Tezos Price Analysis: XTZ/USD Bullish Break and Pullback

Tezos recently surged sharply to the 1.4700 levels as the co-founder of this digital coin shared that they will be looking to the video gaming market. According to Kathleen Breitman, online video games are one of the most promising applications for the smart contract service that raised $232 million in one of the biggest ICO launches.

On the 1-hour chart, the spike to the new highs can be seen, along with a quick pullback to the area of interest or former resistance at 1.2500. If this area has some buyers, Tezos could recover to its latest highs or beyond these soon enough.

According to Kathleen Breitman:
The reason I’m focusing on online video games is primarily because the users of these games tend to have the right profile for adopting new digital paradigms.
However, she refrained from sharing further details, simply citing that it will involve a separate company and that their focus will be on building applications that are easy to use for the general public. On the subject of Goldman Sachs’ rumored plans to ditch its bitcoin trading desk, she mentioned:
I’m not surprised it didn’t go through. There’s a paucity of sophisticated actors who understand bitcoin really well in these Wall Street firms.
Tezos is a smart contract platform similar to ethereum. The key feature of this coin is the involvement of all stakeholders in the direction and governance of the platform, allowing them to vote on amendments to the Tezos protocol and even changes to the voting procedure itself.
Tezos is perhaps one of the few coins that are enjoying a bit more support so far this week as cryptocurrencies were off to a rough start. News of the SEC trading suspension on a couple of crypto-backed securities on account of confusion among customers on the related market has weighed heavily on industry sentiment.

Images courtesy of TradingView
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How This Blockchain-Powered Platform Aims to Prevent Mortgage Fraud

Not known for being the swiftest afoot, especially when it comes to snuffing out potentially hazardous mortgage lending practices, the Federal National Mortgage Association—also known as Fannie Mae—has reached out to lenders in the L.A. County area to alert them to potential mortgage fraud schemes. The implications of this warning shouldn’t be underestimated.
Fannie Mae advised lenders to “exercise due diligence in reviewing the entire loan file” after disclosing fraud schemes in which 34 “apparently fictitious employers” were being used as a means to acquire mortgage approval. What’s more concerning, the fact that it took the intervention of the federal government agency to uncover 34 made-up employers? Or the obvious implication that loan origination agents were either duped by or complicit in these schemes?
As depressing and alarming as that question is, consider this: there’s no chance that Los Angeles County is the only municipality in the States where such schemes are taking place. Mortgage fraud is one of the most popular forms of fraud, and it’s a chronic problem with potentially devastating economic outcomes.
A System That Doesn’t Work
Other outlets that specialize in monitoring the prevalence of mortgage fraud confirm the perception that the problem is widespread and largely unchecked. In the most recent 12-month period recorded, fraud risk in the mortgage origination field was up 16.9%, according to CoreLogic. The figure was gleaned from the fact that, in 2016, 1 in every 143 loan applications contained signs of fraud. In 2017, that ratio was greater, with 1 in every 122 applications showing signs of fraud.
The implication is clear: whatever systems are being relied upon to flag, prosecute, and generally discourage mortgage fraud are ineffective. Worse, the process is time-consuming, which is analogous to money-consuming. Currently, the end-to-end loan origination process can take anywhere from 30 to 45 days. In short, mortgage fraud is rising, and the systems intended to prevent that fraud are as dated and ineffective as ever.
So, what’s to be done?
Fixing the Problem with Blockchain Technology
Block66 is a blockchain-based solution aimed at resolving the mortgage fraud problem once and for all. They see archaic systems where paperwork must be filled out, gauged for authenticity, and transferred between centrally-located authorities as partially to blame for the broken system of mortgage fraud prevention.
Conversely, the Block66 platform, which was recently announced, derives the necessary documents—financial, tax, and otherwise—from original sources and stores them on the blockchain, where they become immutable.
“We created Block66 to offer new opportunities for borrowers and end the time-consuming and paper-driven processes in the mortgage industry,” said Joe Markham, founder and CEO of Block66. “Our platform will make it easier for everyone to find what they need, so mortgages can be approved and funded faster. By storing the history of each transaction on the blockchain, we will provide a valuable audit trail for lenders, which will help mitigate mortgage fraud.”
Post-recession legislation, prison terms for real estate representatives caught bucking the rules, and the threat of a significant economic downturn have not served as deterrents from the fruits of successful mortgage fraud schemes.
Block66 sees this as a clear indication that it’s time to try something drastically different, and the transparency, security, and interoperability offered by blockchain technology could mean greater oversight, lower costs, and more efficient decisions regarding mortgage origination.
In the future, Block66 will also offer tokenized securities to lenders through blockchain-based smart contracts. Lenders will be able to trade these tokenized assets in exchange for other tokens or cash on exchanges, representing an additional store of liquidity that they would not otherwise be privy to. They will offer this service with specific lenders in mind.
“The idea behind mortgage tokenization is to bring in smaller lenders,” said Markham. “They are often reluctant to tie themselves to longer repayment plans but are more willing to lend capital to customers who aren’t always favored by traditional banking institutions, even though they are credit-worthy.”
With more lenders in the pool, Block66 hopes that the underserved community of potential borrowers with only a fair credit score will be granted greater opportunity to obtain a loan—on responsible terms, of course. The Token Generation Event (TGE) will be launched on Thursday, September 6th with a target funding round of $20 million.
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Nasdaq Will Launch a Tool for Predicting Crypto Price Movements

