Russia is currently working on legalizing Initial Coin Offerings (ICO's) according to Vedmomosti (one of Russia's largest newspapers.
Elina Sidorenko explains why they feel the need to regulate them:
The State Duma should undertake the development of legal mechanisms that would allow the verification of such contracts. They should also be designed to identify users and protect the rights of the holders of tokens to fulfill the obligations of issuing companies.
They believe that this will be a huge takeoff in cryptocurrency for the Russian economy combined with the bill to legalize Bitcoin and follow Japan's lead. About this bill she added:
The bill will be a framework. Therein, we define the nature of cryptocurrencies and their status, as well as basic principles for the cryptomarket operation. Other provisions will be mostly referential. We don’t try to create an enormous and viscous law that defines all parameters of a new market right away. Creating such a law would just hinder the market.
Cryptocurrencies have been a huge topic of discussion in Russia and all over the world this year, in June President Vladimir Putin even met with Ethereum Creator Vitalik Buterin talking about the opportunities of using its technology.
Image and info taken from Bitcoin.com - News
Video recorded from this CNBC article on how Ethereum is getting more and more popular over the world and becoming a real contender to Bitcoin.
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Video recorded from an Fortune.com article about the key differences of Bitcoin and Ethereum from CEO of lending startup SoFi, Mike Cagney and how he plans to use it in his company.
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Watch out for a site called Myethwallet.net as it is a scam and is being promoted on Google right now without having been taken down yet. It is not the popular Myetherwallet.com one.
Thanks for all the useful info! Got a new subscriber on Youtube... :D i think it is good that the Russians are following in the footsteps of the Japanese on this. it just puts more pressure on the rest of the countries to follow suit and before you know it they will all accept it. But the trouble is how can all this be regulated? It looks like a real nightmare if you look at the ICO market from a regulatory perspective. I bet a lot of governments are going to fail miserably at trying to regulate this industry. The true disruptive potential of crypto has yet to be seen. Not even the tip of the iceberg really. When institutions that have been around for hundreds of years start toppling over to this (might take decades), that's when the potential will start to shine through. We live in interesting times, we should make the most of it.
I agree! Thanks for the great comment!
Also, thanks for following my youtube but I basically just use it for hosting right now, hopefully will be able to change to Viewly by @furion soon! :D
Im on board too, good story. Holding just a few ether tokens currently
My pleasure! I hope youtube doesn't decide to boot you off before you get to make the switch. Thanks for reminding me of the awesome project that @furion is working on. I am curious to see if Viewly will achieve its core objectives, that of empowering the creators of UCG and setting them free from censorship. Also, it should be interesting to see the disruption this could bring about to the legacy copyright systems. Thank you for all your support and for all the great work you put into Steemit, it is greatly appreciated!
I hope cryptocurrency can make a big field in India too..
Its a honour to be part of this from india..
It will and it is! India is currently 4th on most user traffic to the site!
That is awosome...i also promote steemit in making video about it..
https://steemit.com/youtube/@nilim/how-to-make-money-using-social-media-my-video-about-steemit-in-youtube
Heres the link..
Thanks for sharing!
I usually self-vote later to let other curators earn some curation rewards, but was on a different PC today that had the self-vote option crossed and noticed it at the same time as I published the article.
How nice of you! Thanks for the information and the heads up with Myethwallet.net! Upvoted and resteemed so it can reach as many as possible. I hope everyone does the same!
Thank you!
Thanks for the warning man! :)
Thanks for letting us know .. it is very important for crypto communities to be together against scammers.
Go Russia! :D
Thanks for the scam alert. It doesn't look fishy/phishy at all! :/
Yeah they get more and more real looking over time.
Oh man, they say that they are working on legalising ICO's but still everyone is waiting for the BTC news...
If BTC succeeds with the current plan and implements all necessary Forks, then it will be much easier to legalise everything related to crypto in Russia too.
Thanks for the info. Russia seems pretty progressive. I use MEW too, so I appreciate that news too!
Thanks for the heads up on that scam @acidyo!
Freaky phishing sites almost got me.
Everyone be vigilant. Double check the site.
The crypto boom got the scammers so hype right now.
We have been warned so let us take heed.
Thanks for the heads up with Myethwallet.net. RESTEEMED!
Thanks mate :)
I don't have much on MEW, but there are so much phishing and scamming attempts on the users of this site that maybe I should move to another less famous wallet... It's so easy to fall for one of these scams, and just one mistake is all it takes to loose everything.
Yeah, I prefer keeping bigger values on the real wallets and keep those offline.
Thanks for the heads up 🌞😛I get a million of these a day. Some more convincing than others. Hope all is wel
A million of what? :P phishing attempts?
Yeah those are everywhere, even more in crypto it seems than the rest of the net.
Yes the phishing scams I had to even go invisible mode for a while in the steem chat because I was getting im's every minute 2weeks ago. I think they got the point now though. As far as in my email I just ignore them.
I am new to steemit . Hope I'll also get good fan following just like you both.
