Russia hopes to replace Bitcoin with the crypto ruble

Russia hopes to replace Bitcoin with the crypto ruble
  • The Russian regulator launched public consultations on the potential creation of digital rubles.
  • The central banks try to steer the industry into the centralized scenario.
  • The Central Bank of Russia is assessing prospects for issuing a digital ruble, according to the press release published on the regulator’s website.

    The central bank will gather opinions from the market participants and the financial experts until December 31, 2020, before making a final decision on the digital ruble’s launch. 

    The regulator emphasized that the digital ruble would become the Russian version of the central bank-issued digital currency (CBDC) fully controlled by the authority. It will have all the state money characteristics and circulate along with the fiat and electronic versions of the national currency. 

    Meanwhile, the local cryptocurrency experts have already noted that the proposed digital ruble was nothing close to cryptocurrency. The central bank will control the digital ruble’s issuance, while all the transactions with the new currency will be registered on the centralized platform controlled by the regulator. 

    As the FXStreet previously reported, Russia introduces strict measures to restrict cryptocurrency circulation in the country. People who fail to report on their cryptocurrency proceeds may go to jail for three years, while companies that promote cryptocurrency trading may be banned out of existence.  

    Moreover, in accordance with the new legislation, cryptocurrency as a means of payment is outside the law in Russia, meaning that it is illegal to buy and sell goods for digital currencies. However, the proposed digital ruble is not covered by the law as it is supposed to be issued and controlled by the central bank.

    Recently, the European Central Bank (ECB) announced that it was working on digital euro with similar characteristics: no decentralization and total control by the central bank. 

    The European regulator also emphasized that the proposed digital euro would not qualify as a cryptocurrency as it would be traceable and controlled by the central bank. The ECB wanted to ensure that it would remain a custodian of the euro, whatever the form it takes.

    Bank of England and Bank of Canada are also exploring the opportunities of CBDC and express concerns about such cryptocurrencies as Bitcoin. In the latest communique published by the top seven countries’ financial leaders, they do not consider the cryptocurrencies as valid money and ready to embrace crypto, only if they keep it under control.

    This coin has two sides. On the one hand, the creation of CBDC will bring blockchain and cryptocurrency technologies closer to mass adoption and help overcome the barrier that stalls the broader usage of the digital currencies. 

    At the end of the day, this development may be beneficial to the industry as more people would become accustomed to the new form of money and eventually get the idea behind Bitcoin. This is why the cryptocurrency market reacts positively to the news about CBDC development and central banks’ desire to get involved in the industry and create their own digital coin. 

    On the other hand, the issuance of central bank-controlled digital currencies may lead to increased pressure on Bitcoin and other truly decentralized coins. The digital euro, yuan, or ruble helps governments get better oversight into cash flows and tighter control over people’s lives. 

    Many experts are worried that CBDC will increase inequality and give the state too much power to push their agenda and punish dissenting business and individuals by kicking them out of the financial system. In this vein, they might want to eliminate the competition and outlaw the truly decentralized currencies like Bitcoin.

    The latest G7 announcement shows that they will oppose Facebook’s Libra until it is regulated adds credibility to this statement, as long as Russia’s attempts to block cryptocurrency payments inside the country. 


    Author: FX Street


    Facebook is Launching Policy to Ban Anti-Vaccination Ads

    Facebook is Launching Policy to Ban Anti-Vaccination Ads

    (The AEGIS Alliance) – Facebook stated on Tuesday that it will launch a new global policy geared toward banning ads that are discouraging people from getting vaccinated. Facebook previously had a policy that takes a stance against vaccine hoaxes that are publicly known by world health organizations.

    “Now, if an ad explicitly discourages someone from getting a vaccine, we’ll reject it,” Facebook’s Director of Product Management Rob Leathern and Head of Health Kang-Xing Jin stated in a blog post on Tuesday.

    The new vaccine ad ban follows a series of policy changing announcements by the tech giant to purge the social media platform of content that is deemed problematic and that it previously hesitated to take action against.

