Bitcoin prohibited payments in the future in Russia?

Russia is also considered an large Bitcoin market and the Central Bank of the country had moved in the past, there is no clear position on crypto-currencies such as Bitcoin. However, a ban in the room, that payments made with Bitcoin could in the future prevent is.

The Central Bank of Russia (CBR) officially supports the idea of banning Bitcoin payments, if the appropriate statutory measure comes into force, the RIA Novosti news Agency.

The regulatory authority said today that private crypto-currencies, in your opinion, can be with paper money and no law can be tender. If a decision is made, Bitcoin as to prohibit the means of payment at the legislative level, it holds the CBR, for “appropriate to support this Position” (freely translated):

The ruble is the only legal means of payment in the Russian Federation. We are of the opinion that crypto-currencies present considerable risks, also in the area of money laundering of the proceeds from crime and the financing of terrorism, as well as in the implementation of foreign exchange transactions due to strong currency exchange rate fluctuations,

the press service of the CBR, the RIA said.

Currently, the legal status of Smart Contracts, crypto-currencies, ICOs and Mining in Russia is not yet established. In the year 2018, the three laws were submitted to the state Duma, in order to close this gap, and in General to create a regulation in the field of the digital economy. So far, only two of which were adopted: the Amendment to the Civil code concerning digital rights and a law on raising money via Crowdfunding platforms.

At the beginning of November, the Russian government proposed a new law that, if it is adopted, the police would contain devices to confiscate the Bitcoin wallet of suspected Criminals. In spite of the General vagueness of the Russian attitude towards crypto-currencies, Changpeng Zhao, CEO of Binance has referred to the country recently as a “key market”.

Meanwhile, the Indian government has announced that it prepared a national strategy for the use of Blockchain technology. Sanjay Dhotre, Minister of state for electronics and IT, replied to the Parliament of the country question:

In view of the potential of the Blockchain technology and the need for a common infrastructure for different application of a concept paper to the National Level Blockchain Framework is cases currently being drafted.

He explained that the Ministry of electronics and information technology (MeitY) plans to expand the Blockchain-technology and the wide use of and you as “one of the most important areas of research” with potential in the areas of Governance, banking, Finance, and cyber-to describe safety.

Dhotre added that the Ministry intends, with the Institute for Development & Research in Banking Technology (IDRBT) and other government authorities to work on the Initiative. He said that the Ministry has developed a block chain based Proof of Existence (PoE) Framework for digital artifacts, with the academic certificates, contracts and other documents are to be authenticated.

The Indian government formulated appropriate regulations, to encourage the adoption of the Blockchain technology, not just for technology’s sake, but to difficult to solve problems that were previously unresolved, and to offer end-users a completely new experience,

Rajesh Dhuddu, global practice leader for the Blockchain to the leading IT service provider Tech Mahindra said in June.

A Blockchain solution to the registration of real estate is already being tested in the state of Telangana. The Ministry also pointed to other initiatives which enable Cloud Security, and Trade Finance. In June, the Indian Telecom regulatory authority demanded that all the Telcos have to use a Blockchain, in order to protect their customers from Spam.

While India is thinking for some time about different Blockchain implementations, it was currencies have been critical to Crypto. Plans for a mandatory prison sentence of 10 years for crypto-users have been expressed at the beginning of the year by a panel of the Ministry of Finance of the country report, but it has yet to enter into force.

Featured Imaeg: Immersion Imagery | Shutterstock