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Russia is about to lose their access to cryptocurrencies

(TECH NEWS) Russia is set to ban cryptocurrencies which could push cyrpto buyers/sellers into the dark.

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What does a nation do when its citizens start using currencies that their government didn’t issue?

Governments around the world have been struggling with this question in the era of Bitcoin and other cryptocurrencies. Russia, like other nations, has appeared indecisive about whether it will try to regulate cryptocurrency, or simply ban it.

The pendulum seems to be swinging in the direction of banning cryptocurrency after the first deputy Governor of Russia’s Central Bank, Sergei Shvetsov, indicated at a recent financial derivatives event in Moscow that Central Bank and the Prosecutor General’s Office are working together “to block foreign sites which allow our citizens to purchase” Bitcoin and other cryptocurrencies.

Russian media publisher RBU reported this week that Shvetsov condemned cryptocurrency as a “negative phenomena for our markets,” and a “pyramid scheme,” that “carries unreasonably high risks” for Russian citizens, businesses, and investors hoping for “fast returns.” “We cannot give direct and easy access to such dubious instruments,” he said.

“Not only can’t we support it, we will make every effort to limit for the regulated sector the option to operate with such types of instruments,” he continued, indicating that Central Bank, also known as Bank of Russia, was working on a ban that would block access for Russian citizens to cryptocurrency exchange websites.

Three years ago, Bank of Russia had also warned investors that cryptocurrencies could violate laws banning the use of currency surrogates.

It seems that Russia has been making some efforts towards allowing cryptocurrency under tight regulation. The Russian Association of Cryptocurrency and Blockchain has been gathering proposals to begin drafting legislation to legalize Initial Coin Offerings (ICOs), the strategy that cryptocurrencies use to gain initial investment capital. Russia’s Ministry of Finance had also recommended including education about cryptocurrency in its Financial Literacy Strategy.

But obviously Shvetsov and other financial leaders believe that regulation isn’t enough, and that citizens should be blocked from accessing cryptocurrency altogether.

Earlier this week, Bank of Russia had already instructed a clearinghouse called MFB Clearing Center to “refuse to deal with cryptocurrencies” after the clearinghouse had published new rules aimed at OTC contracts using cryptocurrencies.
Furthermore, Russian regulators attempting to develop legislation around cryptocurrency couldn’t come to agreement last month, and had to postpone their decisions until 2018.

If Russia bans access to cryptocurrency, will other nations follow suit? Many Asian nations have been actively working to regulate cryptocurrency.

In the United States, regulators have been relatively quiet about cryptocurrency, although earlier this summer the SEC did investigate an ICO in an attempt to decide whether or not a cryptocurrency venture capital fund should be regulated.

The overall fate of cryptocurrency will largely be decided by whether or not nations try to regulate them, or simply ban them altogether. Then again, banned currencies may simply take up residence on the dark web, becoming all the more unregulated.

Ellen Vessels, Staff Writer at The American Genius, is respected for her wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when she's not writing, and has a passion for sustainability, social justice, and the arts.

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Tech News

Jenzy helps perfectly measure your kids’ feet

(TECH NEWS) Jenzy is a mobile app currently in beta that helps you perfectly measure your kids feet and buy shoes without having to leave your home.

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Parents rejoice, there’s now a mobile app that sizes your child’s feet to determine their correct shoe size. No more carpet charts that every kid has put their dirty little socked foot on, or those weird metal sizing instruments.

With Jenzy, you just take a picture of your child’s foot, and the app calculates the measurements. It then generates personalized size and style recommendations, which you can order directly from the app.

Jenzy partners with podiatrist recommended brands designed for active kids, including pediped, Robeez, and Morgan & Milo. However, you don’t have to purchase their suggestions to receive the sizing info.

Incorrectly sized shoes are a literal pain for everyone, but this especially affects children, who don’t have purchasing power.

Additionally, shoes that don’t fit can have long-term effects on children’s growth and development, and lead to foot problems in the future. Properly fitted shoes are necessary for healthy foot development.

Wearing incorrectly sized shoes is just part of the problem. If shoes aren’t suited for every day use, children’s feet and overall growth can also suffer.

Flip flops, ballet pumps, and shoes with raised heels are not recommended by podiatrists for frequent use, as they can cause discomfort, or even musculoskeletal issues.

