Russia ready to regulate, not ban cryptocurrencies
UNTV News • January 25, 2018 • 3339
FILE PHOTO: A coin representing the bitcoin cryptocurrency is seen on computer circuit boards in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo
MOSCOW (Reuters) – Russia’s Finance Ministry said on Thursday it was working on legislation to regulate cryptocurrency transactions without fully banning them or legalising digital FX as a means of payment in Russia.
Russia had initially said it would ban crypto-currencies as they could be used to launder money and finance terrorism. But as such currencies and particularly Bitcoin grew popular worldwide, Russian authorities have changed tack.
The ministry said it had prepared a bill that would permit trade in cryptocurrencies through digital exchanges which met certain conditions and would also cover initial coin offerings (ICOs).
Doing this, the ministry said, would reduce the risk of fraud and make it possible to tax cryptocurrency transactions to support the state budget.
The ministry highlighted that digital currencies and tokens would not be allowed to replace the Russian rouble.
“It should be noted, that the use of cryptocurrencies in the territory of the Russian Federation as a means of payment is not being suggested,” the ministry said in a statement.
Authorities around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies – a form of digital money created and maintained by its users.
Chinese authorities have banned initial coin offerings and shut down local trading platforms, while South Korea – where speculation on cryptocurrencies is also rife – is working on plans to ban virtual coin exchanges.
The Russian ministry stopped short, however, of proposing a full ban.
“Trades with cryptocurrencies have become so widespread, a legal ban on such activity would lead to the creation of conditions for the use of cryptocurrencies as an instrument to service illegal businesses, launder criminal incomes, and finance terrorism,” the Russian ministry said.
Reporting by Andrey Ostroukh and Jack Stubbs; Editing by Toby Chopra
Russian President Vladimir Putin arrived in Abu Dhabi, United Arab Emirates, on Tuesday (October 15) for talks that are expected to focus on economic ties and security in the Middle East region.
Upon arrival, Putin was greeted by Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan at the airport.
Putin’s trip to the region signals Moscow’s growing Middle East clout.
On Monday (October 14) he visited Saudi Arabia for the first time in over a decade, buoyed by Russian military gains in Syria, strong ties with Riyadh’s regional rivals and energy cooperation. (Reuters)
Senator Sherwin Gatchalian has advised taking extra precautionary measures in entering into nuclear power deals, in relation to the signed nuclear power agreement between the Philippines and Russia.
On Monday (October 7), Gatchalian expressed concern over the said deal since the Constitution does not have enough laws that promote nuclear power in the country.
“Kailangan ng maraming batas, for example nuclear safety. Kailangan din ng batas paano i-transport itong mga nuclear waste, saan itatago iyong nuclear waste. So, we have to be very cautious in moving forward, kulang pa tayo sa framework,” he said.
(We need a lot of laws, for example, on nuclear safety. A law is also needed in transporting nuclear waste and where will the nuclear waste be kept. So, we have to be very cautious in moving forward, we still lack framework.)
The senator also said there is a huge risk in investing in nuclear power plants especially during disasters.
However, Gatchalian said he is still open to studying the use of nuclear power plants in the country.
“Iyong technology for power nagiging mas mura, magiging mas advanced, so pwede natin pag-aralan. But for now ang importante mayroon tayong mga safeguards, batas, nag mag-reregulate nitong nuclear power,” he said.
(The technology for power will be cheaper and affordable. It will also be more advanced, so we should study it. But for now, what’s important is having safeguards, and laws that will regulate nuclear power.)
He also clarified that nuclear energy is allowed in the Constitution but not nuclear weapons.—AAC
MANILA, Philippines – President Rodrigo Duterte is back in the Philippines after his five-day visit to Russia, bringing P620 million worth of business deals.
Duterte, who arrived in Davao City on Sunday afternoon, said his second visit to Russia generated “greater momentum for the Philippines-Russia relations.”
“[This] is a key element of our thrust to rebalance Philippine foreign policy towards independence, balance, and diplomatic agility,” he said in a speech upon his arrival at the Francisco Bangoy International Airport in Davao City.
“The gains we have made in this visit bring us a step closer to our objective of a stable, comfortable, and secure life for all Filipinos. That is my vision for and bounden duty to the nation and I will do everything to achieve that — towards that end,” he added.
The President said the two countries have agreed to broaden and deepen its ties in all areas of cooperation, including security and defense as well as trade, investment, energy, agriculture, science and technology and socio-cultural exchanges.
He said the Philippines and Russia also signed bilateral deals on the uses of scientific research, health, energy, culture and foreign policy consultations, which, according to Duterte, are important in securing the country’s strategic interests.
The Chief Executive also cited that Russia has accredited two additional Philippine fishery establishments that will allow the export of tuna and other products to Russia and the larger market of the Eurasian bloc.
“This is only the beginning. The horizon is wide. There is room for significant growth,” he said.
Duterte also signed a memorandum of intent with Russia on the exploration of possible cooperation in the construction of nuclear power plants.
However, he clarified that the deal is not yet final as it still requires consultations with the Cabinet. – RRD (with details from Correspondent Rosalie Coz)
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