Russia's Legalization of Cryptocurrencies and its likely price effect (The Keycom Daily summarized View)
The authorities in Russia are planning to legalize the use of Cryptocurrencies, especially Bitcoin by July this year. An earlier official report said that the Russian president himself, Vladimir Putin has set a deadline of July 1 for this legalization procedure to begin in full operation. Read the official report here in Russian Language.
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A different bill entirely is also in the offing as concerning a regulatory oversight of Mining of Bitcoin and other cryptocurrencies in the country. Russia has one of the largest Bitcoin farms established in the country and authorities are concerned about the proliferation of such farms, fearing a break down of a tightly-controlled financial activities of the former soviet union country.
How may price be affected by such news? We have seen in the past when Japan made a similar move to legalize Bitcoin and Russia wanted to regulate it early last year. On the 5th of April 2017, Bitcoin price reacted to this news and price of 1 bitcoin went from about $1,120 to about $1,220 adding $100 to the value of the cryptocurrency and also raising the market capitalization to over a billion dollars that same day after the news was announced. Check a previous publication on this here
Do you think Legalization of cryptocurrencies in a country like Russia can have any significant impact on the global price of Bitcoin and other cryptocurrencies? Let me know your thoughts below
Since Russia is the biggest country on the Earth, the decision will surely have significant impact on the global price of Bitcoin and other cryptocurrencies.
Maybe/probably other countries will follow the example of Russia and they will also legalize Bitcoin and/or other cryptocurrencies or the cryprocurrencies in general.
@xplosive, I absolutely agree with you on this. There has been significant changes in price in the past concerning certain events in Russia. Besides, there are many developers from this country and because of the volatility of Rubble as a country, many Russians have found love in cryptocurrency. Year 2018 should be a defining year of regulations and legalizations of cryptocurrencies in many countries of the world. I just gave you an upvote and also followed you. You can also follow me so we can talk more about this in the future. Cheers!
You got a 28.57% upvote from @bearwards courtesy of @keycom!
I think your data is incorrect. I following all governmantal news sources and never heard of legalization. All officials deny that bitcoin is a mean of payment. So far officials are going to legalize mining (with taxes) and ICO (with contribution limits). There are contradictory news about trading. Ministry of finance wants to legalize exchanges, central bank wants to enable only tokens and ban coins(which doesn't make any sense as always).
@cryptohumster, I simply provided a data that is backed-up with an official publication and i attached the link to the article just for the purpose of confirmation by readers. Here is the link once again although it is in Russian language so you can translate it if you like. https://www.pnp.ru/economics/kriptovalyuty-uzakonyat-k-letu.html. Of course cryptocurrency regulation and legalization has always been a subject of discuss and controversies among top government officials, that I can agree with you any way
But there is no info about legalization on this link. On the contrary it says that cryptocurrency can't be treated as the currency in Russia. It only says about ways to regulate ICOs and mining.
Just like i said in my reply, the subject of legalization of cryptocurrency is still a very debatable topic in Russia. While the ministry of Finance of Russia agrees that Bitcoin should be legalized, the Central Bank Of Russia disagrees with this opinion. The deputy Finance minister of Russia, deputy finance minister Aleksey Moiseev said sometimes last year about the legalization of crytocurrency. Read the headline here for more clarification please https://cointelegraph.com/news/bitcoin-will-be-legal-in-russia-mining-to-be-regulated
You got a 12.50% upvote from @upyou thanks to @keycom! Send at least 0.1SBD or 0.1STEEM to get upvote for next round.