Russia strengthens cryptocurrency regulation

nRunaway commentary: Although the Russian Ministry of Finance has considered allowing cryptographer miner to register, you can lawfully carry out mining. However, recent press reports suggest that Russia appears to plan a total ban on mining activities, but buying cryptocurrencies is still legal. However, with the rapid development of technology and the dynamic market for many years, it still takes some time before the legislation to understand the technical vocabulary and choose the appropriate legal definition. However, experts now believe that cryptocurrency regulation will not bring devastating impact to the industry.n
nTranslation: Annie_Xun
Russia appears to be further voluntarily assuming and implementing the regulatory responsibility for cryptocurrencies. Although the currency of the country’s cryptocurrencies is still legal, mining may be a completely different situation.n
Bitcoin prices have risen in succession, encouraging crypto-currency enthusiasts and becoming the focus of cynics’ debates. As the heat rises, more and more people pay more attention to the economic benefits brought by this digital currency. Bitcoin prices have exceeded the $ 14,000 mark, further breaking the $ 16,000 high.n
Strong government regulatory needs also come with bitcoin fever. As a result, RT News reported that the Russian Ministry of Finance planned to make it illegal to mine cryptocurrencies.n
Aleksey Moiseev, Russia’s deputy finance minister, said:n
n”Penalties will be different, mostly administrative penalties, but criminal penalties will be imposed if someone creates a cryptocurrency for settlement purposes.”n
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The implementation of new laws may be delayedn
Moiseev also said it is against the law to use cryptocurrencies to build a financial pyramid or tax avoidance. However, it is legal to buy cryptocurrencies.n
Although this is a new initiative of cryptocurrency regulation, it may actually take some time in reality. Because cryptocurrencies can encompass many aspects of the current world of technological progress and there is no definitive legal definition. In other words, the vocabulary and concepts associated with it need to be understood before legislation can be enacted.n
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2018 is the deadlinen
As a result, there is currently no applicable law in force for the mining and marketing of bitcoins. However, Russian President Vladimir Putin declared July 2018 as the deadline for the definition of everything related to virtual currency and comprehensive legislation, including the ICO.n
The country’s ministry of finance had advised cryptocurrency miners to legally register. Only legal persons and registered individuals can participate in any mining activity.n
On the other hand, virtual currency, Russian cryptocurrency enthusiasts suggested creating a new city, the only purpose is to encrypt money mining. In addition, some Russian wealthy businessmen are investing in cryptocurrencies. The Russian ICO has raised over 300 million U.S. dollars in the past year.n
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Further regulation is not the end of cryptocurrencyn
Malaysia recently also announced plans to implement cryptocurrency regulation to prevent illegal activities related to the use of cryptocurrencies.n
Continuous bitcoin price increases are likely to attract tougher regulatory measures, but hedge fund expert and Bitcoin supporter Michael Novogratz said it will not lead to a decline in the cryptocurrency industry.n

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