Russian patriots ask to ban cryptocoins

Representatives of Russian business community believe that only national currencies controlled by state should exist
16 October 2017   681

Entrepreneurs association "Avanti" promotes a so-called business patriotism. On their website they state that their goal is to unite entrepreneurs in the real sector of Russian economy in order to promote the development of a free competitive market, domestic production, a fair and efficient social market system and business patriotism supporting interest of the Russian Federation.

“Avanti” suggests to legislatively establish the use of only domestic crypto-currency, a so-called cryptoruble, which has not yet been released.

In their letter to the Federation Council and the State Duma, the representatives of the organisation state that the anonymity of transactions while using foreign crypto-currency can become a source of financing shadow economy, which can lead to negative consequences for the political and economic development of the Russian Federation.

Those processes stimulate development of not only shadow economy but they are capable of generating new forms of "universal evil", such as terrorism, human and drug traffic. 
 

Rahman Yansukov
Head, Avanti

Cryptoruble became the issue under discussion after Russian president spoke about the need to create a national crypto currency, and the Minister of Communications emphasized its parameters such as:

  • it is to be created using Russian cryptography
  • it is not to be mined
  • the issue is to be regulated by the state
  • the blockchain is to be closed

It’s not the first time when entrepreneurs association "Avanti" plays upon the feeling of patriotism.

Suggested rubles
Suggested rubles

In August of 2017, the association proposed to release of a limited series of 10,000 ruble banknotes with the image of President Vladimir Putin, trying to inspire a patriotic opposition to sanctions, but this idea was never implemented.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.