Russia could be set to legalize cryptocurrencies for companies and investors operating in new, industry 4.0-friendly regulatory sandboxes.
Per news outlet Izvestia, the country’s Ministry of Economic Development wants to add a range of new provisos to sandbox-related legislation submitted last week to the State Duma, the country’s parliament.
The ministry wants to create a “satellite” bill of exemptions from existing regulations on data gathering, autonomous vehicles and cryptocurrency usage, as it fears that without these, blockchain and other industry 4.0 companies will not be able to test their products and services with sufficient freedom.
The ministry’s new proposals, says Izvestia, would allow companies that are given the green light to operate in the sandbox to “test blockchain technology and cryptocurrencies.”
They will also be exempted from mandatory requirements placed on financial institutions relating to the minimum size of capital holdings, the amount of funds they need to keep in reserve, and may even be able to avoid having to report their activities to the Central Bank.
The ministry has also suggested doing away with limits on borrowing risk.
However, one potential roadblock involves the afore-mentioned Central Bank. The ministry’s plans involve the Central Bank acting as a regulator within the sandboxes.
/cryptonews.com/
2020-03-29
Recent posts
Ethereum Hits USD 2,000, Outshined by Bitcoin (UPDATED)
The two largest cryptoassets, bitcoin (BTC) and ethereum (ETH), are on their journey of discovering new all-time highs. (Updated on February 1, 06:13 UTC, with the latest market data and comments from Elon Musk.)
CryptocurrenciesDogecoin Blasts Into Top 10, And Leaves
Yesterday, it was the 33rd largest cryptoassets by market capitalization, today it was 7th, before dropping to the 12th position.
CryptocurrenciesLost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
Cryptocurrencies