Russia's Cryptocurrency Law - Initiation

[Twentyonepaylots]

            As cryptocurrecncy becomes in demand and investors are looking for it, it seems like Russia is giving it to them by tokenization. Russian Central Bank banned the use of cryptocurrency payments in October last year due to some reasonable risks after passing the digital rights bill on the same month last year for cryptocurrencies. Yesterday, Central Bank of RUssia announced that they already successfully tested a platform where investors can seamlessly tokenize their assets which will guide digital businesses on tokenizing assets. Seems like USA, China and Russia are having hard time making regulation as they started when bitcoin soared in 2017. Russian government knows what it would cost them if they set aside and do not prioritize this big thing in front of the economy.

Tokenization offers an efficiency on buying and selling assets leading the financial world in better liquidity, faster and low-cost transaction, more transparent, and available to everyone making broader market.

Who you guys think doing it better?
USA, China Or Russia?


Rerefence link https://cointelegraph.com/news/legal-framework-for-tokenization-submitted-to-russias-crypto-bill

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[gentlemand]

Russia has spouted so much contradictory shit about crypto over the years I doubt anyone will believe a single thing they claim from now on. One minute Vlad is sleeping with Vitalik, the next day a minister says people will be forced to drink radioactive tea for visiting Coindesk.

Since they're so paranoid about all the Western plots against them you'd think anything that weakened the dollar's preeminence would be welcomed. Seems not.

[FanatMonet]

Do not believe the Russian government and all that they say. Their ultimate goal is to regulate the market as much as possible for themselves and their friends oligarchs. If they do something, then just to get some financial gain themselves.

[Wexnident]

Isn't china doing it better? I mean, they've had success with their blockchain progress and the yuan coin they have. Haven't heard or seen many updates lately though after their announcement with the concentration on the development of Blockchain. As for Russia, well, they've been having problems with regards to the steps they should actually do. It's like one straight line was made to curve endlessly around before reaching a final ending or conclusion which makes watching their progress really hard to bear. As for US, I actually have close to no idea about their progress. Am not following the updates they have particularly sadly.

[maxdin]

Do not believe the Russian government and all that they say. Their ultimate goal is to regulate the market as much as possible for themselves and their friends oligarchs. If they do something, then just to get some financial gain themselves.

I don't know anything about their inner politics, however I've heard they've not many mines anyway, so not that much of value their words has

[Twentyonepaylots]

Russia has spouted so much contradictory shit about crypto over the years I doubt anyone will believe a single thing they claim from now on. One minute Vlad is sleeping with Vitalik, the next day a minister says people will be forced to drink radioactive tea for visiting Coindesk.

Since they're so paranoid about all the Western plots against them you'd think anything that weakened the dollar's preeminence would be welcomed. Seems not.

Yeah I also noticed the very quick changes with the russian, I guess they are really depending on the western countries and trying to lead the Asian countries. I'm very skeptical with every move they are taking too.

[avikz]

A platform for tokenization of assets? Let me understand!

I have a goldbar worth $10,000 and I want to sell it. I would go that plaform and create a token of similar value and submit that goldbar to the platform controller. Now I would sell the token to the market and whoever is buying that, would get a delivery of that goldbar from the platform controller! Is that so?

Well, why it sounds like a regulation attempt to me? Is Russia trying to regulate the assets of their citizens in a digital way?

Tokenization capability already ruined crypto market big time! Don't understand why Russia is pushing towards the same way!

[Ozero]

Do not believe the Russian government and all that they say. Their ultimate goal is to regulate the market as much as possible for themselves and their friends oligarchs. If they do something, then just to get some financial gain themselves.

That's for sure. The Russian government says one thing, thinks different, and does the third. In any case, while they do not think about their citizens at all. They only care about the interests of the ruling clans. They talk a lot about the need and prospects of cryptocurrency, but in practice it is forbidden to use it. In Russia, the law on the regulation (legalization) of cryptocurrency has not yet been adopted. Let them do it first, and only then they say.

[beerlover]

USA is definitely doing better because all other two have hard time making laws since they are ruled by just one government whereas USA has states and even tho there is a federal law in place there is none for bitcoin or crypto currency so that means one place could legit make it possible for people to buy and sell bitcoin freely and even pay taxes with crypto  whereas other place could totally ban it yet since you are in the same nation you could go to any state you want and deal with your business there and come back to your own state so basically it means if there is one place that allows something, it means everywhere else indirectly allows it as well as long as there is no federal laws banning that thing.

Partially accepting something is better than just wiff waffing around it.

[FanatMonet]

Do not believe the Russian government and all that they say. Their ultimate goal is to regulate the market as much as possible for themselves and their friends oligarchs. If they do something, then just to get some financial gain themselves.

That's for sure. The Russian government says one thing, thinks different, and does the third. In any case, while they do not think about their citizens at all. They only care about the interests of the ruling clans. They talk a lot about the need and prospects of cryptocurrency, but in practice it is forbidden to use it. In Russia, the law on the regulation (legalization) of cryptocurrency has not yet been adopted. Let them do it first, and only then they say.

The law on currency legalization may not be adopted at all, otherwise the FSB will no longer be able to openly do the same as with the former BTC-e (WEX) exchange, when several people, threatening the prison administrator, revoked his access to the exchange’s cold wallets.

