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   1193

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. 

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.