An American stock exchange Nasdaq is preparing to launch a new tool for predicting the price movements of cryptocurrencies on its Analytics Hub, which will provide institutional investors with the ability to trade hundreds of crypto assets.
Nasdaq is the second-largest exchange in the world by market capitalization, behind only the New York Stock Exchange.  In 2006, the status of NASDAQ was changed from a stock market to a licensed national securities exchange. In 2013, NASDAQ was approached by private equity firm Carlyle Group about taking the exchange operator private, but the talks fell apart over a disagreement on price. In October 2015, Nasdaq unveiled Linq, a solution enabling private companies to digitally represent share ownership using blockchain-based technology.
Moreover, Nasdaq powers centralized cryptocurrency exchange, DX Exchange, which represents the free trading model. Recently, DX Exchange has announced that it managed to onboard 500,000 pre-registered users ahead of its official opening, which is a very important milestone for the platform.
Last year, Nasdaq launched its Analytics Hub which can parse through social media and other alternative data sources to give investors information about market movement. Currently, the Hub is focusing solely on traditional assets, but as Wall Street’s interest in the nascent sector is growing, crypto information will be probably given to investors as well.
Bill Dague, Nasdaq’s head of alternative data, told CoinDesk:
“Given the abundance of interest, we are exploring cryptocurrency related datasets.”
He added:
“Whether or not we launch a crypto-related product remains to be seen.”
According to an internal source, the launch is set to be conducted in November, and at the moment, the new crypto functionality is being beta tested. The source further stated that the service would support 500 crypto assets, and its analysis includes looking at fund flows via wallets, data from exchanges and social media.
“There’s the social media sentiment part, so applying machine learning and NLP, which will start with Twitter and might include StockTwits and then eventually perhaps Reddit.”
Currently, the crypto market is experiencing not the best times, as major currencies have declines in prices. Thus far, Bitcoin has fallen nearly 70% from its all-time high, Ethereum is down over 85% from its all-time high, and Ripple is down over a whopping 90%. Another setback for crypto investors is the suspension of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) announced by Securities and Exchange Commission (SEC). The suspension is said to be temporary, that’s why crypto enthusiasts are still optimistic.
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How the Mortgage Industry Can Decrease Fraud Using This New Blockchain Platform

 
We’re banking that you’ve never attempted mortgage fraud. And if we’re right, you may be surprised to find out that pursuing—and succeeding in, if that’s the word—mortgage fraud is easier than you might imagine.
 
