ICO being protected

ICO being protected

Based on the promise of Russia’s First Deputy Prime Minister Igor Shuvalov not to let initial coin offerings ICO in Russia “die” because of regulations previous week. Though bill is prepared to regulate them President Vladimir Putin has said that no ICO should go for hold. ICO cant be obstructed. You are true Shuvalov continued, actually many that various countries can adopt laws to treat cryptocurrencies as baby with different ability.

But Confirming that the government plans to regulate ICOs or We are still not sure and may take radical action any time against cryptocurrencies or new ICO. As our place is felt deteriorated among advanced countries is economical but actually our thought process has backbone of socialism. We are looking at on their social economic standards, one must be a little bolder about them. Russia Promises Regulation Will Not Kill ICO.

Great defending

That’s the great Defending ICOs as Russia Promises Regulation Will Not Kill ICOs. First Deputy Prime Minister Igor Shuvalov promised about the facts. Igor Shuvalov spoke at a youth forum in Sochi last week one of the forum participants asked him, “I have a small request for you, please do not let our ICOs let die as a result of regulation.” The deputy prime minister Imidieately promised the participants to defend the capabilities of ICOs. In Russia, the need for the regulation of ICOs and cryptocurrencies, as well as the use of blockchain technology is understood on practical grounds.

Russia’s President Vladimir Putin Is In Action Now – Cryptocurrencies Attracts

 

Russia’s President Vladimir Putin Is In Action Now – Crptocureencies Attracts 

Very Clearly Russia’s president Vladimir Putin has ordered to issue the national cryptocurrencies i.e. “cryptoruble . Nikolay Nikiforov The Russian Minister of Communications and Mass Media has given some details of this new currency. Putin Confirms Russia Will Regulate Cryptocurrencies and guided central bank to work on the legislation part. Russian economy will create a strong base of regulations where it will be difficult to dose the system. At a secret meeting with members of the Moscow Capital Club where Putin has ordered the issue of the country’s own cryptocurrency i.e cryptoruble. This strong decision followed in the meeting where Putin had word with Russia’s top regulators last week. In this meeting he instructed the central bank not to create “unnecessary barriers” to cryptocurrencies.

Putin’s Vision

Putin confidently declare that we will soon launch a cryptocurrency for many simple reasons. But prominent reason for Putin to chase the concept of crypto currency that The country currently has a flat 13 percent income tax rate. However, Putin has called for a reform of the tax system in order to boost economic growth. He also ordered the tax guidelines to be revised in 2018 and to be implemented in 2019.  When Russia will have own crypto currency in that case mechanism buying and selling a cryptoruble will initiate it will fetch huge amount on conversion of the currency i.e cryptorubles. Most probably it will be a closed model with a certain volume of regulated emissions. New cryptocurrency will streamline the payment of personal income tax based on automation systems which would make the new currency legal tender in Russia.

Burger King Russia – Landed in soup

Burger King Russia – Landed in soup.

What is Whoppercoin? Russian Prosecutor’s legal Office Summoned Burger King for illegaly Issuing Cryptocurrency. The Russian chain of Burger King revealed that in August that it had issued a cryptocurrency in Russia. The token platform let users who will download their wallet so they issue their own crypto currency and used them to trade with other Waves wallet holders. An intentional decentralized exchange was built into Waves wallets which allows their tokens to be traded with other cryptocurrencies as well as cryptocurrencies.The Russian legal office has summoned Burger King to explain the matter as issuance of its cryptocurrency called Whoppercoin is illegal.

Legal proceedings are followed

Burger King is  quite confident that it has not broken any laws because there is currently no regulation for cryptocurrency in Russia. A Burger King representative clarified to media – that the company got dual notifications from the prosecutor’s office first on September 13 2017and the other on September 19 2017 .  With a formal invitation to the Izmaylovskoy prosecutor’s legal office on behalf of the prosecutor’s office in capital Moscow. He Mentioned that On the instructions of the Moscow Prosecutors legal Office.Indepth information was checked & verified that company issued a cryptocurrency and started making transactions with it. The initiative is planned & being run by Burger King Russia. Whoppercoins have already been issued supply of 1 billion. Further Whoppercoins can be issued if required. Customers will receive one Whoppercoin for every rouble they spend (1 USD = 59 RUB). In its notification the prosecutor’s office asked stongly to Burger King to clarify what a Whoppercoin & what kind of machenism it have. The company was also asked to provide all account  statement that on what grounds conducted a huge mass issuance of Whoppercoins. Though Russian finance ministry as well as the central bank are currently working to provide a legal framework for cryptocurrencies. Nut it will take another year to come. An old partner at A2 law firm Mikhail Aleksandrov, said that in the case of Burger King, the cryptocurrency can be treated like coupons used by food retailers. “It’s more of a marketing story, not a payment story,” he described.The Burger King representative insisted that the company did not break any laws, according to Vedomosti. Nino Tsiklauri, the senior legal counsel for Burger King in Russia explained.

