[2017-10-17] Russian Businesses Urge Government to Approve Only Domestic Cryptoc

[ivanpoldark]

One of Russia’s leading public associations of entrepreneurs has sent a proposal to their government asking them to approve only domestic cryptocurrencies in their upcoming cryptocurrency legislation.

Proposal to Government

The Association of Entrepreneurs for the Development of Business Patriotism (Avanti) sent a proposal to the Federation Council and the State Duma on Monday to legislatively permit only the circulation of domestic cryptocurrencies in Russia, RIA Novosti reported.

Avanti is one of Russia’s leading public associations for entrepreneurs and businessmen. Supported by members of the Russian parliament, the association works with entrepreneurs, officials and regions to promote the idea of business patriotism.

In its letters, the association wrote:

        "We propose to prohibit the issuing and circulation of foreign cryptocurrencies in the territory of the Russian Federation, to concentrate on the development of domestic virtual currencies."

Read more: https://news.bitcoin.com/russian-businesses-government-domestic-cryptocurrencies/

[SvenBomvolen]

Interesting. I wander do they plan to count Etherum as domestic crypto-currency? Vitalik Buterin is Russian citizen and he talked with Putin already Blockchain and crypto-currencies already. Maybe that was the first step and discussing about making Etherum as domestic crypto-currency?! 

[HeRetiK]

Seems like there's a bit of a conflict of interest with earlier plans of using the Russian electricity surplus for running a mining operation.

A protectionist stance regarding international crypto-currencies seem like a wise move to establish a national crypto-currency, but it also looks like leaving a lot of money on the table in regards to international (crypto-)trade. And I honestly doubt that issuing a national crypto-currency could be as profitable as running a Bitcoin mining operation on governmental subsidies.

[hatshepsut93]

"Foreign cryptocurrencies"
Just think about it, those people who claim to represent entrepreneurs (while in fact they are just sock puppets of the state) don't even understand that cryptocurrencies don't nationality, they don't have any physical location or people who control them from a certain country - they are spread across the world and anyone is free to join. Russia is very paranoid and previously there were comments coming from their officials that Bitcoin might have been developed by CIA to undermine Russia, so this statement kinda repeats it. And the part about "domestic virtual currency" clearly references the rumored CryptoRuble, which will be just a centralized state-owned payment system.

[bitctrimor1]

This is a good move to put bitcoin into the mainstream market. As more countries, especially the powerful and big ones recognize bitcoin's value, it would be easier for smaller but economically-aggressive countries to follow suit. It's also a good way to legitimize the use of bitcoins because it has legislation and regulation that backs its use and safeguards its users.

[postokenlover]

Russia's attitude changes regularly. Of course。 This shows that many countries have been paying close attention to the bitcoin ecosystem. I hope this is a good beginning.