The allure of attaining properties with real value based on falsified information is just too strong for the criminally inclined to resist. Take, for example, the former loan officer who used his experience in the industry to participate in a mortgage fraud scheme that incurred more than $2 million in potential losses to the Federal Housing Administration. Sure, the guy was caught, and many more like him have also been outed as frauds. But even in the instances where the bad actors don’t get away with the crime, the damage is often already done.
 
A serious and increasing problem
 
The widespread, chronic issue of mortgage fraud becomes apparent when you look at the facts. Mortgage fraud has been shown to be on an upward trajectory, increasing year-over-year. CoreLogic’s 2017 Mortgage Fraud Report puts that incline in more specific terms, with 13,404 mortgage applications estimated to contain indications of fraud in Q2 2017 alone. Together, the rise in occupancy fraud, transaction fraud, and income fraud resulted in a 16.9% increase in the Mortgage Application Fraud Index in the one-year period between Q2 2016 and Q2 2017.
 
An outdated, time-consuming, paper-driven, inefficient mortgage screening and approval processes isn’t exactly waging a war on mortgage fraud, either. As results have shown, these systems are the equivalent of a musket going up against an F-16, which in this case represents the legions of potential fraudsters who risk their freedom in the pursuit of illegally-obtained properties. The system is rendered even more vulnerable by the reality that many loan officers are incentivized to clear loans due to commission-based systems. The combination of clever criminals, outdated regulatory and oversight mechanisms, and the occasional willfully negligent officer “looking the other way” has put the industry, once again, in the danger zone.
 
Proposing a innovative solution
 
Considering the implications of the national mortgage-based lending climate—2008 wasn’t so long ago—the fraud problem calls for a radical solution in defiance of the status quo. That’s precisely what Block66, a blockchain-based platform for mortgage origination processes, represents. Currently, the mortgage industry is shrouded in opacity, with few effective oversights. This is the primary feature that the Block66 platform seeks to rectify, using blockchain technology to deliver unparalleled transparency to an industry in dire need of a thorough window-cleaning.
 
As announced in a recent press release, Block66 will derive prospective borrowers’ relevant documents—financials, tax information, etc.—from their original sources and log them on the blockchain, where they will become unalterable and accessible by relevant, authorized parties. By making the blockchain the starting point for mortgage origination processes, users will be able to avoid the mountains of paperwork and deceptive practices which arise from the flawed legacy system.
 
“We created Block66 to offer new opportunities for borrowers and end the time-consuming and paper-driven processes in the mortgage industry,” said Joe Markham, founder and CEO of Block66. “Our platform will make it easier for everyone to find what they need, so mortgages can be approved and funded faster. By storing the history of each transaction on the blockchain, we will provide a valuable audit trail for lenders, which will help mitigate mortgage fraud.”
 
The immutable record will provide an audit trail accessible by lenders, brokers, regulators and borrowers. With verified documents on hand and collected from reputable agencies, opportunities and excuses for fraud will be replaced by hard, raw data by which sounder legal decisions can be made. Sure, opportunistic mortgage officials and opportunistic fraudsters won’t like the highly-transparent, tamper-proof system—but that’s precisely the point.
 
A faster, more inclusive process
 
Legacy mortgage origination systems have proven ineffective and time-consuming time and again, with the current process of screening and approval taking, on average, between 30 and 45 days. With a blockchain-based platform, Block66 believes that eventually the process can take as little as 24 hours.
 
If this is possible, it will represent the greatest cost and time-saving mechanism the industry has seen in quite some time, if not ever. But security and efficiency aren’t the only opportunities for improving the system that Block66 is eyeing. They will also incentivize greater participation by a wider range of lenders through the issuance of tokenized securities made possible through smart contracts.
 
“The idea behind mortgage tokenization is to bring in smaller lenders,” said Markham. “They are often reluctant to tie themselves to longer repayment plans but are more willing to lend capital to customers who aren’t always favored by traditional banking institutions, even though they are credit-worthy.”
 