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Miners are encouraged & Invited to Relocate to Leningrad

Crypto Mining encouraged & Invited to Relocate to Leningrad

At the third annual forum for Leningrad’s small and medium-sized businesses (SMEs) called “Energy of Opportunities” which took place last week, he proposed that the first Leningrad Nuclear Power Plant (LNPP) could be used to set up cryptocurrency mining farms. The Russian Leningrad region wants to create an industrial park for cryptocurrency mining including bitcoin. Leningrad’s governor is inviting miners to the Sosnovy Bor area near St. Petersburg to create industrial-scale mining farms at the old Leningrad nuclear power plant.

Progression of the concept – for encouraging crptocurrency mining

The governor of the Russian Leningrad region Alexander Drozdenko is pleased to announce as he is encouraging & inviting cryptocurrency professional miners to set up mining farms in Leningrad, according to local publications. The event was attended by 600 entrepreneurs and federal agency representatives. Governor Drozdenko noticed that “for the production of bitcoins first of all huge areas for processing and cheap electric power are required.” The authority has already been in discussion with Alexey Likhachev, Director General of Rosatom State Atomic Energy Corporation. At other node Rosatom heads about how “the liberated infrastructure facility of Leningrad NPP can be used as a technopark designed for cheap energy,”. He also said it could be Headquartered in Moscow ,  the Rosatom is the regulatory body of the Russian nuclear complex. Which effectively regulates all nuclear assets of the Russian Federation – both civilian and military. Moreover, First Deputy Prime Minister Igor Shuvalov recently announced that the government is discussing the origin of state-owned cryptocurrency mining centers. As you know, the construction of LNPP-2 is being completed in Sosnovy Bor, and large areas of the first nuclear power plant are being liberated. Drozdenko explained & told, adding that this site may be of interest to cryptocurrency miners. Media Highlighted that The Leningrad region is bordered by Finland in the northwest and Estonia and St. Petersburg in the west. The region’s first LNPP, which was considered & commissioned in 1974. It is located in the town of Sosnovy Bor. Currently, the second nuclear power plant (LNPP-2) is being developed next to it. In addition, the governor said that with the support of SMEs, Leningrad can initiate as pioneer the creation of cryptocurrency mining farms in Russia. Earlier this month, media reported on a project to subsidize electricity costs to cryptocurrency professional miners. At the beginning initiated by the Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK). However, the location of this project has not been disclosed but soon news are expected. The Kaliningrad region has the ample increase in cryptocurrency mining. Meanwhile, there are other regions in Russia has also been putting their best to attract cryptocurrency miners.

Russian Economy In Action Now for Cryptocurrency

  Russia in Action now! Finance Ministry in association National Bank is Drafting a Proposal to legalize cryptocurrency. Early this month – the bank issued an announcement cautioning about computerized monetary standards and also Initial Coin Offerings (ICOs). Russia’s Finance Ministry Drafts Law to Legalize Cryptocurrency. Meanwhile, the national bank is drafting a proposition on the administrative system for advanced monetary forms.

The Central Bank and the Ministry of Finance are creating proposition on their sanctioning in the Russian Federation. The bank expressed that it is untimely to concede digital currencies and some other related monetary instruments to the course and use at sorted out exchanges Russia.

What will be the Impact on economy ?

According to The Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, disclosed to that the draft law on digital currencies will be readied this fall, including that Russia’s fund service is taking a shot at a draft bill to authorize digital currencies including bitcoin, which is normal before the year’s over. All nations are attempting to authoritatively direct the utilization of this monetary instrument, and the money related instrument is exceptionally unstable, that is, today it has one value, tomorrow another.

All together for us not to have alleged deluded financial specialists, direction is fundamental. The Ministry of Finance will get ready such a draft law before the year’s over. Both the fund service and the national bank “are creating proposition on their sanctioning in the Russian Federation.” The Finance Minister proposes treating Cryptocurrency like government advance securities, accessible to people. Russia Proposes Restricting Bitcoin to Qualified Investors. The Russian Finance Ministry is drafting a bill to direct the flow of cryptographic forms of money, said the Finance Minister Anton Siluanov in a meeting publicized on “Russia 1” TV channel on Saturday.

The Russian state-possessed news office Tass cited him saying so-“There is no reason for disallowing crytocurrencies, Rather it is important to control them,” he also stated, including that the draft law “will direct and create the system for procuring, circling, and enlisting members who will contribute and purchase this instrument,” RBC nitty gritty etc. Russia’s Finance Ministry Drafts Law to Legalize Cryptocurrency.

Accessibility to Individuals We trust it is genuine for people to take an interest in the buy of these instruments, somehow these buys ought to be obviously managed, distinguished, and settlements in these digital forms of money must be controlled by the important specialists. Russians can purchase these bonds at roughly 1,400 branches of Sberbank and VTB bank, as indicated by CNBC.

He at that point proposed that the way toward purchasing cryptocurrency for people ought to be sorted out similarly as purchasing government advance securities (OFZ). The back service began offering these ruble-named OFZs to family units in April. Delegate Finance Minister Alexei Moiseev as of late proposed for digital currencies including bitcoin to be recorded on stock trades, for example, Moscow Exchange, yet ought to be just accessible to qualified financial specialists.