The State Duma, the lower house of the Federal Assembly of Russia is a very powerful institution, with the right to approve bills and laws. One of its members has claimed that bitcoin must be prohibited all over the world.
Russia’s version of Facebook, VKontakte (VK), is considering making its own cryptocurrency. Currently, the project is underway, though the final conclusion has not yet been reached. VK claims it has got more than 97 million lively monthly users.
Russia’s Central Bank plans to put a yearly limit on so-called “unqualified investors” who are willing and able to buy cryptocurrency, as reported by RBC – a local business news outlet. The bank wants to impose new regulations on digital currency.
The leading financial services corporation Visa ordered Russian banks to provide an opportunity to withdraw cash at store cash desks using cards by April. Russian Standard Bank, Raiffeisenbank, and Promsvyazbank will become the first banking institutions to join the initiative.
To find a way to outplay sanctions and enhance adoption of digital currency, Russia’s authorities are considering a new draft law which will allow certain businesses and entities to perform payments with the help of cryptos such as Bitcoin and Ethereum.
The deputy governor of the central bank of Russia, Sergei Shvetsov, revealed that his financial institution will underprop endeavours to block and stop access to external websites trading cryptoassets in Russia.
A new bill regulating investments in initial coin offering (ICO) projects will take force soon. Government officials have released a draft law stating that average Russians will be allowed to invest in ICO no more than $9,000 per year.
Sberbank, a state-owned bank, has sealed a repurchase agreement, or repo, with the help of blockchain on Thursday 6, 2018. Now, the combination of DLT and smart contract sets financial contracts very diaphanous and seems to tighten the security for both the financial institution and the customers.