Bitcoin Legal by Default in Russia, Confirms New Federal Tax Document
A document by the federal tax authority in Russia has revealed its official stance on the legal status of Bitcoin in Russia. The document statesthat Bitcoin cannot be cannot be blocked or banned as they can be deemed foreign currency transactions according to Russian laws. While bitcoin transactions cannot see any legal prohibitory moves, Bitcoin mining can still be seen as the issuance of a foreign currency, which remains illegal in Russia
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China's Huiyin Group Launches $20 Million Bitcoin Fund
Huiyin Group, a multibillion-dollar investment company based in China, has announced the launch of Huiyin Blockchain Ventures (HBV), a subsidiary fund focused solely on investments in the blokchain sector. Launching with $20m in committed capital, HBV will now seek to invest the funds over the course of the next six to 12 months. The fund will be managed by James Wo, who stated:
"We are seeking to invest into bitcoin-related companies to help enrich the industry, as we see a large opportunity for a return on our investment. As the bitcoin industry continually matures, the use of bitcoin will continue to grow and proliferate in China, as well as the rest of the world. HBV intends to be at the forefront of this technology as it continues to gain traction globally."
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Asia’s Largest Stock Exchange Operator Forms Blockchain Consortium in Japan
The Japan Exchange Group (JPX) has recently announced the formation a blockchain consortium with the participation of the Tokyo Stock Exchange (TSE), the Osaka Exchange (OSE) and the Japan Securities Clearing Corporation (JSCC). The collaborative effort will focus on l developing a proof-of-concept blockchain solution for capital market infrastructure. An excerpt from the press release read:
"We will seek participation from a wide range of Japanese financial institutions in order to gather broad industrial expertise. Members of the consortium will conduct PoC testing and discuss the applicability of DLT (Distributed ledger technology) to the capital market infrastructure, both from technical and operational perspectives."
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