According to Dr. Stewart Morrison, a University of Brighton podiatrist, “children’s feet are still growing and are more susceptible to damage than adult feet, so it’s really vital to ensure they are wearing shoes which fit them well – in width as well as length – and that are suitable for age, as well as the task they are wearing them for.”

As online shopping has taken over, fewer parents are getting their children’s feet sized by in-store experts. Of course, there’s also a cost-barrier, as many stores that offer shoe-sizing are often more expensive.

Jenzy hopes to bridge that gap, providing parents both proper shoe sizes and affordable products designed to last.

Right now the app is set to launch in December, but if you don’t want to wait, apply to take part in the beta test on Jenzy’s site.

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Tech News

Time is money and Clockify helps you make the most

(TECH NEWS) Tracking your time worked as a freelancer can easily be lost in the shuffle. A new tool has been designed to make this important aspect easier.

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After years of searching for a method that works for me in terms of organization and productivity, the answer seemed to be simple: a calendar I can write on and Post-It notes. This method is a little old school, but seems to get the job done for my organizational needs.

However, there are some things that slip through the cracks with this method, but it’s more user error than it is the actual practice. One thing I struggle with is keeping track of my freelance hours this way.

I have a tendency to guesstimate how much time I worked throughout the day and know that I wind up underdocumenting my hours. I would hate to know how much money I’ve missed out on keeping (sometimes inaccurate) handwritten notes.

But, like many other small scale issues, there is a simple solution. And that is found in the form of time trackers.

One of the newest members to join the online time tracker team is Clockify, who operates under the idea of “your time, your rules.” It is a free time tracking tool designed for agencies and freelancers.

Clockify allows users to manage as many team members, projects, and workspaces that you need in an effort to help your business run smoothly. This allows for a complete overview of team productivity.

The tool offers a way to enter time manually as well as clock time automatically. This way you can keep tabs on what you’re working on and assign and label time logs to the appropriate clients.

With this time tracking, you are able to generate weekly, monthly, and annual reports at any given time. These reports can be saved, exported, and shared with clients to give them more information about your work process.

The real-time tracking helps to improve business efficiency and gives more insight into what each team member is spending their time on. Having this information available can give visual representation of how to improve in the future.

Clockify currently exists in desktop format with iOS and Android apps coming soon.

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Tech News

Russia vetoed cryptocurrency and came back with CryptoRuble

(TECH NEWS) Russia put a hard pass on other cryptocurrencies in their country so that they could hop in the crypto-game with their own CryptoRuble.

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Just days after The American Genius reported that the Russian Central Bank would attempt to block access to cryptocurrency trading cites, the Coin Telegraph has reported that the Russian government will issue its very own cryptocurrency, the CryptoRuble.

The report cited local Russian papers, who quoted the minister of communications, Nikolay Nikiforov.

Earlier this week, head of the Central Bank, Sergei Shvetsov, said that he would work with the Prosecutor General’s Office to ban Russian citizens from accessing cryptocurrencies like Bitcoin, calling such currencies a “negative phenomena for our markets” and a “pyramid scheme.”

Now it appears that the Kremlin will create its own cryptocurrency – one it can keep an eye on — which, some might argue, defeats the entire purpose of cryptocurrency.

However, like other cryptocurrencies the CryptoRuble will be based on blockchain and will presumably help prevent online fraud.

CryptoRubles will be exchangeable with regular Rubles, although the systems of exchange have not yet been set up. Experts think that Russia is hoping to stimulate e-commerce without the need for foreign money markets, which will allow them to have more independence from the United States.

According to Nikiforov, the Russian government is setting up its own cryptocurrency under the assumption that if they don’t, other European governments will.

Said NIkiforov, “I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after two months our neighbors in the EurAsEC will.”

Traders using CryptoRubles will be asked to provide documentation of retail transactions and services rendered – or pay a 13 percent tax for undocumented transactions, leaving a wide loophole for money laundering.

Critics say that Russia is trying to facilitate, while also profiting from money laundering; that the Kremlin is stealing the market from other cryptocurrencies; and that the CryptoRuble fundamentally defies the spirit of decentralization that inspired other cryptocurrencies.

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