Russia will legitimize ICO and cryptocurrency

President Vladimir Putin gave instructions to the government to make amendments to legislation that legitimize cryptocurrency
24 October 2017   700

The statements concerning future policy towards cryptocurrency in Russia appeared on October 21 on the official website of Kremlin.

The orders made by President of Russia Vladimir Putin are concerned with new legal regulations which will be applied to cryptocurrency in Russia. The instructions aim at establishing a plan to use cryptocurrency technology to create a unitary payment space with the Eurasian Economic Union, and making a special system for cryptocurrency miners to register and pay taxes on a profit they make.

Moreover, the instructions mention creation so-called "sandbox", which will allow companies to test products under limited conditions.

The Government of the Russian Federation, in conjunction with the Bank of Russia, shall ensure that changes are made to the legislation of the Russian Federation providing for...[the] determination of the status of digital technologies used in the financial sphere and their concepts (including such as "technology of distributed registries", "digital letters of credit", "digital mortgage", "crypto-currency", "token", "smart contract") based on the obligation of the ruble as the only legal tender in the Russian Federation.
 

Official list of instructions on the use of digital technologies in the financial area

All the instructions should be put through by the government and Central Bank by July 1, 2018.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.