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Russia Prepares to Legalize Cryptocurrency Markets by 1st of July on Putin’s Order

March 07, 2018 20:37
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It has only been a while since a video surfaced of Russian President Vladimir Putin saying that Russia can’t afford to stay behind in the blockchain race, and now it seems that Russia is indeed in a hurry to embrace blockchain technology and cryptocurrencies. According to a new official publication from Russian Parliament the Russian authorities are working on new legislation that will legalize cryptocurrency markets in the country. The deadline has also been given for the passage and implementation of this legislation: 1st of July 2018.

That’s right – Russian President Vladimir Putin has reportedly set this deadline for implementation of new cryptocurrency legislation in his country. The legislation is basically a set of two draft laws, one of which has been prepared by Ministry of Finance and another by Russia’s Central Bank. The Finance Ministry’s law is focused on providing legal guidelines for ICOs, while the law prepared by Central Bank revolves around crowdfunding.

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The report also suggests that both Ministry of Finance and Central Bank have agreed on almost all major rules and regulations regarding cryptocurrencies, except for one particular contention. That contention is about the crypto exchanges operating in Russia. The central bank doesn’t want retail investors and traders to be able to participate in cryptocurrency trading, while Finance Ministry’s stance is exact opposite of this.

Besides these two laws a separate bill on digital assets is also set to be introduced in Russian parliament this month. That bill will aim to establish some rules around cryptocurrency mining. It will allow entrepreneurs to enter mining pools established by recognized entities.

Blockchain Technology to Protect Presidential Exit Polls Data in Russia?

In another official press release it has been revealed that Russia is also exploring blockchain technology to protect the data of its Presidential Exit Polls. Country’s Public Opinion Research Center (VTSIOM) has partnered with a local blockchain startup 2chain to create a distributed blockchain database of information collected from exit polls. The database will allow VTSIOM to bypass the risks of DDoS attacks and other malicious attempts that can lead to alteration of poll data. The press release published by VTSIOM on this topic said:

“Until now with exit polls we had to practically shut down the website on polling day in order to avoid it being taken down by DDoS attacks and other breakin attempts from numerous anonymous hackers. Thanks to Blockchain we can enhance the level of data protection from cyber-attacks several fold, avoid weak points while transferring information, and guarantee the integrity and immutability of data.”

So Russia is stepping up its game in the blockchain race. Now it will be interesting to see which other major countries follow the suit.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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