By adding this measure of liquidity, Block66 hopes that a larger pool of lenders will be more inclined to consider potential borrowers with credit scores residing in the “fair” range. Currently, it’s nearly impossible for these candidates to obtain mortgage approval, and the rates of approval don’t mesh with the modest credit level.
 
Block66’s Token Generation Event (TGE) will be held on Thursday, September 6th, with a target fundraising goal of $20 million.
 
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Crypto Terrorism: Stopping Cryptocurrency for Terrorist Groups

One of the biggest threats of our time is terrorism. This plague upon the modern world comes in many shapes and forms. Crypto terrorism is something relatively new and it’s something which should be looked at very seriously.
Some people believe that governments and government agencies are funding terrorist organizations around the globe. Whether or not you share these believes is not important. These organizations are enemies of humanity and whatever a person’s views on the government are, the main priority should be wiping them off the face of the Earth. Stopping them from acquiring funds is something, which any anti or pro government citizen should focus on.
According to the official press release of the United States House of Representatives Financial Services Committee on September 7th, the United States Congress Subcommittee on Terrorism and Illicit Finance has discussed terrorism funding via cryptocurrencies.
The hearing considered major means of fund transfers by terrorists, including traditional financial institutions. This also included semi-formal methods like the hawala exchange system and crypto terrorism.
Crypto terrorism is highly valued, but fortunately not successful in terrorist organizations
The meeting concluded that ISIS and Al-Qaeda in particular had major aspirations towards fundraising via crypto. Their attempts however, were largely unsuccessful.
According to Yaya Fanusie, the director of analysis for the Foundation for Defense of Demcracies (FDD), jihadists don’t have access to crypto. The majority of ISIS fighters live on battlefields, which offer no real chance to use cryptocurrencies and fiat is largely preferred. He also pointed out that anonymity is highly valued when it comes to funding terrorism. This is why fiat is the most popular and anonymous means of funding.
Fanusie also mentioned that there have been multiple examples of crypto funding campaigns to no avail. He emphasized on the importance of United States government bodies, which are responsible for finance investigation to be better prepared when it comes to crypto transactions. This will further eliminate the potential success of terrorist crypto funding campaigns.
This is not the first bill this year, which was aimed at crypto terrorism. On January 10th, Rep. Tedd Budd (R-NC) of the House Financial Services Committee introduced a bill aiming to fight terrorism via rewards. The bill proposed that any information, which will lead to convictions of crypto or crypto-supported terrorism, should be rewarded.
You can also check out:

The Federal Reserve on Cryptocurrency
The Future of Financial Crime and Money Laundering
India Blockchain Platform to Help Establish India’s First Blockchain District
These Crypto Giants Chose Progress Over Profit

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Bitcoin Price Analysis: BTC/USD Forming a Bearish Flag?

Bitcoin recently kicked off the week with a sharp tumble and is now pausing from the slide inside a small consolidation pattern. For some, this could be a bearish flag, which is often seen as a continuation signal from the earlier drop.

The 100 SMA is above the longer-term 200 SMA on this time frame to signal that the path of least resistance is still to the upside. In other words, support is more likely to hold than to break. Besides, the price is hovering just above the long-term floor around the $5,800 to $6,000.
A break below this consolidation, however, could pave the way for even longer-term losses, possibly lasting by more than a $1,000 or the same height as the flag’s mast. RSI is still pointing up to indicate that there’s some bullish pressure left. Similarly stochastic is heading higher so bitcoin could still follow suit until the oscillator hits overbought levels.
 
