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Russia’s Blockchain Legislation Could Be Ready in a Few Months

· March 26, 2018 · 12:00 pm

Cryptocurrencies aren’t the only technology getting the regulation treatment in Russia. The country has stated that a legislative framework for blockchain technology could be implemented within the next few months.

Russia has made no secret of the fact that they are not cheerleading the decentralized cryptocurrency revolution. However, as with most industries, they are fully on board the blockchain bandwagon.

Russian President Vladimir Putin has previously endorsed the technology as a way for the country to advance itself. Because of this, Russia has set to work determining a regulatory framework for integrating blockchain into the country’s governance system.

Blockchain Legislation Around the Corner

Blockchain Legislation Around the Corner

In fact, according to TASS, this outline could be complete within the next few months. This announcement was made by the country’s Deputy Prime Minister, Arkady Dvorkovich. He said this while meeting with students of the Plekhanov Russian University of Economics.

In a roughly translated quote, Dvorkovich said:

It’s necessary to create a regulatory framework, not necessarily too detailed, not to limit the implementation of projects [too much]. Do it as quickly as possible, we are doing it now. I hope that in the coming months, the legislative issues of blockchain will be [resolved].

Widespread Interest

Even though blockchain was initially known as the supporting technology for cryptocurrencies, its advantages are being recognized and implemented over a range of industries. These benefits include a high level of security and immutable record-keeping capabilities.

In addition, because it is the underlying support for virtual currencies, blockchain is being used to aid in central banks and governments creating their own state-controlled digital currencies. Russia is one of the countries that have expressed a keen interest in doing just that by vocalizing plans to develop its own CryptoRuble. First Deputy Prime Minister Igor Shuvalov has also said that blockchain technology could help Russia reach a higher level of advancement in their economic sector.

Not Just for Cryptocurrencies

This type of technology has been on Russia’s radar for some time. Last year saw the launch of Masterchain, a software built using a fork of the Ethereum blockchain. It was created by Russia’s FinTech Association, which is a group comprised of payment institutions and financial startups headed by the Central Bank of Russia.

Blockchain technology can also be used to protect intellectual property (IP) as it not only offers safe and secure storage, but also ensures that any data that needs to be added to a creation or article can be done so efficiently.

February this year also saw Russia’s Agency for Housing Mortgage Lending (AHML) team up with Rosreestr, which is the Federal Service for State Registration, Cadastre, and Cartography, and Vnesheconombank, which is a state-owned Russian development bank. The joint initiative used blockchain technology to develop a shared-ownership contract for future construction development projects.

Russia is Fully Embracing the Technology

Russia is Fully Embracing the Technology

Herman Gref, who is the president of the country’s biggest bank, Sberbank, has previously stated that Russia has the most active blockchain projects in the world.

The country’s embrace of blockchain seems to be filtering from the top down as President Putin has previously said that anyone who is “late in the race” in terms of blockchain development and implementation, would be forced to depend on other world leaders.

He stated that:

Russia cannot allow this.

What do you think of Russia providing a framework for blockchain integration? Let us know in the comments below!

Images courtesy of Wikimedia Commons

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Aten Coin’s NAC Offers Support for US Blockchain Bill

Source: bitcoin

Aten Coin NAC

NAC, the organization behind the “first-generation compliant digital currency” Aten Coin, has come out in support of the recent United States House Resolution 835, which proposes national policy to promote “alternative non-fiat currencies.”

This article was provided by Bitcoin PR Buzz. Bitcoinist is not affiliated with the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or services.

House Resolution 835 was recently proposed by Representative Adam Kinzinger (R-IL), who wants to craft a national regulatory framework to support the growth and development of blockchain technology.

Kinzinger was first elected to Congress in 2010 after a career in the United States Air Force.

“Emerging payment options, including alternative non-fiat currencies,” the Resolution’s preamble states, “are leveraging technology to improve security through increased transparency and verifiable trust mechanisms.”

These innovations, says the Resolution, can “supplant decades old payment technology deployed by traditional financial institutions.”

Throwing the NAC’s support for the bill into the ring, CEO Marcus Andrade says that “this Resolution will benefit both the consumer and commercial sectors very positively.”

“With the incredible upsurge of mobile device use and access to broadband technology this market needs to be educated and protected by its country,” Andrade continues.

Important points in Resolution 835 include:

  • Protect the online assets and personal information of consumer through their connected devices via cybersecurity measures
  • Foster future economic growth and create new markets
  • Develop alternative technologies that support transparency, security and authentication
  • Recognize technology experts in the United States who develop consumer-facing technology applications for manufacturing, automobiles, telecom, tourism, healthcare, energy and general commerce.
  • Request for technology innovators to improve the quality of life for future generations by developing safe, new technology that is aimed at improving a consumer’s access to commerce.

