The Ministry of Finance of Russia has recently represented an update for the regulation of cryptocurrencies. Their new proposal includes an obligation for all Russian cryptocurrency holders to declare transactions on cryptocurrency and reporting on holding cryptocurrency wallets.
Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.
Global tech giant Microsoft is going to contribute to the development of a Russian corporate blockchain. The company’s representative office in the country signed a memorandum with a blockchain startup to enhance the technology development in the country.
The Blockchain-based voting system announced in Russia has a vulnerability allowing for decrypting votes before the official end of voting. This feature questions the anonymity of voting, thus making it possible to manipulate people’s votes by forcing them.
The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.
While global giant economies including the USA and China are looking to issue their Central Bank Digital Currency (CBDC), the President of Russia, Vladimir Putin, announced they are not going to develop a national cryptocurrency.
This week, Russia’s State Duma announced that the cryptocurrency bill is ready to see the world, but the coronavirus defers the date. This legislation will give some important outlines on digital currency in the country and may even prompt the issuance of a digital Ruble.