Russian Minister of Justice: No Need to Further Regulate Cryptocurrencies
The Russian Minister of Justice, Alexander Konovalov, declared that there is no need to regulate cryptocurrencies as of now. The Russian constitution would provide enough clarity for the moment. It declares that the only legal currency of Russia is the Rubel and that no other entity can issue the currency but the Central Bank of the Russian Federation. This would clarify that cryptocurrencies are no legal means of payment. However, trading and owning them is still legal as they can be classified as “other property”. This allows the Russian state to tax profits or income in cryptocurrencies.
FDA Is Launching A Pilot Blockchain Project For Tracking Drugs
The US Food and Drug Administration (FDA) is the latest government agency set to adopt Blockchain technology to solve endemic challenges in the industry. In this case, the FDA wants to track and monitor prescription drugs from the point of production, to hospitals and pharmacies. The aim is to protect users from bad actors who offer counterfeits or distort the supply chain.
Upcoming Blockchain Summit in India Could Decide Crypto Ban Hearing
India’s Blockchain Summit India 2019 will take place on the 22nd and the 23rd this month and is a chance to leave a positive impression on India’s regulators. Currently, the Supreme Court of India has banned trading cryptocurrencies. However, a process against the ban is ongoing with the next hearing taking place at the end of this month. The government has founded two committees to discuss, research and give recommendations on how to deal legally with cryptocurrencies. One of the commissions led by regulators and government officials fears that cryptocurrencies could destabilize the national fiat currency, the Rupee. The second one consists of entrepreneurs and business representatives that see blockchain and cryptocurrencies as a chance to innovate and boost the economy.
Ripple (XRP) Holds Steady At $0.3 Mark In A Volatile Market
XRP has steadily gained over the last 30 days and has broken the $0.3 level of resistance. This means that the recent gains have been piling up and there has not been a major retraction. This behavior usually characterizes short term gains in Crypto markets. From the last 7 days, trends indicate the Token is on an upward trajectory with a unique characteristic that sustains the gains made in the short-term intra-days of trading.
First US Bank-Backed Cryptocurrency to Be Launched by JP Morgan
The US government has shown vast interest in providing a favourable working environment for companies that deal with cryptocurrencies. JP Morgan has been in the forefront advocating for regulations that promote the industry. Now the bank has announced that it is soon going to launch JPM Coin.