Russia

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.

The Central Bank of Russia (BoR) has shared some important statements about proposed cryptocurrency legalisation, especially on their issuance and circulation.

Steven Seagal will pay $314,000 to settle allegations of unlawful cryptocurrency advertising, the US Securities and Exchange Commission (SEC) said. In 2018, the actor on social networks urged people not to miss the opportunity to participate in the initial public offering of cryptocurrency (ICO) Bitcoiin2Gen (B2G).

The bank of Russia (CBR) has successfully completed the pilot of a blockchain and distributed ledger technology (DLT) platform for the release and turnover of digital rights. It enables you to digitize (tokenize) goods, services, securities and other valuable assets. Any company or institution will be able to create cryptocurrencies on the site.

Recently Russians woke up to the news of a new prime minister following a number of events that saw the government resigning. The new PM, who served as the head of  Russian tax services Mikhail Mishustin has  supported cryptocurrency for quite some time. The prime ministers vowed to transform the modern blockchain powered state for the benefit of Russians.

The Russian Supreme Court has made it clear that “digital rights,” which is a term used to mean coins and tokens in the country’s law, can be used to facilitate illegal activities such as bribes, in the same way as fiat currency, property and other valuable assets are.

For over two years now, there has been an ongoing fight between the courts of different countries over the case involving founder of BTC-e Alexander Vinnik from Russia, suspected to have illegally stolen huge sums of Bitcoin (in billions) by Mark Karpeles, the French founder of the collapsed Japanese cryptocurrency exchange Mt. Gox. Now, the case looks to be reaching its end.

Last week on Friday, the Central Bank of the Russian Federation made a negative statement against Bitcoin (BTC) and other cryptocurrencies, stating that their fiat currency known as the ruble should be the country’s only legal tender instrument.