[ad_1]
The newspaper
The Japan Financial Services Agency decided to refer to cryptocurrencies as "cryptographic assets" in order to avoid confusion with legal tender currency. Also in The Daily, the Moscow Ministry of Justice confirmed that it classifies digital coins as "other properties". Finally, according to a recent report, stablecoin have seen significant growth in recent months.
Read also: Crashing Crypto Trader shares tips, Bitcoin Bandit Extradited
Japanese regulator renames cryptocurrencies
The Japanese financial services agency (FSA) has decided to call all the cryptocurrencies of cryptocurrencies, "said the most important newspaper in the country, Yomiuri Shimbun. The reasoning behind the decision is to help economic operators to avoid confusing digital coins with the legal course recognized by the Tokyo government The regulator notes that the price of many scrambled waves wildly, there is no evidence of value and it is often not clear who is emitting them.
<img class = "aligncenter wp-image-261037 ” title=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as a property” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1047150607.jpg” alt=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as property "width =" 614 "height =" 346 "srcset =" https://news.bitcoin.com/wp-content/ uploads / 2018/12 /shutterstock_1047150607.jpg 1000w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1047150607-300×169.jpg 300w, https://news.bitcoin.com/wp- content / uploads / 2018 /12/shutterstock_1047150607-768×432.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1047150607-696×392.jpg 696w, https: //news.bitcoin. com / wp-content /uploads/2018/12/shutterstock_1047150607-746×420.jpg 746w "sizes =" (maximum width: 614 px) 100vw, 614 px”/>
The FCA Advisory Committee produced a report this week in which its members argue that the term "virtual currency" could cause misunderstandings by asking for its replacement. According to the document, the regulator's recommendation is to review all relevant Japanese laws and regulations. The revision is expected to cover several legislative acts such as the law on payments and services, which regulates the use of cryptocurrencies in the country.
The panel also stressed the need to establish a mechanism to protect users in events such as a "cash flow", as reported by Japan Times, the newspaper's English edition. To achieve this goal, the Financial Services Agency intends to oblige Japanese companies operating with cryptographic resources to implement rigorous management systems.
Cryptocurrency is "other property", says the Russian ministry
<img class = "alignright wp-image-261046 size-medium” title=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as a property” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_392892634-300×194.jpg” alt=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as property "width =" 300 "height =" 194 "srcset =" https://news.bitcoin.com/wp-content/ uploads / 2018/12 /shutterstock_392892634-300×194.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_392892634-768×496.jpg 768w, https://news.bitcoin.com/ wp-content / uploads /2018/12/shutterstock_392892634-696×450.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_392892634-650×420.jpg 650w, https: // news. bitcoin.com/wp -content / uploads / 2018/12 / shutterstock_392892634.jpg 1000w "sizes =" (maximum width: 300px) 100vw, 300px”/>The Ministry of Justice of Russia once again confirmed the ownership status of digital currencies. According to an official statement, "the cryptocurrency can be classified as an object of civil rights and subject to obligations." The document was issued by the Ministry in response to a request for legal interpretation of the term and reiterates a previously declared position.
The query was archived by a group of merchants who tried to draw the attention of the Russian authorities to the case of the now inactive cryptic exchange of Wex, successor to the infamous BTC-e. They have published a copy of the statement in their Telegram channel of the Wex.nz Initiative group. Wex users, who have not been able to withdraw their funds from the trading platform for months, have also filed complaints with the Ministry of Interior in Moscow asking for an investigation.
The Ministry of Justice further explains that cryptocurrencies can not be accepted as "electronic money" and observes that digital money holders can not raise claims against their issuers. However, the department states that "cryptocurrency has a property value recognized by its turnover" and falls into the category "other property" as defined by Russian law, an opinion expressed at the beginning of this year by the Minister of Justice Russian Alexander Konovalov.
Until today, cryptocurrencies remain unregulated in Russia, with several bills filed in parliament still under examination. In its latest version, the main account, "On digital financial resources", does not have the term "cryptocurrency" among its legal definitions. Members of the crypto community and industry organizations have called for its inclusion, but according to a recent statement by the deputy prime minister of the country, Maxim Akimov, the authorities do not intend to make significant changes to the texts.
Stablecoins sees rapid growth, denounces complaints
Stablecoins <img class = "alignright wp-image-261047 size-medium” title=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as a property” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_715695178-300×200.jpg” alt=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as property "width =" 300 "height =" 200 "srcset =" https://news.bitcoin.com/wp-content/ uploads / 2018/12 /shutterstock_715695178-300×200.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_715695178-768×512.jpg 768w, https://news.bitcoin.com/ wp-content / uploads /2018/12/shutterstock_715695178-696×464.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_715695178-630×420.jpg 630w, https: // news. bitcoin.com/wp -content / uploads / 2018/12 / shutterstock_715695178.jpg 1000w "sizes =" (maximum width: 300px) 100vw, 300px”/> they have enjoyed a growing adoption in recent months, reveals a report published by the research firm Diar. The transaction volumes of four new stablecoins – USDC, TUSD, GUSD and PAX – have increased by 1,032 percent, say the authors. In terms of value, the total volume of transactions with the new stablecoin reached $ 2.3 billion in November and $ 5 billion for a period of three months.
According to Diar, the standard paxos token (PAX), the most popular of these currencies, has attracted $ 93 million in volume. Its transaction volume is twice that of the USD (USDC) currency, a pegged dollar encryption developed by Coinbase with headquarters in San Francisco, in collaboration with Circle Circle, the cryptographic payment startup. At the same time, the indicator decreased for the Trusttoken trueusd (TUSD) during the month of December.
<img class = "aligncenter wp-image-261049 ” title=”The newspaper: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as a property” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/stablecoins-1.jpg” alt=”The daily: Japan calls all cryptographic resources of all currencies, Russia defines cryptocurrency as property "width =" 474 "height =" 320 "srcset =" https://news.bitcoin.com/wp-content/ uploads / 2018/12 /stablecoins-1.jpg 514w, https://news.bitcoin.com/wp-content/uploads/2018/12/stablecoins-1-300×203.jpg 300w "sizes =" (maximum width: 474 px) 100vw, 474px”/>
Despite the significant fall in last month's capitalization, the most recognizable stablecoin, tether (USDT) is currently in the process of drawing up the fourth largest digital currency by market capitalization.
What do you think of today's news? Tell us in the comments section.
Images courtesy of Shutterstock, Diar.
Make sure you do not miss any important news regarding Bitcoin! Follow our news feed in any way you like; via Twitter, Facebook, Telegram, RSS or e-mail (scroll to the end of this page to register). We have summarized daily, weekly and quarterly in the form of newsletters. Bitcoin never sleeps. Neither we.
