Intelligent supervision may make Russia become a major bitcoin Market
Russia may become the main bitcoin market next, because the government will continue to encourage bitcoin mining, and toward the supervision of its encryption currency markets further development direction.
Earlier this week, Cointelegraph said the Russian President Putin approved an encryption technology, which is a national digital currency issued by the state encryption.
The Communications Minister NikolayNikiforov said:
“I am confident that our encryption is for a simple reason: if we do not, then two months after our neighbors in the European Commission will do.”
Some analysts have speculated that the encryption technology launch can lead to ban bitcoin and other encryption currency nationwide. However, according to Putin, that is not the case, the Russian Central Bank also plans to bitcoin regulatory and monetary encryption.
In a statement released by Moscow Kremlin, Putin explained, similar to the United States, Japan and South Korea and other countries, Russia needs regulatory framework to supervise the encryption currency transactions and activities. However, he is not interested in banning digital currency.
“As everyone knows, many countries are looking for regulatory encryption currency, and began to create the necessary legislative framework — Legislative Supervision system. We need to take international experience for the establishment of a regulatory environment, the relationship of the field as possible, so as to reliably protect the interests of citizens, enterprises and the state, and provide legal guarantee for the use of innovative financial instruments.”
This is a significant change in a week ago, when Putin condemned the potential criminal use bitcoin.
Russia is considering bitcoin and encryption currency regulation rather than a complete ban, in order to maintain a degree of control. If Russia banned encryption currency, most transactions will be transferred to the over-the-counter (OTC) market and peer-to-peer (P2P) trading platform, the trading platform is very difficult to review and supervision. In the understanding of customer (KYC) and anti money laundering (AML) system of the trading platform, the Russian government can use to prevent bitcoin and other encryption currency Ethernet fang.
China government recently issued a statement that it is planning to launch a national license for the encrypted currency trading plan, because it fears a crypto currency linked to criminal activities.
And take some measures, such as record keeping, authorization, AML process, real name, restrictions on large transactions (3/3) http://t.cos8bjwxdazcnLedger (@cnLedger), October 4, 2017
In September this year, the Leningrad region of Russia’s AlexanderDrozdenko encouraged bitcoin miners and mining equipment operators to establish a digital currency mining center in the region, to promote and encourage other countries to participate in global bitcoin mining. Including 47News, local news media reported:
“During the construction of Leningrad nuclear power plant new generating units, will be held in 2018 to open the new residents.”
Drozdenko still bitcoin network news conference on local reporters:
“You know, LNPP-2 is under construction, most parts of the first nuclear power plant is being liberated, this site is likely to be interested in crypto currency miners.”
If the Russian bitcoin mining and encryption currency trading market shows supported by the regulatory framework issued by the Russian government’s exponential growth rate, then Russia may become bitcoin market next important in the long term.