Russia moves forward to legislation to regulate crypto

Russia to ban cash withdrawals via anonymous electronic means of payment and to control over supply & mining 
18 October 2017   1272

It seems like the majority of countries have already realized the inevitability of popularization of cryptocurrencies among the masses. While countries slam their doors in front of the brand new technology, the others give the cryptocurrencies the green light. Now the whole world is waiting for one of the most influential countries, Russia, to have its say.

For now, there are several news on the subject came from the country.

One of it is that Russia is to ban cash withdrawals via anonymous electronic means of payment. The draft federal law was introduced by the Ministry of Finance of Russia. The bill is aimed at improving control over anonymous payments made by individuals using non-personal electronic means of payment. As for the remaining funds, they be transferred to the account of a legal entity, an individual entrepreneur, to the account of that individual, as well as to fulfill his obligations to the credit organization, as detailed.

The anonymous electronic means of payment, that is, various Internet wallets, nonpersonalized bank cards where the owner's name is not indicated are often used to cash out money, and money of criminal origin in particular: laundered capital, bribes. It is almost impossible to trace the final recipient <...> The money circulate must be absolutely transparent, it has to comply with the requirements of Russian legislation and conventions to combat money laundering. That's why withdrawing cash from anonymous cards or wallets will be prohibited.

Dmitry Medvedev
The Prime Minister of Russia

The bill has been reviewed and approved at a meeting of the Government of the Russian Federation on October 12th, 2017.

Yet another significant thing is that, according to the Russian President Vladimir Putin, Russia will issue its own ‘CryptoRuble’ (the news broke through Minister of Communications Nikolay Nikiforov). Today, it appeared that The Ministry of Communications of the Russian Federation has prepared a Government Decision on the technological implementation of the national cryptocurrency release. A decision on its issue and regulation will be made by the Bank of Russia and the RF Ministry of Finance. Thus, the head of the Ministry of Communications considers it necessary to provide state control over the issue of national cryptocurrency, however, private business is to be able to participate in creating an ecosystem.

It's noteworthy that China's PBoC is also speculated to create state-sponsored cryptocurrency and to be the only emissary of it. Whether Russia is following in the China's footsteps, remains to be seen. 

Facebook to Launch GlobalCoin in 2020, BCC Says

Facebook consults with representatives of the US Treasury Department and Bank of England  about regulating the initiative named Libra
24 May 2019   43

Operator of the world's largest social network Facebook Inc. will launch a new payment network based on its own cryptocurrency in the “dozen countries” in the first quarter of 2020, the BBC reports.

The publication claims that Facebook consults with representatives of the US Treasury Department and Bank of England Governor Mark Carney about regulating the initiative, code-named Libra.

At the same time, the Financial Times reported that Facebook is already in talks about listing GlobalCoin on the American exchanges Gemini and Coinbase. 

Sources of the publication said that Facebook is discussing with the trading firms Jump and DRW the prospects of market-making and liquidity.

Previously, the media claimed that the company is also in talks to support the initiative with Western Union, Visa and Mastercard.

Testing the network is supposedly scheduled for the third quarter of this year.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. Its profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.