    This includes an announcement this week about banning Holocaust denial content, along with last week’s ban on pages and groups that spread the QAnon conspiracy theory, also a temporary political ads ban following the November 3 U.S. election, and last month’s ban on any ads that are deemed to be delegitimatizing U.S. election results, there was also a decision last month aimed at stopping the spread of groups on its social network that has a focus on giving users health advice.

    Facebook said that ads advocating against government policies about vaccines, including the COVID-19 vaccine, will still be allowed.

    For example, Facebook said it will allow ads such as the ones a Virginia state delegate candidate started running in August that includes language saying “STOP FORCED CORONAVIRUS VACCINATIONS! … All medications have risks, and we believe discussion alone of mandating a vaccine before it’s released, without knowing if there are long-term side effects, is both premature and dangerous” would still be allowed.

    However, ads explicitly discouraging getting vaccines that include portraying them as unsafe or ineffective, along with other things, will be banned.

    “If an ad that advocates for/against legislation or government policies explicitly discourages a vaccine, it will be rejected.”

    “That includes portraying vaccines as useless, ineffective, unsafe or unhealthy, describing the diseases vaccines are created for as harmless, or the ingredients in vaccines as harmful or deadly,” A Facebook spokesperson said.

    The blog post also explained Facebook’s plans to guide people toward general information about the flu vaccine and how to get one, using the platform’s “Preventive Health” tool.

    Facebook also mentioned it has been working with the World Health Organization (WHO) and UNICEF “on public health messaging campaigns to increase immunization rates.”

    Kyle James Lee – The AEGIS Alliance – This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.


    © The AEGIS Alliance

    Majority Owner of The AEGIS Alliance. I studied in college for Media Arts, Game Development. Talents include Writer/Article Writer, Graphic Design, Photoshop, Web Design and Development, Video Production, Social Media, and eCommerce.


    Author: Kyle James Lee

    RIA Digital Assets Council, founded by Ric Edelman, acquires JV Events Group, appoints Inside ETFs co-founder as President and launches new website plus Certification Program for Advisors

    RIA Digital Assets Council, founded by Ric Edelman, acquires JV Events Group, appoints Inside ETFs co-founder as President and launches new website plus Certification Program for Advisors

    RIADAC shows commitment to its role providing digital assets education for financial advisors

    GREAT FALLS, Va., Oct. 14, 2020 /PRNewswire/ — The RIA Digital Assets Council announced today that it has acquired JV Events Group, which owned the Digital Asset Strategy Summit, and its founder, Don Friedman, has joined RIADAC as president. The company has also launched its new website, and its first major virtual conference, RIADAC VISION, is scheduled for March 4, 2021.

    (PRNewsfoto/RIA Digital Assets Council)

    The acquisition firmly establishes RIADAC as the “go-to” source for financial advisors who want to learn about blockchain and digital assets such as bitcoin. The organization was founded by Ric Edelman, one of the most prominent thought leaders in the investment advisory field. Edelman said he created RIADAC to connect the advisory and crypto communities.

    “RIAs manage $2 trillion in discretionary assets for millions of American investors,” Edelman said. “It’s crucial that they learn about blockchain and digital assets so they can incorporate these new asset classes into client portfolios.”

    Before forming JVEG, Friedman co-founded Inside ETFs, the world’s largest ETF conference. “I’m excited to be working alongside Ric Edelman,” said Friedman, who has 18 years’ experience producing world-class conferences. “”Blockchain and digital assets are fast becoming mainstream, offering tremendous investment opportunities, and that has created a vital need for financial advisors to learn about these asset classes so they can serve their clients’ best interests.”

    Friedman noted that a RIADAC survey of financial advisors found that 80% of advisors are getting questions from clients about bitcoin and other digital assets, but 92% say they don’t know how to explain digital assets to their clients. “Clearly, there is a huge knowledge gap in the advisory community,” Friedman added.

