Fintech digest: the bill on the regulation of cryptocurrencies has passed the first reading, investors are confident in the future of bitcoin
During the week, the fintech market behaved peacefully. However, there are interesting points worth mentioning. These events are relevant both to foreign countries and to Russia. Let's see what happened with us (spoiler - the State Duma is going to start regulating the cryptocurrency sphere).
Perhaps the main event, in any case for the Russian user, is that cryptocurrency regulation in the Russian Federation is starting to gain momentum. In any case, on Tuesday, the State Duma adopted on first reading bills that define concepts such as digital financial assets, the rules for their circulation in the Russian Federation, the conclusion of smart contracts and the ICO procedure.
In the first reading, all three bills, including On Digital Financial Assets, On Crowdfunding, and amendments to the Civil Code of the Russian Federation governing digital rightswere adopted by the State Duma .
The document introduced the concept of digital financial assets, which include cryptocurrencies and tokens. In addition, the ICO procedure and the type of smart contract are fixed. As for the latter, it is in electronic form, and the fulfillment of obligations under it is carried out using digital financial technologies.
The bill says that cryptocurrency and token are property, which means that the same regulation rules apply to them as to any other civil rights objects. But at the same time, digital financial assets are not a means of payment in the territory of the Russian Federation.
An important and interesting document is “On Digital Financial Assets”. It is he who allows to satisfy the requirements of citizens and organizations that arise from a transaction with digital law.
And finally, the bill on crowdfunding regulates the attraction of investments using information technology. It defines the legal framework for the activities of investment platform operators in organizing retail financing (crowdfunding).
Another news regarding cryptocurrencies is that investors do not lose hope for the return of “big bitcoin”, that is, cryptocurrencies with a high exchange rate. And for this, Bitcoin does not have to increase in price every day.
Actually, Bitcoin is in no hurry, judging by the schedule.
“We must understand that bitcoin, in order to get from $ 8,000 to $ 25,000, does not necessarily grow every day. Remember that the ten most productive days are responsible for all the profit brought by Bitcoin. If you have not owned bitcoin ten days a year, you have been losing 25% annually since 2010, ” said Wall Lee analyst and co-founder of Fundstrat Global Advisors Tom Lee.
By the way, one of the reasons for the rate growth not too fast is the lack of regulatory policy in many countries. If it were, then large institutional players would be able to enter the cryptocurrency sphere, capable of introducing a lot of money into the game. Perhaps this would have a beneficial effect on the entire infrastructure, and growth might accelerate.
And the third important news - Russian banks are gradually movingon the Advanced payment system (PPP). In March of this year, for the first time, all accounts were concentrated in one database, plus the authors of the project created a single information space.
To ensure that everything is fine with the payment system, a disaster-proof cluster based on the data centers of Moscow and Nizhny Novgorod with online database synchronization has been put into operation. In principle, not all banks will notice the transition, since the formats of work have remained roughly the same. The new system is more efficient, faster and more reliable. Clients are unlikely to feel any changes, but banks, yes.
