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Russian President Vladimir Putin Gives Deadline for better Crypto Regulations

The Russian government seems to be determined to refine its vision of the crypto-verse, encouraging the creation of better laws that not only promote its use and adoption but also attract investments oriented to develop these technologies.

Russian Kremlin. Courtesy Air France

Two days ago, Ethereum World News reported that the Russian Duma was studying the possibility of adopting a set of regulations to facilitate operations in crypto. This measure may be accompanied by a possible promotion of an oil-backed stablecoin running on the blockchain.

This proposal, presented by Igor Yusufov, Putin’s former Energy Minister, was designed to promote international trade without the frictions and manipulations inherent in traditional fiat transactions.

According to a report by the Russian outlet Rambler, Oleg Nikolaev, a member of the State Duma Committee on Economic Policy commented that he hoped the Duma’s work would be ready by May.

Mr. Vladimir Putin Shares The “Crypto Friendly” Vision of Russian Legislators

The date set by the Russian Duma illustrates the speed with which the government is working on the matter, and is confirmed by a report published today on the Kremlin’s official website, in which Mr. Vladimir Putin, president of the country entrusted the Federal Assembly with the task of completing all the necessary steps for the drafting of the laws by July 1, 2019.

The writing of the report is clear in emphasizing Putin’s determination to end the legal “limbo” in which cryptocurrencies are right now. However, beyond this, it seeks the development of laws that promote a “development of the digital economy” while being appropriate for “attracting financial resources using digital technologies.”

“Federal laws aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies.

Deadline – July 1, 2019

Responsible: Medvedev DA, Volodin VV;”

This order follows a similar one from 2018. in which Mr. Vladimir Putin ordered the government to work on this issue; however, after some unannounced changes in the legal drafts, the project was sent back to its first reading stage in December 2018.

The list of tasks does not expressly address the rumor of launching an oil-backed stablecoin or some kind of official digital currency, however, it also considers the promotion of measures aimed at stimulating investment in IoT, robotics and data management, with a significant emphasis on the development of a national strategy in the field of I.A.

The post Russian President Vladimir Putin Gives Deadline for better Crypto Regulations appeared first on Ethereum World News.

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Belarus, German Tourist Board Now Bitcoin (BTC) and Ethereum (ETH) Friendly

The tide is turning in favor of all cryptocurrencies as the German National Tourist Board and the country of Belarus are now welcoming the use of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies.

In the first case of the German National Tourist Board (GNTB), an announcement was made on the 5th of March welcoming payments in Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies. This is an attempt by the Board to continually evolve with current digital trends and latest technologies. GNTB, being global, wants to set an example as a trend setter for innovation and a source of inspiration for the global tourist industry. This is due to the fact that cryptocurrencies are also global and erase all boundaries set on maps through their decentralized nature and worldwide popularity.

This is welcome news for crytpocurrency holders who happen to be planning trips to Germany. They no longer have to go through complex Forex exchanges that leave tourists with a felling of being ripped off after high transaction fees and ever changing exchange rates.

Belarus is also setting a precedent for other countries by legalizing all crypto related businesses in the country. A Presidential Decree on the ‘Development of a Digital Economy’ came into effect on the 28th of March this year. The decree was signed in December by President Alexander Lukashenko and became active on the said date of the 28th. By legalizing crypto related businesses such as ICO’s, crypto-mining, smart contracts and crypto-exchanges, the country is hoping to lure international entrepreneurs and corporates but on the condition of registering as residents of the Belarus High Technologies Park.

The decree goes ahead to offer tax breaks and incentives for crypto businesses until January 1st, 2023. No taxes will be imposed on any crypto related profits till then for local and international cryptocurrency entities operating in the country.

The future is indeed looking bright for global cryptocurrency adoption with the above two developments. These announcements add to the list of ever expanding crypto adoption news that is slowly but surely gathering headlines despite the market not being at its best this year.