It was difficult to know the position of Russia concerning crypto-currencies, including Bitcoin. Last week, the Russian president, Vladimir Putin, has clarified things by asking his government to put in place a legal framework to manage the digital currency. The devices include projects in the taxation of crypto-currencies, regulation of the ICO, the legislation covering the technology Blockchain and the establishment of a single european payment area.
It is a surprising development which could consolidate the acceptance of the crypto-currency by Russia. 2017 is the year of crypto-currencies. The Bitcoin and Ethereum have experienced exceptional growth, and the ICO have generated an investment of nearly $ 2.6 billion.
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The crypto-currencies in the phase of being regulated
This year, many countries such as China, has also to analyze this market in order to develop a regulatory framework. The governments of china, south Korean and american, have presented a proposal for a law aimed at dealing with the recent boom. All of these countries have been clear about their position. This was not the case for Russia.
On the one hand, Russia has indicated a wider acceptance. The Russian authorities have actively encouraged the development of crypto-currencies. The Russian president has met with Vitalik Buterin, founder of Ethereum, in view of the creation of a crypto-currency. Russia is today in order to take advantage of this technology.
Russia wants to position itself as a market leader
Russia should benefit from the legalization of crypto-currencies. The country has a strong desire to become a leader on this market. In addition, the country could also benefit from the adoption of the technology Blockchain. Alexander Ivanov, CEO of Waves Platform, which has collaborated with Burger King for the creation of WhopperCoin, says that the market of crypto-currencies in Russia is still new and growing.
Source : TheVerge