    RIADAC produces live and online events and content for Registered Investment Advisors, bolstering their knowledge of blockchain and digital assets. The company has staged programs in partnership with Barron’s, Schwab, TD Ameritrade, T3, Inside ETFs, Financial Advisor and others.

    Advisors can also attain the company’s Certification in Blockchain and Digital Assets® to demonstrate their knowledge and set themselves apart from others. The program debuts in Q1 2021 and has already garnered significant attention in the advisory and crypto communities.

    About Ric Edelman
    InvestmentNews, RIABiz and Wealth Management say Ric Edelman is one of the most “influential” and “transformative” people in the advisory field. He was named the nation’s #1 Independent Financial Advisor three times by Barron’s. He’s in the Barron’s Financial Advisor Hall of Fame and recipient of the IARFC’s Lifetime Achievement Award. Ric is a #1 New York Times bestselling author of ten personal finance books and has earned two “Book of the Year” awards from the Institute for Financial Literacy. His weekly radio show is heard by one million listeners on 80 stations, and TALKERS named him 4 times as one of the 100 most important radio talk show hosts in the country. Ric founded the nation’s largest independent RIA, with $200 billion in AUM. He’s also founder, with the Bipartisan Policy Center, of the Funding Our Future Coalition; with more than 50 nonprofit, academic, think-tank and corporate members, it’s the largest coalition ever assembled to improve financial security for all Americans. Ric has also received two patents for financial product innovation and he created the industry’s first-ever ETF on exponential technologies.

    About RIADAC

    The RIA Digital Assets Council advances RIA awareness, knowledge and understanding of blockchain and digital assets. Through RIADAC’s leadership, RIAs can connect with regulators and academia to explore blockchain and digital assets and be introduced to innovators that offer products and services for practice management and investment opportunities for clients of RIAs. Follow on Twitter @RIA_DAC.

    #bitcoin #crypto #blockchain #cryptocurrencies #digitalassets @riadac

    Don Friedman
    [email protected]  


    View original content to download multimedia:



    Spain Approves Bill Requiring Cryptocurrency Owners to Disclose Crypto Holdings | Regulation Bitcoin News

    Spain Approves Bill Requiring Cryptocurrency Owners to Disclose Crypto Holdings | Regulation Bitcoin News

    Spain’s government has reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.

    Spain’s Finance Minister and the government’s spokesperson, Maria Jesus Montero, said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval.

    “This is a bill that will add to the work already being carried out by tax authorities,” Montero explained but did not go into detail about how the rules will be enforced. It is one of the latest efforts by the government to raise tax revenue amid a severe coronavirus pandemic-driven economic crisis.

    The bill, entitled “Law on preventive measures to combat tax avoidance,” seeks greater control over cryptocurrencies, Criptonoticias publication described, noting that the government intends to “oblige citizens to provide detailed information on balances and transactions carried out inside and outside of Spain.” If approved, crypto activities that must be reported to the authorities include “acquisition, transmission, exchange, transfer, collections and payments,” the news outlet conveyed.

    The Spanish tax authority, the Agencia Estatal de Administración Tributaria (AEAT), began sending out tax notices in April to remind cryptocurrency owners of their tax obligations.

    According to Global Legal Insights, capital gains from the sale of cryptocurrencies by a resident of Spain are taxed between 19% and 23%. The higher rate applies to gains in excess of €50,000 ($58,666). The exchange between cryptocurrencies and euros is VAT-exempt.

    Meanwhile, all 350 Spanish deputies were sent bitcoin last week as part of an educational campaign by blockchain platform Tutellus and Observatorio Blockchain. This initiative is similar to the Crypto for Congress campaign that recently sent bitcoin to all Members of Congress in the U.S.

    What do you think about Spain requiring crypto owners to disclose their holdings? Let us know in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


    Author: Regulation

    Kevin Helms

    Russia hopes to replace Bitcoin with the crypto ruble

    Rating: 0
    xc false
    Slider: 0

    Leave a Reply

    Your email address will not be published. Required fields are marked *