Cryptocurrency laws of Russia’s State Duma and Telegram news. Crypto industry news of the week
Telegram has developed its blockchain platform, the Russian authorities will regulate the cryptocurrency turnover in the country, analysts have assessed the value of Russia’s blockchain market in 2019, while State Duma members are going to oblige government officials to account for their cryptocurrency revenues. Find detailed blockchain news of the week in our digest.
Telegram to launch a blockchain platform
The Telegram Open Network (TON) platform is ready for the launch. Developers are going to start the testing period by the end of the fall.
In early 2018, TON received $1.7 billion from investors to develop its solution. Founders claim that the platform will be able to conduct transactions faster than Bitcoin and Ethereum and will make payments as fast as Visa and MasterCard do.
Besides, the platform has its own cryptocurrency – Gram.
TON is 70% done, and developers are completing it now.
Russia to regulate cryptocurrency turnover in the country
Representatives of the Russian authorities and members of the anti-money-laundering organization will start regulating the turnover of digital currency. It was reported by Dmitry Peskov, a special representative of the President of Russia on the digital development, in an interview with Vesti channel.
Russia does not yet have the law regulating blockchain and cryptocurrencies. The document is under consideration of the State Duma. Its reading will take place until December 2018.
Mr. Peskov stated that the Russian authorities would cooperate with global organizations. According to him, it is impossible to create a single industry regulating law now, but it is possible to establish a separate course. The special representative also mentioned cryptocurrency threats and compared them with Ponzi scheme.
Government officials to account for their cryptocurrency income
The State Duma is preparing a bill that will oblige government officials to account for all cryptocurrency transactions. Vasily Vlasov, a deputy of the Liberal Democratic Party of Russia, says that government officials can conceal large incomes using digital currency, thus one should control its turnover.
“If cryptocurrency can be exchanged for rubles, there is an option of shadow earnings,” the deputy explains.
According to Vasily Vlasov, the State Duma will soon discuss the ways of regulating cryptocurrency revenues and implementing other solutions into acting laws.
Analysts assess Russian blockchain market
Research of Qiwi Blockchain Technologies shows that the value of blockchain solutions in Russia will reach 4 billion RUB in 2019. As a comparison, analysts assessed the market at 1.5 billion RUB in 2018.
QBT representatives report that 80% of developments are solutions by major companies, and 40 Russian blockchain startups are already at the initial stage of launch.
Launching of one project related to blockchain requires, in average, 30 million RUB. The technology is integrated most frequently into logistics and the financial sector.
QBT is included in the list of the most active companies integrating blockchain into their operation. This year, it established Russia’s first crypto investment bank called HASH and began to provide its employees with bonuses in tokens.
Bitfury Group to assist Skolkovo residents in integrating blockchain into their projects
Bitfury Group will set up a school for blockchain developments in Skolkovo. The company will help to integrate blockchain technology into projects of Skolkovo residents due to the Exonum open-source framework.
Bitfury Group specialists will teach blockchain to Skolkovo developers and hold hackathons for startups.