Russia: the popularity of bitcoin is growing, despite the threat of serious legislative norms

Россия: популярность биткоина растет, несмотря на угрозу серьезных законодательных норм

Despite the fact that Russia is developing a new strict legislation on cryptocurrencies, exchanges, exchanges P2P and interest in cryptocurrency in the country increase significantly.

The Department of the Federal government of Russia has recently published a draft of new legislation titled “On digital of financial assets” on the introduction of strict laws on cryptocurrencies in the country. The legislation is not approved and will be discussed with 2018, according to Cointelegraph.

The new law defines bitcoin as property, not legal tender, and offer, among other things, the miners of bitcoin (BTC) to register as separate companies, their activities could be taxed.

Despite the recent development in the direction of strengthening the management of digital assets, the Russian peer-to-peer transactions bitcoin has increased significantly.

This article will discuss the legislative approach of Russia towards the cryptocurrency and a comparison with the attempts of other governments to understand and regulate the industry.

The Russian stock exchanges and trade in Russia are thriving

This new development of Russian regulation of digital assets does not prevent peer-to-peer exchanges and traders. Coin Dance statistics shows that in may, Russia gave 20% of the trade volume on Localbitcoins – for the second consecutive month when the country was led by leaders in the volume of trade.

“We’re monitoring the legal situation in Russia”, – said the press-Secretary of the Localbitcoins and added: “We hope that the Russians will have access to bitcoin and its benefits in the future.”

Artem Tolkachev, founder and CEO platform of investments in digital assets “Tokenomica”, believes that the draft law is a rather unsuccessful attempt to understand cryptocurrencies, than something significant in the development of the industry. Tolkachev said:

“Given the restricted position of the Central Bank and the lack of examination of other subjects of legislative activity, this presidential order is done formally – with the alleged aim to develop a regulation, avoiding making any real decisions. The latest version of the draft law ” On digital financial activo “is no closer to the regulation of relevant issues “.

Future financial boundaries?

As technological progress marches at a furious pace, industry experts are asking themselves whether adequate understand of government and indeed economic experts bear the new rules in Finance.

Can politics and government with a limited knowledge of cyber security ever to regulate the cryptocurrency industry is efficient, but not Intrusive?

It is clear that many Russian investors have confidence in the future of cryptocurrency and have a much lower belief that their government can ever effectively influence the growth of this industry. They play a game with high stakes and invest large sums of money, hoping that bitcoin will pay off as an investment – and yet they win.

As he wrote Coinews, the legislative body of Russia has proposed a bill banning the cryptocurrency, however, he criticized the Ministry of justice of the country.

Previously portal Coinews informed that hackers broke into the blockchain for voting in Russia.

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