About NAC and the Aten Coin

Headquartered in Las Vegas, Nevada, National Aten Coin (NAC) is the creator of the Aten Coin, a form of virtual and electronic money. The NAC utilizes proprietary cryptography techniques to secure communications and to regulate and manage its currency. The company strictly adheres to an Anti-Money Laundering (AML) control system that meticulously track customer identities and recordkeeping requirements. Additionally, NAC’s Proof-of-Stake v2 method secures all peer-to-peer electronic cash system (digital-currency) transactions by verifying their coin holders’ ownership.

For more information, please visit: AtenCoin.com

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Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.

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Aten Coin’s NAC Offers Support for US Blockchain Bill

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Money 20/20: Industry Leaders Weigh in on Blockchain Regulation

Source: bitcoin


On Monday afternoon at the Money 20/20 conference in Copenhagen, a panel of industry leaders provided an update on their views of the current status of regulation in the Bitcoin and blockchain spaces in Europe. Of primary note was a statement around the short term future of digital currency regulation in Europe. Speaking on issues surrounding attention being placed on Anti-Money Laundering (AML) concerns, Monica Monaco of Trust EU Affairs made a bold yet not-surprising statement, given recent global affairs. “Brussels is paying attention”, asserted Mrs. Monaco. “There will be (European level) regulation between now and summer.”

Also read: Tesla 3 and Bitcoin Make the Difference Locally 

Fascinatingly, many European Bitcoin startups want to be regulated, claims Monaco, “especially the good guys.” Increased regulation helps bring legitimacy to the space, and the industry itself is growing up quickly. Increasingly, across Europe and beyond, digital currency and blockchain initiatives are attracting more experienced serial entrepreneurs who lived through the internet bubble and bring more experience and credibility to the space, which resonates with both investors and regulators alike.

Pioneers in Regulation

One region that has been friendly and will continue to be a leader in digital currency regulation is the Isle of Man. Brian Donegan of the Isle of Man Government wants his small nation to continue to lead the way. “Nothing will change until we have a standard that everyone can realize and work with. It paves the way for global acceptance, and has to happen,” remarked Mr. Donegan. Given the Isle of Man’s work on creating the Designated Businesses Act of 2015, he said that his region is happy to lead the charge and provide experiments on these initiatives.

Money 20/20: Regulating the Blockchain

With regards to blockchain regulation, specifically, Dr. Paolo Tasca of Deutche Bundesbank remarked on the challenges of finding regulation that involves many traditionally disparate parts. “Here, there are elements of payments, monetary transactions, and technology involved,” said Tasca. Mr. Tasca sees parallels with what’s happening now in the blockchain space to what happened in 2002 with home banking and personal finance, and how these presented similar challenges to the regulatory environment. Mrs. Monaco made a valuable point, adding that blockchains also challenge settlement risks and consumer protection concerns. “When you go to decentralized, who controls what, it’s a major shift for regulators. How can you centralize control of something that’s decentralized? Can you? Should you? This is not solved yet.”

Speaking to the general style of how innovation should occur within a blockchain, Veronica McGregor of Hogan Lovells echoed sentiment towards finding empowering yet safe regulatory frameworks.  Rather than having an overarching form of regulation, Mrs. McGregor sees use case specific regulation. For example, the recent R3 settlement test which leveraged blockchain technology will likely lead to further regulation in that realm.

Managing Potential for Anonymity

One topic which garnered significant attention was that of anonymity. Due to concerns of Anti-Money Laundering and potential terrorist financing, this repeatedly is a point of concern for regulators. Speaking to this, Brian Donegan:

“Banks really worry about the financial piece. The identity piece. They have sanctions compliance that they have to adhere to. They have to know who to sanction. The holy grail of the technology is the identity piece” A commonly heard sentiment, it seems to reign true; as soon as the identity piece is solved it’ll likely help regulators get onboard to the technology and Banks will follow quickly if governments get on board. “Banks need to ensure that their relationship with their local regulator isn’t damaged”, Mr. Donegan remarks.

Regulating Ethereum and Smart Contracts

Lastly, addressing a question around Ethereum and smart contracts, the panel seemed to feel that regulators would need to take a similar approach to that taken towards some of the first Bitcoin startups, that being to apply regulation at the entry and exit points. As Mrs. McGregor, “We have to regulate the entry points. In a smart contract, whoever has oversight over those persons will face regulation. Additionally, Mrs. Monaco added, “Smart contracts could be very good for consumers and their use could be very good for society as long as we protect users for their use. Must be compatible on the rules of the country their sitting.”

In summary, the panel today certainly proved to be wide ranging, informative, and stimulating. It seems that, over the past 2-3 years, the increased interest which regulators have taken in Bitcoin and Blockchains has given rise to a much stronger understanding of and valuable discussion around the issues at hand. The views and concerns in America are quite similar to those in Europe, and the two will likely look towards one another for answers and the technologies continue to develop and evolve.

What are your thoughts on the remarks by the panel members above? How does Bitcoin, Blockchain, and smart contractual regulation inter-relate? Will regulators be able to put forth meaningful frameworks without stifling innovation? Share your thoughts below!

Images courtesy of The Telegraph, Money 20/20.

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Money 20/20: Industry Leaders Weigh in on Blockchain Regulation