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PUTIN AGREES TO SYSTEM FOR ICO, CRYPTOCURRENCY REGULATION2 min read

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PUTIN AGREES TO SYSTEM FOR ICO, CRYPTOCURRENCY REGULATION

The president of Russia, Vladimir Putin has himself agreed on a timeline for a system that will regulate the operations of the mining of the digital currency and the Initial Coin Offering (ICO).

Based on the official documents of Kremlin earlier released this week, the president has put pen to paper on the the various phenomenon that will start the regulation of the usage of the digital currency inside the country, Russia. A remarkable part of the document is the part revealing the mandate of both the Prime Minister of Russia, Dmitry Medvedev and the Chief of the Central Bank of Russia, Elvira Nabiullina to make up rules and regulations that will bring Initial Coin Offering in relation to the dictates of the already laid down laws in charge of the security of the country.

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Not only is Medvedev to make regulations for ICO, He is also to be in charge of two important responsibilities, one of which is for him to set up regulations that will need the operations of mining of Russian digital currency to be a registered action with the government of the country and for him to devise a means by which the government can tax people who trade in these currency based on the income gathered from the transaction. The other responsibility needs Medvedev to suggest the standard of the law towards the digital currencies exchanged within the financial boundary “based on the requirement of the ruble as the only means of exchange- legal tender in the Federation of Russia”. This and all other responsibilities of his must be rounded off by the 1st of July, next year.

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In conclusion, the government of Russia has plans to implement a policy that will enable the central bank to think about extra regulations and rules to further govern the operation of cryptocurrencies in Russia.

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