[Tylev]

Russia has not yet adopted a basic law on the regulation of cryptocurrency circulation. First you need to adopt this law, and only then solve all other secondary issues. This is very important for Russia due to the fact that there are different opinions about the possibility and necessity of free circulation of cryptocurrency in the country and the presence of conflicting bills in the State Duma, up to a complete ban on cryptocurrency. Therefore, there is no point in discussing possible asset tokenization and other secondary issues without a basic cryptocurrency law.

[charlesmichel1]

I think China is more successful here. They've came up with plans about digital yuan and so on.
The Russian government have no idea about cryptocurrencies. All they seek for is absolutely regulated market for getting more wealth for themselves.

[1Referee]

Russia has not yet adopted a basic law on the regulation of cryptocurrency circulation.

For Russia (or any other state for that matter) that's not necessarily a bad thing. It allows them to selectively enforce their laws, which they seem to have been doing for a couple of years now. It's a tough environment for businesses to operate in since they don't know where the 'boundaries' are as to what is allowed and what not, but hey, that's the environment they chose to operate in anyway, so they likely accept the risks tied to that.

I only think states will rush to deploy a clear regulatory framework when they know there is something to lose, and to be honest, I don't think there is much to lose right now. People act like crypto is that new revolutionary thing that will change the world, but thus far it hasn't changed much apart from people's hunger for more profit. Crypto is one big casino.

[Kakmakr]

One thing is 100% guaranteed, when you talk about Crypto currencies and Russian politics... you will never get a clear answer towards their stance on Crypto currencies. The different factions or divisions or whatever you want to call it, does not speak the same language, when it comes to Crypto currencies.

Russian bureaucracy is a nightmare and everything is done in a cloak and dagger style governance, where the one Prime Minister are saying one thing and the deputy prime ministers are saying another thing and then you have several different things being done by all the federal ministers. 

Vladimir Putin has served 3 terms and are currently in a fourth as President of Russia and he is seen having talks with Vitaly Dmitriyevich  Buterin,  the co-founder of Ethereum. 

[sheenshane]

I don't think which country doing better, For me, there are a simple target and goal with this, generally.

Open a market, let it go big. Keep the users spend their cash on the platform and let them think the point that they
are disobeying the rules of the government.

Once the market is big enough, that is the time to have to explode it by regulating it. Their assets will be locked, the government will gain the right to keep it. Make bidding and sell the assets internationally.

That is how to make a good trap.

[ssamotoev]

Russia has spouted so much contradictory shit about crypto over the years I doubt anyone will believe a single thing they claim from now on. One minute Vlad is sleeping with Vitalik, the next day a minister says people will be forced to drink radioactive tea for visiting Coindesk.

Since they're so paranoid about all the Western plots against them you'd think anything that weakened the dollar's preeminence would be welcomed. Seems not.

On top of that you can look at China's crypto progress - they've made damn official book about cryptocurrencies and blockchain.
Surplus the mines, big crypto companies etc.
And there is USA on the 3rd side - they've a lot of companies into crypto, but govs don't care and do not support this actively developing field

[stompix]

Russian government knows what it would cost them if they set aside and do not prioritize this big thing in front of the economy.

Tokenization offers an efficiency on buying and selling assets leading the financial world in better liquidity, faster and low-cost transaction, more transparent, and available to everyone making broader market.

What will cost them?
What are they missing from not prioritizing this?

Tokenization is just a hype, nothing more.
I don't know who still believes we need a token to rent a car, a token to use a pubic service, a token to sell stuff, a token to make a deposit a token to ^&%
If it were that much of an innovation it would have spread like wildfire, the fact that nothing is really catching up to this simply means this "revolutionary" thing is not that revolutionary at all.

Isn't china doing it better? I mean, they've had success with their blockchain progress and the yuan coin they have. Haven't heard or seen many updates lately though after their announcement with the concentration on the development of Blockchain.

Because there is none just as there is no yuan coin!
There is a digital yuan which is a centralized PoS (Piece of sh*) that has as much to do with cryptocurrencies as paypal has.

[FanEagle]

I have always been worried about countries trying to create their tokens in future. Back then when I started using cryptocurrency, I was expecting there will be a time when the government will accept Bitcoin fully. Then there were not much altcoins apart from ETH, Litecoin and some other good coins.

I expected that the kind of adoption I’m looking forward to will start from China, and unfortunately they stopped and banned cryptocurrency. Then the next thing that happened was that they started creating their cryptocurrency and there are lots of altcoins in the market and lots of fake projects, it’s really annoying. Now other countries will start doing the same, creating their own cryptocurrency and maybe banning Bitcoin so that people will agree to buy and invest in their coin.

[dothebeats]

Russia wouldn't be so welcomed and open about cryptocurrencies. Like China, they have been like this for quite some time now, saying things that stimulate the minds of the people that they are already in the works of legalizing crypto-related things only to retract their statement later. It's total BS on what they are releasing currently and perhaps just their way to get people into thinking that Russia is softening on crypto. Perhaps they'd rather push through with their own crypto than to accept what's already out in the wild.

[fiulpro]

I do think government is still themselves confused if they do want the cryptocurrencies to be there or not , especially the Russian government , they have Ben trying to figure it out whereas the nations surrounding them are already figuring out how to use them for good.
*Germany's banks are all set on selling the cryptocurrencies
*Ukraine have just legalized it
I do think they will realize it soon enough that if they do not want to stay in the sidelines they also need to make a decision fast , positive one at that matter.