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Russia could be implementing 20 cryptocurrency bills this year

Namrata Shukla



Russia to lay down 20 cryptocurrency bills in the spring session
Source: Pixabay

The Russian parliament revealed on January 9 through a press release that the digital economy will be the topmost priority during the upcoming session, which will give Russia a headstart into the cryptocurrency ecosystem.

Vyacheslav Volodin, chairman of the lower chamber, outlined the bills being considered for the same in the opening spring session. The members have considered legislature on digital financial assets, digital rights and crowdfunding, reported CoinGeek.

Volodin requested the members to consider this for the good of the country and to make it a top priority. Volodin said:

“Creating a favorable legal framework for the development of the digital economy should in many respects provide us with an advantageous position in competition among other countries.”

Volodin revealed that there are more than 20 bills that will be introduced in the spring session and that he wants the parliament to be prepared to analyze the quality of the bills before considering to vote.

This could be one step forward in the direction of adoption of digital currencies, which is now an important agenda for Russia. The US is throwing sanctions at Russia and considering a shift to cryptocurrency as a way to offer some help to the nation.

While cryptocurrencies in Russian are not illegal, the country always had a cold reaction to it. However, the police have gone a step ahead in prohibiting its use by seizing crypto ATMs fearing that it could be used for cross-border money transfers. Nevertheless, the country has issued its Initial Coin offering [ICO], to begin with.

The parliament has taken efforts to write laws for digital currencies earlier too. Back in September 2018, according to the publication, the parliament’s draft was rejected as there was a lot left undefined. Then in October, the parliament got closer to hitting the target, giving private businesses and legal entities the ability to store assets on blockchains. However, the reference to mining was removed. These might all add up with Volodin’s new push, to get a successful framework in action.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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