Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
El Bank of Russia, the country’s main monetary authority, announced that mutual funds operating locally are banned from investing in cryptocurrencies such asBitcoin.
Investment funds are banned from investing in cryptocurrencies
The announcement was made by the same institution through an official statement published today, where it announced the measure that prohibits investment funds from considering cryptocurrencies within their portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. of offerings, closing the way to financial institutions despite the fact that it has been progressively increasing the number of products and areas in which the managers of such programs can dabble.
Specifically, the communiqué states the following:
“At the same time, there is a ban on investment of funds of mutual funds, including those intended exclusively for qualified investors, in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies and financial instruments, the cost of which depends on the rates of digital currencies. Previously, the Bank of Russia recommended not to invest investing is when you put money in a financial scheme with the intent of making a gain. in such assets.”
As such, the entity ensures that the measure is covered by the criteria originally implemented to protect entities and investors interested in this type of products.
Russia and cryptocurrencies
Although the move goes hand in hand with the stance maintained by Russian authorities to date, critics and analysts see this as another door closing against cryptocurrencies within the country.
As such, the country’s authorities have declared themselves to be very much againstBitcoin and the main digital currencies, precisely because they are considered as a tax evasion mechanism used by those who wish to circumvent the current regulations. In this regard, the head of the Russian Tax Directorate, Daniil Egorov, said that these assets serve well for such purposes, which could erode tax revenues capitalized by the State.
Keep in mind that the local authorities are planning to take an official stance in 2022 towards exchanges and companies that operate with cryptocurrencies within the country, so it will be known if these activities will be officially banned, or if on the contrary they will be regulated regulation is when something is controlled by a specific set of rules. to ensure that they comply with certain regulations.
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Version by Angel Di Matteo /DiarioBitcoin