Russian Duma receives 18 applications for blockchain research

Maria Nikolova

A contract will be signed with the Financial University under the Government of the Russian Federation, which got the top rank among all applicants.

A followup to FinanceFeeds’ earlier report about the Russian parliament allocating RUB 2.5 million for blockhain, cryptocurrencies, ICO research…

On Wednesday, October 18, 2017, the Russian State Duma published some details about the applicants. A total of 18 applications were received with the funding required for the projects starting from a meager RUB 1. That was the offer made by a Russian law firm.

The applicant that got the highest score and will get a contract with the Russian Parliament is the Financial University under the Government of the Russian Federation. Its project requires funding of approximately RUB 1.88 million.

When the Duma invited the applications about a month ago, it noted the rapid evolution of the new financial technologies and emphasized the need to adapt them to the Russian market in a way that protects them from being destroyed by rules that are too harsh. However, the anonymity that goes along with many of the new technologies brings risks, such as the ability to finance terrorist activities, and the market has to be safeguarded from them.

In September this year, the Bank of Russia said it was monitoring the cryptocurrency markets and is exploring ways to regulate the segment. The “Megaregulator” reiterated its critical stance about the use of cryptocurrencies and ICOs, stressing the risks they bear and that investors in cryptocurrencies are not protected, as the industry is not regulated at this point.

Earlier this month, Sergey Shvetsov, First Deputy Governor of the Bank of Russia, said that the central bank and the prosecutors are working together to close the foreign websites that offer Russian residents to buy cryptocurrencies.

Mr Shvetsov added that all derivative instruments related to cryptocurrencies are seen as negative phenomena by the “Megaregulator”. The central bank is not supporting these instruments and will implement measures to limit all operations with them for the regulated part of the Russian market. He reiterated that these instruments bring very high risks for the Russian citizens and businesses. Moreover, he stresses, Bitcoin has become a means for getting artificially high returns for a very short period of time, something that is characteristic of financial pyramids.

Read this next

Fintech

Ouinex taps Netdania to build institutional-grade crypto trading platform

Ouinex intends to always bring the best of TradFi electronic trading infrastructure to Web3 including innovative universal cross-margining capabilities so that users can trade TradeFi instruments by using their crypto holdings as margin.

Retail FX

BDSwiss Elevates Traders’ Experience with Advanced Trading Tools

In the fast-paced world of financial markets, having access to advanced trading tools and educational resources is crucial for traders aiming to stay ahead of the curve.

Market News

Gold & Silver rally, made in China

Gold prices correlate with the US bond market, and the US Dollar influences the Gold/Silver ratio. Chinese market premiums for Gold and Silver suggest continued uptrends. Inflation-adjusted peaks indicate current prices are not overly expensive, implying potential for further gains.

Market News

Japan’s Monetary Policy and FX Intervention: Key Takeaways from the G20 Meeting

At the G20, BoJ President Kanda and Finance Minister Suzuki emphasized stable exchange rates and cautious FX intervention, signaling imminent action. Softer US inflation data and potential BoJ rate hikes are impacting USD/JPY

blockdag

Top 3 Cryptos of 2024: BlockDAG’s $1 Prediction, Immutable’s Remarkable Price Increase, and Solana’s Promising Future

Explore pivotal changes in the cryptocurrency market through our analysis of Solana, Immutable, and BlockDAG. Explore how BlockDAG raised $34.7M in its presale with advanced technologies.

Fintech

UK bank Kroo bans crypto transactions, warns account closure

London-based digital bank Kroo has imposed a ban on cryptocurrency transactions, another blow for crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Web3

MoonPay onboards Gucci, Puma, and Mastercard to Web3 Tools

Blockchain payments infrastructure firm MoonPay has unveiled a new platform to simplify the Web3 experience for brands and consumers. The platform, dubbed Web3 Tools, helps brands provide a less complex Web3 journey.

blockdag

BlockDAG’s Keynote Video Drives $34.7M in Presales, Gaining Traction Among Solana (SOL) Investors and Litecoin Enthusiasts

Discover BlockDAG’s leadership in cryptocurrency, attracting Solana (SOL) investors and Litecoin enthusiasts with its strong growth prospects and groundbreaking mining technology. 

Digital Assets

Mt. Gox users alarmed by $10 billion transfer to unknown wallet

Mt. Gox has transferred 42,830 BTC, worth about $2.9 billion, from its cold wallets, according to Arkham Intelligence data. This marks the first major transfer from the defunct bitcoin exchange in five years.

<