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In Russia, it was proposed to criminalize the concealment of cryptocurrencies

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The Association of Banks of Russia (ADB) made a number of proposals aimed at streamlining the circulation of cryptocurrencies , TASS writes with reference to the organization’s vice president Anatoly Kozlachkov.

According to ADB's idea, digital assets should be made available for recovery through enforcement proceedings, bankruptcy or taxation. In the proposed scheme, market agents will provide lenders with services to establish owners of digital assets, Kozlachkov said.

The establishment of digital asset ownership is proposed to be carried out in court. After a court decision is made, their owner will be required to provide the keys to the corresponding crypto-wallets . It is necessary to introduce criminal liability for hiding digital assets and refusing to transfer keys, according to ADB. From this position it follows that the anonymous use of cryptocurrencies will become impossible.

It also provides a distinction between the taxation procedure of various operations with cryptocurrencies. So, it is proposed to bring in operations for the purchase of goods and services under the exchange taxation, and levy income tax on cryptocurrency purchase and sale transactions.

To record cryptocurrency transactions and tax profits, ADB proposes that individuals be required to declare the purchase of digital currencies under tax law.

“On the one hand, we are concerned about robbing the tool from scammers, on the other hand, to enable us to legally use the tool and pay taxes,” Kozlachkov said.

The Association of Banks of Russia was founded in late 1990 and takes an active part in the formation of banking legislation in the Russian Federation. Do not confuse it with the Association of Russian Banks, which, unlike ADB, the country's largest banks are not.

The chairman of the ADB board is Anatoly Aksakov, who also holds the post of chairman of the State Duma committee on the financial market. Among other things, the ADB Council includes President of Sberbank of Russia PJSC German Gref and President of VTB Bank PJSC Andrey Kostin.

Publication date 09/13/2019
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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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