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The status of cryptocurrencies in Russia will be discussed on September 18 at the forum in Sochi

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The issue of legalizing or completely banning the circulation of cryptocurrencies in the Russian financial system will be considered at a meeting with First Deputy Prime Minister Anton Siluanov on September 18, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market, on the sidelines of the Russia Association forum in Sochi.

“Next week we have a meeting with the First Deputy Prime Minister on this issue ,” the deputy said.

Aksakov noted that in general, the bill on digital financial assets is ready.

“In principle, in order to deploy it in one direction or another, we need a maximum of two weeks. That is, when making a decision in either direction, we can prescribe something that is either legalized by the relevant institutions or prohibited , ”he said.

The draft law on digital financial assets in its original version assumed the introduction of their definition (such assets include cryptocurrency and token ), and also legislatively fixed a new type of contract concluded in electronic form – a smart contract – obligations under which are performed using digital financial technologies .

According to the document, the cryptocurrency and the token are property, the key differences between them are determined based on the characteristic of one issuer (token) and many issuers / miners (cryptocurrency), as well as the purpose of the issue. In the draft law for the second reading, the concepts of token, cryptocurrencies and smart contract were excluded.

Russia has an obligation to the FATF to legally regulate the sphere of cryptocurrency circulation, while the organization will be happy with any option for solving a fundamental issue.

According to the order of the Prime Minister Dmitry Medvedev, the law “On Digital Financial Assets” should be adopted before November 1, 2019.

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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