines for Initial Coin Offerings (ICOs). The document, however, has already become target for heavy criticism.
Russia’s parliament members Anatoly Aksakov, Igor Divinski, and Oleg Nikolaev, as well as senator Nikolai Zhuravlev have presented a bill on digital financial assets that defines cryptocurrencies and tokens as property while banning their usage as means of payment.
While dramatic price swings of bitcoin and other cryptocurrencies are rattling the nerves of investors, a Moscow-based company has launched a hotline to help ease their anxiety over crypto market fluctuations.
Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.
Russia’s ministry of finance is proposing to create special offshore cryptocurrency trading platforms with cities of Vladivostok and Kaliningrad considered as possible locations, deputy minister Alexei Moiseev said Friday.