[2017-10-23] Russia Promises Regulation Will Not Kill ICOs

[ivanpoldark]

Russia’s First Deputy Prime Minister Igor Shuvalov promised not to let initial coin offerings (ICOs) in Russia “die” because of regulations last week. Despite bills being prepared to regulate them, President Vladimir Putin has said that ICOs hold “tremendous potential” and should not be obstructed.

Defending ICOs

Russia’s First Deputy Prime Minister Igor Shuvalov spoke at a youth forum in Sochi last week. One of the forum participants asked him, “I have a big request for you, please do not let our ICOs die as a result of regulation.” The deputy prime minister then “promised the participants to defend the capabilities of ICOs and prevent them from ‘dying’,” RIA Novosti reported.

“You are absolutely right,” Shuvalov continued, noting that various countries adopt laws to treat cryptocurrencies differently. “Our immediate response is to immediately put this under regulation, to ban, because it is harmful,” he said. Confirming that the government plans to regulate ICOs, he detailed:

        

We still do not know if it’s harmful or not, but we are already trying to ban and close it down. If our place is among advanced countries, and we want to succeed in this competitive race and even create better standards of life than our partners we are looking at on their social economic standards, one must be a little bolder.

The news outlet then quoted Shuvalov saying at the forum, “some of my colleagues from different departments and the government say that it smacks of MMM and something else.” In early September, the Bank of Russia warned about ICO risks.

Read more: https://news.bitcoin.com/russia-regulation-icos/

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[olubams]

Russia’s First Deputy Prime Minister Igor Shuvalov promised not to let initial coin offerings (ICOs) in Russia “die” because of regulations last week. Despite bills being prepared to regulate them, President Vladimir Putin has said that ICOs hold “tremendous potential” and should not be obstructed.

Defending ICOs

Russia’s First Deputy Prime Minister Igor Shuvalov spoke at a youth forum in Sochi last week. One of the forum participants asked him, “I have a big request for you, please do not let our ICOs die as a result of regulation.” The deputy prime minister then “promised the participants to defend the capabilities of ICOs and prevent them from ‘dying’,” RIA Novosti reported.

“You are absolutely right,” Shuvalov continued, noting that various countries adopt laws to treat cryptocurrencies differently. “Our immediate response is to immediately put this under regulation, to ban, because it is harmful,” he said. Confirming that the government plans to regulate ICOs, he detailed:

        

We still do not know if it’s harmful or not, but we are already trying to ban and close it down. If our place is among advanced countries, and we want to succeed in this competitive race and even create better standards of life than our partners we are looking at on their social economic standards, one must be a little bolder.

The news outlet then quoted Shuvalov saying at the forum, “some of my colleagues from different departments and the government say that it smacks of MMM and something else.” In early September, the Bank of Russia warned about ICO risks.

Read more: https://news.bitcoin.com/russia-regulation-icos/

I believe this is what a lot of people wanted in other to ensure we can all carry out our business in peace but the issue about state institutions is the amount of regulations and approvals that will need to be sought in other to get a clearance which might bury a lot of time in the bureaucratic machineries of government but if those can be eradicated or reduced to the barest minimum, then I am sure a lot of people would and willingly do things the right way.

[Jating]

Nah. Russia is looking foolish by every news coming from them regarding bitcoin and cryptocurrency. Everything coming from them always contradictory. That's why you have to take everything with a grain of salt. I will insists on my believed that they are really against crypto's and will be putting a ban hammer sooner or later. The way they contradict themselves is a sign that government policy is not align and favorable to cryptocurrency. Let's wait for a few days and you will hear another news coming from them saying crypto is bad and can't be controlled.

[iamTom123]

Every time I read the news coming from Russia regarding Bitcoin and ICOs, the more I am confused as to what can be the official stand of the government regarding cryptocurrency. Will they be allowing Bitcoin and many other coins under a regulated environment or will they be following the lead of China which is an outright ban?

I am expecting that by next year we would finally know what can be the final and official stand so that we can all move on. Russians who are involved with cryptocurrency should start now lobbying for their government leaders to eventually issue the legal framework on which cryptocurrency can work with. I understand that there are now many bright Russians enmeshed in the ICO market.

Though Russia has not yet a big percentage in terms of the Bitcoin trading market share, this country has a big potential to be one of the most important leading countries for Bitcoin that is why I am hoping that eventually Putin and his men would give a big nod for this proposal.

[Irvinn]

The more you read the news from Russia, the more convinced that there is no single concept for understanding the place of crypto-currencies and their role in the economy of the country. Each official of this state sees the solution of this issue differently and happens, periodically changing its opinion. Therefore, I am skeptical about their words. I want to see specific laws, not chatter.