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Russia To Have Bitcoin Regulation Draft In Place By The End Of 2017

Russia To Have Bitcoin Regulation Draft In Place By The End Of 2017

Russia To Have Bitcoin Regulation Draft In Place By The End Of 2017

Russia and China have been at the center of a regulatory rooted storm in the bitcoin space over the last few weeks and – primarily as driven by the latter – are fundamental to the recent weakening in the bitcoin price towards current levels.

However, the latest news out of Russia suggests that some of the downside pressure we have seen across the period may be unfounded and, in turn, lifting.

Over the weekend, Russian Finance Minister Anton Siluanov took center stage as part of an interview conducted by TV channel Russia 1 and, for a large part of the interview, devoted his airtime to discussing cryptocurrencies, their position in Russia and the latter's stance on regulation.

And unlike recent news that has suggested regulation is going to be tight and (by way of a Moscow exchange listing) limited to accredited investors, and now looks as though Russia is going to take a much looser stance on bitcoin and its peers.

Well, loose in a sense, in that the regulation will be put in place to try and limit the volatility that any bitcoin traders or investors are exposing themselves to when they take a position in the cryptocurrency. However, exactly how this volatility will be limited remains to be seen.

Here's a quote from the interview:

"In order for us not to have so-called deceived investors, regulation is necessary."

It still looks as though the regulation is going to involve the necessity for accreditation on the buyer's part, or at least some kind of registration somewhere but – again – the exact details of such are unclear as things stand.

What we do know is that any regulation will be drafted and put forward for policy approval between now and the end of this year, meaning the next 3 to 4 months could be crucial from a Russian (and perhaps, global) perspective in terms of mainstream adoption of bitcoin and other cryptocurrency outside of the tech space.

Author : Jack Dean

Jack has worked in the cryptocurrency industry for 5 years now as a reporter. His experience is predominately in banking, while he also has a keen interest in the forex world. His daily output is read by thousands of readers globally.

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