Bitcoin bulls and bears continue to battle it out as the price is hovering above the key support area once more. Bulls have strongly defended this level twice already, but the formation of lower highs has indicated that selling pressure is getting stronger.
A break below this support might even spur a slide that’s the same height as the earlier range, which spans roughly $2,000. On the other hand, a break above the short-term consolidation pattern could put bitcoin back on track towards testing the $8,000 mark again.
Keep in mind, however, that sentiment hasn’t favored Bitcoin and its peers to start the week as the SEC suspension on a couple of crypto-backed securities has filled headlines. Although there have been positive developments in the industry, the early selloff appears to have dampened sentiment and expectations that the bitcoin ETF applications could be approved.

Images courtesy of TradingView
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‘Stablecoins Coming’: NYDFS Approves USD-Pegged Cryptocurrency Tokens by Gemini and Paxos

Over the last year, the cryptocurrency market has witnessed a gradual rise in the launch of stablecoin projects. Stablecoin is a digital token pegged to a fiat currency with a fixed value at any given time. Crypto investors and exchanges prefer using stablecoin to quickly trade digital assets without going through the hassle of crypto-to-fiat conversions every time.
On Monday, September 10, the New York Department of Financial Services (NYDFS) approved two stablecoin projects from Gemini Trust Company and Paxos Trust Company.
NYDFS is the creator of the BitLicense framework for digital currency exchanges in the country, and also the strictest regulatory body in the United States. The stablecoins launched by both these companies are pegged to the U.S. Dollar.
Controversy Surrounding the Use of Stablecoin
Tether (USDT) is one of the most successful stablecoin projects launched in the crypto market, to date. However, there is a huge controversy surrounding the use of Tether tokens in the crypto market. Tether is currently facing allegations of using its USDT tokens to manipulate the price of Bitcoin along with other charges of money laundering.
The NYDFS regulatory body is said to have taken strict cognizance of this matter and has received assurance from Gemini and Paxos, before approving their stablecoins. The NYDFS said that both the tokens would be subjected to “effective risk-based controls and appropriate BSA/AML and OFAC controls to prevent the Gemini Dollar or Paxos Standard Token from being used in connection with money laundering or terrorist financing.”
NYDFS superintendent, Maria T. Vullo highlighted that a strong regulatory framework is not necessarily a hindrance to the development in the fintech sector. She said:
“As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”
Details of Gemini’s Stablecoin Project
Called as the Gemini Dollar, the stablecoin is pegged to the fiat currency in 1:1 ratio. The Gemini Dollar is built on the Ethereum network using the ERC 20 standards. Gemini proudly calls it “the world’s first regulated stablecoin.” Gemini co-founder Cameron Winklevoss wrote:
“We are excited to bring the Gemini dollar to market and provide a crucial link between the traditional banking system and the new, rapidly growing crypto economy. With the Gemini dollar, we continue to deliver on our mission — to build the future of money — and help transform the global financial system to enable possibilities previously unimaginable.”
The Gemini Trust Company will hold the stablecoin tokens against equivalent USD deposits in the U.S.-based State Street Bank. Gemini will also insure the holdings through the Federal Deposit Insurance Corporation (FDIC)’s “pass-through” deposit insurance program.
BPM Accounting and Consulting, an independent auditor, is appointed to monitor Gemini’s banks holding on the monthly basis. All the audited reports shall also be made publicly available, Gemini wrote in its blog post.
Details of the Paxos Standard Stablecoin Token
Just like the Gemini dollar, Paxos unveiled its U.S. dollar-pegged Paxos Standard Stablecoin token after getting regulatory approval from NYDFS. It means that the Paxos Standard token will also be legally regulated stablecoin in the crypto market. The Paxos Standard token is built on the Ethereum network using ERC 20 tokens. It is also pegged to the USD in 1:1 ratio.
The company said that the stablecoin would work as an alternative to cash and help in sourcing liquidity for investor trading. Charles Cascarilla, CEO and co-founder of Paxos, said:

“Paxos Standard gives financial markets the power to transact in a fully USD-collateralized asset with the benefits of blockchain technology and oversight from financial regulators. We believe that Paxos Standard represents a significant advancement in digital assets, leveraging the oversight and stability of the traditional financial system and enabling a frictionless global economy.”

