• Latest
Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‚Suspicious‘

Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‚Suspicious‘

Februar 17, 2020
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‚Suspicious‘

coinnewsdaily by coinnewsdaily
Februar 17, 2020
in Tech
0
Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‚Suspicious‘
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The Central Bank of Russia (CBR) has formally proposed a legal framework for tokenization, but also plans to label cryptocurrency transactions as suspicious activity, it said in a press release Monday.

The CBR announced it had successfully piloted a platform that allows users to tokenize assets, including equities and currencies, and issue them to investors.

Related articles

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022

Ivan Zimin, director of the CBR’s financial technology department, said in the release that the bank had now proposed using the platform as a framework in the country’s upcoming cryptocurrency law, which will act as guidance for legitimate businesses wanting to tokenize assets.

„Based on the results of the piloting, the Bank of Russia proposed to include in the draft federal law “On Digital Financial Assets” the provisions necessary for the introduction and development of such decisions in the emerging digital assets market, which were supported by government bodies and businesses,” Zimin said.

This coincides with local media reports that the CBR is planning on updating bank guidance on what constitutes criminal activity, for the first time in eight years. According to business news site RBC, both the sale and purchase of cryptocurrencies could be considered suspicious under the new guidance.

Still undergoing in-house assessment, the guidance would ask commercial banks to flag activity and authorizes them to block transactions, and even close the accounts, of any clients found to be trading cryptocurrencies.

CBR’s move has been met with some pushback from industry figures. Don Guo, CEO of technology and liquidity provider Broctagon, has criticized the fragmented approach. Speaking to CoinDesk, he said the two decisions on Monday will only create more uncertainty in the digital asset space.

„Russia seems to have taken one step forward, two steps back when it comes to crypto,“ Guo said, adding it would leave „Russian traders scratching their heads“ as other major economies, such as the U.S and China, continue to offer conflicting advice on how to regulate cryptocurrencies.

„Where China has been advocating for Bitcoin and creating its own digital currency, other countries like the US seem to be fighting a losing battle to squash it,“ Guo said. „Whether regulators like it or not, the adoption of digital currencies will continue, and dismissing cryptocurrencies comes with an opportunity cost.“

Since 2017, the Russian government has been drawing up a bill that would regulate cryptocurrencies and related activities such as initial coin offerings (ICOs) and trades with fiat currencies, like the ruble. Although officials have previously indicated the bill was nearing completion, Binance CEO Changpeng Zhao hinted in a speech last October that Russian officials were being indecisive.

The Russian parliament passed a digital rights bill in early October that outlined basic „digital rights“ in Russian law and also provided legal definitions for smart contracts and cryptocurrencies.

Monday’s news now suggests Russia is now trying to create a regulatory distinction between asset tokenization, which can more seamlessly be integrated into existing financial law, and cryptocurrencies, which cannot be as easily supervised and managed by the authorities.

Last October, the CBR backed a potential ban on cryptocurrency payments, claiming they carried significant risks and could not be equated with legal tender.

Reportedly one of the largest projects to ever come out of CBR’s regulatory sandbox since it launched in April 2018, the tokenization platform was developed by Nornickel, a Russian mining and smelting company. Also allowing organizations to mint „hybrid tokens“ backed by different assets simultaneously, the platform will go into operation once Russia’s cryptocurrency bill passes into law.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

China’s DCEP Unlikely to Impact Crypto Markets in the Long-term, eToro Analyst Says

Next Post

Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‚Database Rights‘

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable
Tech

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’
Tech

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022
South Korean police request exchanges freeze LFG related funds
Tech

South Korean police request exchanges freeze LFG related funds

Mai 24, 2022
Bitcoin stands apart from other crypto, and what that means for US public policy
Tech

Bitcoin stands apart from other crypto, and what that means for US public policy

Mai 22, 2022
Needed: A massive education project to fight hacks and scams
Tech

Needed: A massive education project to fight hacks and scams

Mai 21, 2022
Commonwealth Bank puts crypto trading trial on ice as regulators dither
Tech

Commonwealth Bank puts crypto trading trial on ice as regulators dither

Mai 20, 2022
Load More
Next Post
Craig Wright Again Claims Authorship of Bitcoin White Paper

Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His 'Database Rights'

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev