Fintech-digest: the bill on regulation of cryptocurrency passed the first reading, investors are confident in the future of Bitcoin

During the week Fintech market behaved peacefully. However, there are interesting points that are worth mentioning. These events are related both to foreign countries and Russia. Let's see what's wrong with us (spoiler - the State Duma is going to start regulating the cryptocurrency sphere).

Probably, the main event, in any case, for the Russian user is that cryptocurrency regulation in the Russian Federation is beginning to gain momentum. In any case, on Tuesday, the State Duma adopted in the first reading bills that define such concepts as digital financial assets, the rules of their turnover in the Russian Federation, the conclusion of smart contracts and the ICO procedure.

In the first reading, all three bills, including “On digital financial assets”, “On crowdfunding” and amendments to the Civil Code of the Russian Federation, regulating digital rights were adopted by the State Duma .
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The document introduced the concept of digital financial assets, which include cryptocurrencies and tokens. In addition, the ICO procedure and the contract “smart contract” are fixed. As for the latter, it is in electronic form, and the fulfillment of obligations under it is carried out using digital financial technologies.

The bill says that a cryptocurrency and a token is a property, which means that the same regulations apply to them as to any other objects of civil rights. But at the same time digital financial assets are not a means of payment in the territory of the Russian Federation.

An important and interesting document is “On digital financial assets”. It is this one that allows to satisfy the requirements of citizens and organizations that arise from a deal with digital law.

And finally, the Crowdfunding Bill regulates the attraction of investments using information technology. It defines the legal basis for the activity of operators of investment platforms for the organization of retail financing (crowdfunding).

Another news regarding cryptocurrency is that investors do not lose hope of the return of the “big Bitcoin”, that is, high-rate cryptotmonets. And for this, Bitcoin does not necessarily have to increase in price every day.


Actually, Bitcoin does not hurry anywhere, judging by the schedule

“We need to understand that Bitcoin, in order to get from $ 8000 to $ 25000, does not necessarily grow every day. Remember that the ten most productive days are responsible for all the profits brought by Bitcoin. If you didn’t own Bitcoin ten days a year, you’ve lost 25% annually since 2010, ” said Wall Street analyst and co-founder of Fundstrat Global Advisors Tom Lee.

By the way, one of the reasons for not too fast growth is the lack of regulatory policies in many countries. If it were, then large institutional players who could bring in a lot of money would enter the cryptocurrency sphere. Perhaps this would have a beneficial effect on the entire infrastructure, and growth might have accelerated.

And the third important news is that Russian banks are gradually switching to the Advanced Payment System (PPS). In March of this year, for the first time, all accounts were concentrated in one database, plus the authors of the project created a single information space.

So that everything was good with the payment system, a disaster-resistant cluster based on the data center in Moscow and Nizhny Novgorod was introduced with online database synchronization. In principle, not all banks will notice the transition, since the formats of work remain about the same. The new system is more efficient, faster and more reliable. Clients are unlikely to experience any changes, but the banks - yes.