In a word with Forbes, Cascarilla noted that four different U.S.-domiciled banking partners should accept the Paxos Standard tokens. The company also assured of conducting regular audits of its stablecoin by a third-party auditor. 
As both the stablecoins are completely regulated, they can provide a tough competition to Tether (USDT) tokens that is speculated to have caused the market manipulation. 
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IOTA Partners With Three Major Industry Giants to Spearhead IoT Developments

Blockchain projects that offer real-life and unique value propositions have succeeded to get visibility within the global industrial community. IOTA (MIOTA) is one such project with an aim to revolutionize the IoT (Internet-of-Things) industry through its blockchain technology.
The IOTA (MOITA) project gets a big boost with its strategic industrial collaborations with three big giants – Volkswagen, Bosch, and Fujitsu. The IOTA blockchain solutions cater to several different industrial applications. This year of 2018 has proved a great one for the IOTA community in terms of growth and development.
IOTA’s Partnership With Volkswagen
At the CEBIT 2018 event, IOTA and Volkswagen together presented a new Proof-of-Concept (PoC). The PoC technology carries a futuristic vision where Volkswagen can automatically update its car system and its products. With driverless cars making faster penetration in the market, Volkswagen plans to use IOTA Tangle technology for easy transmission of data and software to the vehicles, over the radio waves.
IOTA’s collaboration with the automobile giant could certainly prove to be a game-changer in the industry.
IOTA’s Partnership With Bosch
To interact with the IOTA Tangle technology, Bosch unveiled its new sensor XDK or Cross Domain Development Kit at the end of 2017. These sensors would instantly update Bosch products with new changes thereby taking automation to a new level.
While describing its vision for the Internet of Things, Bosch said:
The magic quality of the IoT is the connected world it makes possible: a world that’s getting bigger as the technologies linking devices become smaller, cheaper and faster.
IOTA’s Partnership With Fujitsu
Fujitsu, a Tokyo-based Japanese multinational, is working on an IOTA-based project to transform the manufacturing and automotive marketplace. Fujitsu believes that the IOTA Tangle Technology could set a new benchmark in IT services and manufacturing IT products. Smart factories implementing the IOTA Tangle technology will bring a revolutionary change in the manufacturing processes.
Dr. Rolf Werner, who joined the board of the IOTA Foundation, said:
The possibilities of decentralized and secured applications based on IOTA Tangle as a Distributed Ledger Technology are immense. They go far beyond machine-to-machine payment and include, for example, tamper-proof monitoring of the supply chain and secure identity management, just to name a few. I’m delighted to join the IOTA Foundation Supervisory Council to provide a journey that will be meaningful for lots of industry sectors worldwide.
The ability of the IOTA blockchain technology to work on real-life industrial solutions makes it a formidable player in the market. The price of IOTA (MOITA) token is $0.57 with a market cap of $1.6 billion at the time of writing, according to CoinMarketCap.
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Blockchain Branches Out to Provide Digital Driver’s Licenses in Australia

The latest blockchain venture in Australia involves doing away with plastic driver’s licenses and using a digital version instead.

Australia is one country that is continuing to explore and embrace blockchain. They have plans to incorporate the technology into their Australian Securities Exchange (ASX) and will even launch their own blockchain. However, an important part of adoption is showing people that this type of technology can be used in their everyday lives. Better yet, that it can offer them convenience.