You should report them on Steemit.chat if its from Steemit accounts!
I will i forgot about reporting on steem chat I have been on discord so much lately. Let alone steemit, I think I might have a steemit addiction @acidyo do you know of any cures?!?! lol
This is great news! About time Russia did that. There are many developers from Russia region and this could benefit many!
Thanks for informing people about the scam!
@acidyo - coming right after the crypto market bloodbath, this is a great positive update. With good backing from Russian government, ETh should rally around nicely. I think, along with the Segwit2 locking in news, this news would give the crypto market a much needed boost. Thanks for sharing this update. Upvoted.
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good stuff @acidyo thanks for the scam warning, I'm off to check I have the right one! eek!!!
Good luck! :D
Countries try to legalize crypto currencies but due to risks, cyber attacks, people's awareness about digital payments it becomes very difficult for them to legalize it. In Nepal , one exchange named "BitSEWa" illegalized the bitcoins that shows how little the people know about bitcoins there. First people should be educated about it , then it will all be good.
Exciting. Keep hearing from people that I am getting into cryptos "too late". But things are only getting started :)
Thanks @acidyo for informative post, this post can prevent another steemit user to not use this wallet for eth,
Putin invited Vitalik over because he wanted to change Russia's whole currency from the Rubel to Ethereum.. thus why the Rubel has been crashing... this is all what the conspiracy theorist say though.
I believe that if someone has huge amount of cryptocurrencies to keep them on an off line wallet which is more secured.
Thank you @acidyo . You saved many hard earned dollars being grabbed from those scumbags
It's like a cryptocommie attack! Love russian provisory thinking!
Good news
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This is really not the place for that.
Wow, russia is a good country and very fitting to visit, but what can I get away from russia, and take a lot of time and money to get to the country. But someday I'll get there if time permits to go to that country.
Nice post @acidyo
Thanks for the scam alert brother! :]
I take scam alerts serious. We all need to support scam warnings. Upvoted and resteeming. Keep it up dude... Following!
Why do they think they need to "legalize" something already in existence and running itself just fine? So they can take steps to regulate it later. Ether is already centralized so, it's fried.
What makes you think Ether is centralized? :)
The Ethereum Foundation has the mission to steer development of the Ethereum Protocol. This is a centralized organization with no consensus driven decision mechanism. The data is duplicated around, but still it's a single logical "database" entity. AND the mining on Ethereum is heavily centralzied. The top 2 pools own over 50% hashpower. That is no accident.
Thatz a gud idea ... Nyc work@acudyo kip it up
Blockchain-Taxi
https://steemit.com/news/@cleemit/blockchain-taxi
Needs more forks!
I would love to see US residents have legal access to ICOs, but at the same time I do not want the US gov meddling or imposing regulations on cryptocurrencies. Protecting the public from scam crypto startups is one thing- that's good, tracking the public using regulations as the excuse - not so much. That is counter to the decentralization philosophy of cryptocurrencies.
Ethereum is falling against BTC
It's good to see bitcoin coming to the mainstream and being accepted by Governments. The good thing is that they can't control it :) Russia is on the right track. Thank u for sharing
Great post and info..
Glab to following you
WOW I'm sure this post just saved some people a few losses! Awesome stuff @Acidyo! I found it so stupid how it takes Google so long to find out about these problems.. It's a huge risk!
A very good story I want to learn to make a story from you. And I love reading your story. Thank you for your experience
Thanks for sharing all the good info, man! Interested in seeing if Russia will keep following Japans lead or not with how they handle it. I'll make sure I stay away from that scam site in the future as well, kinda fucked that it's so high up on the google search results. Hopefully that gets taken care of asap...
The countries legalizing the encrypted coins, and the bad guys taking advantage and unfortunately the coins are even being used in real world crimes. In Florianópolis-BR, a woman was kidnapped and demanded that the ransom payment be made in z-cash or monero. So many other crimes are happening is a sad and pitiful reality.
Thank you @acidyo for letting us know about the fraud on the site, it helps people not to get caught up in these scams.
@acidyo thank you for sharing such news
Good read. I saw a coin named after Russian's Putin, saw it was plumetting down.
It's hard to believe any big government will except or legalize any crypto currency, I like Putin but even he would lose out big time if crypto's took over. Now with the likes of Goldman Sachs moving in with their setl coin which is patented, and the fact that the crypto market is obviously starting to be manipulated by these scum bags I just think we are going to have a fight on our hands from these people.
I'm not worried but I am a little cautious.
Great post @acidyo
Oh and thanks for the heads up about myethwallet I am starting to look into that for purchasing some EOS
OMG an other scam
Thanks @acidyo for sharing this! These are FAST changing and exciting times and it helps to have people like you guiding us through it. It is much appreciated. @roused
Hopefully this will help WAVES too - I hope it does eventually take off.
Very good post to add knowledge. All that is done russia there must be profit and loss.
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Ethereum rocked my world lately. more money in my pocket. excited is an understatement...
with many friends and family in Russia, this is good news, and I will post additional info as I get it. It is good to be following you now