Monday, February 5, 2018

Russia Considers Cryptocurrency Licenses in Crimea Region

Russia Considers Cryptocurrency Licenses in Crimea Region - Times are getting more advanced and the equipment created by humans is increasingly varied. And it makes human activity more effective and efficient with the presence of such sophisticated tools. Especially now his era "all online", ranging from buying dinner online, buy tickets online, until the online currency was already booming lately. One of the technological products currently developing in finance is the existence of Cryptocurrency. And the current cryptocurrency product that sounds familiar to the ear is bitcoin.

Before getting to know more, we certainly need to know what the cryptocurrency is. Cryptocurrency is a digital currency that uses cryptography created for security not to be forged, and encryption techniques to regulate each new currency unit and then verifies every fund transfer that occurs using that currency. What's interesting here is that this digital currency works independently and without central bank intervention.

Russia Considers Cryptocurrency Licenses in Crimea Region
Cryptocurrency in Crimea, Russia

One of the countries that recently made policies for its citizens to be able to use cryptocurrency is Russia especially in the Crimea region. The region does not have any bank that can be operated to support finance in the Crimea. The Russian Internet Ombudsman, Dmitry Marinichev, suggested the use of cryptocurrency in the region. He argues that legal entities and any person who is resident in the Crimea should be permitted to use cryptocurrency purses and conduct transactions with digital currencies.

Marinichev also believes that the opening of the digital currency exchange rate of cryptocurrency according to him will attract new investment to the region. He also added that he was inspired from Hong Kong that has managed to make one of the biggest Bitcoin exchange rates today. In a conference on the Cryptocurrency Act in Russia last week he said:

"Crimea is now an exclusive economic region, which may start with the opening of the cryptocurrency exchange rate that will be operated there legally. As a result, we will see the actual actualization of cryptocurrency.

Russia Changes Treatment of Cryptocurrency

Elina Sidorenko, the Head of the Working Group on the State of Duma of the Russian Federation, said that the latest legislation being discussed currently contains some of the most pressing issues in Crimean banking. The idea of making cryptocurrency-based payments among financial initiators has been around for a long time but there is some controversy.

At that time the status of digital currency was not mentioned in Russian law, although there had been an attempt to legalize the cryptocurreny. Pad December 2016, Alexey Moiseev, Deputy Finance Minister of the Russian Federation said that they will abolish the ban on currency exchange operations with Bitcoin and the national currency, no later than the beginning of autumn 2017. Many financial experts believe that this will be a valuable tool to reshape a global financial system.

Everyone Wearing Bitcoins

It has often been suggested that cryptocurrency has significant potential to connect people and areas that still use traditional banking systems. Where in the Crimea today, there are still many emerging markets that have not been touched by modern banking services.

Other article : Bitcoin is Being Reviewed by The World's Largest Investment Company

Even so, the Russian government remains cautious in every step of establishing legislation for crytocurrency in the region. The Russian government will compare between traditional and modern system users. Where for users who fail to use traditional systems will soon be replaced with modern ones so policy makers know how they should treat Bitcoins.

Who else will be able to make a great opportunity using modern systems like cryptocurrency today?