Going Digital
To do this, the New South Wales government will be introducing digital driver’s licenses. According to ZDNet, over 140,000 drivers across Sydney’s Eastern Beaches will be a part of the government’s November trial which will aim to replace traditional plastic cards with a digital version. The latter will be available on the Service NSW app.
The trial follows a pilot project that was launched last November for residents in the city of Dubbo. It allowed drivers to use their digital licenses for identity- and age verification purposes as well as during roadside checks.
The technical partner for this initiative, Secure Logic, assisted with both the Dubbo pilot and the upcoming trial by using TrustGrid which delivers an “advanced blockchain solution.” The platform’s CEO, Santosh Devaraj, explained how this type of technology can streamline outdated processes, saying:
The era of standing in line to file government paperwork is coming to an end, as is our reliance on physical identification cards to establish your identity or proof of age with law enforcement or at licensed venues. These are mistake prone, time-consuming, expensive, and impractical ways to offer services.
While digitization is perhaps a more effective way of doing things, consumers and those affected worry about how much of their personal information is put out there. Devaraj touched on this while referencing the country’s controversial My Health Record initiative, where citizens’ medical and health history is available online. He said:
While it’s positive to see government pursue a platform that has the potential to save lives, people are right to be concerned about how their sensitive data is stored and could be exploited by hackers. Rather than a black and white method of opting ‘in or out’, TrustGrid could enable each individual to set the terms of their own digitized contract that governs exactly what personal information is disclosed through fine-grained consent and encryption policies.

A Blockchain Future for Australia
This new development definitely seems to be a part of the country’s future as legislation amendments have already been requested to cater to these digital licenses.
In showing just how committed they are to the technology, the country also recently partnered with the World Bank to successfully launch the world’s first blockchain-based bond. Their enthusiasm is not just reserved for blockchain though. The country’s fascination with, and adoption of, cryptocurrencies continues to grow, whether it be trading or even paying their bills.
Australia definitely seems to be making big strides in fully embracing this industry.
Do you think we could soon see a future of digital driver’s licenses? Let us know in the comments below!

Images courtesy of Shutterstock.
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Russia’s Dmitry Peskov: Cryptocurrency Cannot Be Allowed Now

The latest crypto comments coming out of Russia aren’t good. While certain industry regulations are being looked at, authorities believe that there is no place for virtual currencies until a clear guideline is developed.

Russia has a very fickle relationship with cryptocurrencies. One day you hear that crypto mining is expanding in the country, the next week you hear that 22 Bitcoin ATMs were seized in various parts of the country. The latter development has sparked concern as cryptocurrencies haven’t actually been outlawed in Russia.

Hope through Regulations in Russia
There have been some instances that gave crypto enthusiasts hope though. Authorities in the country are seeking to regulate aspects of the industry by imposing Know-Your-Customer (KYC) requirements for selected crypto transactions. Financial authorities are also looking to track Bitcoin transactions in a bid to try and prevent fraud and terror financing.
In addition, a draft law states that crypto transactions can only be completed by a previously licensed authority. While these tight regulations may be viewed in a negative light, it does show that the country is looking at a future with crypto in it.
However, President Putin’s special representative on digital and technological development, Dmitry Peskov, has given an update which may delay any celebratory dances. Sputnik News recently reported that Peskov said:
The emission and circulation of cryptocurrency cannot be allowed now. This contradicts the state’s basic function. The consistency is important. If we adopt a draft legislation on the principles of work with cryptocurrency at a general level, then we can discuss the implementation of those principles in ordinary life. But it is wrong to go the other way round.

Draft Laws in the Pipeline

While industry definitions and regulations are still very much up in the air, steps have been taken to obtain some level of clarity. Three bills were previously submitted to the country’s lower house with the second reading scheduled for later this year. Whether or not these are accepted and put into law should determine the future of cryptocurrency in the country.
Russia’s Deputy Finance Minister, Alexei Moiseev, had also suggested that cryptocurrency mining should be seen as a taxable activity. Similarly, Iran has recently declared crypto mining in the country as a legal industry. This move, in combination with varying other factors, even caused the price of Bitcoin to increase quite substantially in the country.
Peskov’s comments come just a day before the Eastern Economic Forum (EEF). The event, which seeks to encourage foreign investors to contribute to the Russian Far East region, is scheduled to run between the 11th and 13th of September.
Do you think that cryptocurrency has a legal future in Russia? Let us know in the comments below!

Images courtesy of Shutterstock
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