Blockchain

Russian State-Run Tech Firm to Decrease Spending on Blockchain by 50%

single-image

bitbond bitcoin lending

Russian government-backed corporation Rostec intends to cut spendings on the blockchain development in the country by at least 50%.

According to Rostec’s roadmap, the organization is planning to spend 28.4 billion rubles ($453.2 million) on the development of blockchain technologies in Russia by 2024, instead of initial 55 billion ($877.8 million) to 85 billion rubles ($1.3 billion). The news was reported by domestic news outlet Kommersant on Jan. 27.

The corporation detailed that the introduction of blockchain tech into the product labeling system will require 650 million rubles ($10.3 million), into healthcare system 1.17 billion rubles ($18.6 million), of which 575 million rubles ($9.1 million) will be allocated to the tracking system of counterfeit and pharmaceuticals consumption. The implementation of blockchain in the housing and utility services will ostensibly require 475 million rubles ($7.5 million).

Revision of blockchain’s potential effect on economy

Rostec has revised their assessment of the potential direct and indirect economic effect of blockchain development in the country, whereas earlier versions of the roadmap suggested significantly larger investments in the technology. The downgraded forecast of the economic effect is ostensibly connected to the change in the macroeconomic situation.

Rostec’s spokesperson stipulated that currently there is a change in the perception of the technology, “a self-cleaning of the market from copy projects that do not have a development strategy and a certain market niche,” while the Russian market in these conditions is developing most smoothly and is choosing the path of “less risky development.”

The corporation has sent the document to the Ministry of Communications and the Analytical Center for the government of Russia for approval.

Russia’s turn to blockchain

Worth noting, the move comes in the wake of the appointment of the new Prime Minister of the Russian Federation, Mikhail Mishustin, who called on the country to prioritize development of the digital economy.

In the meantime, Russia has implemented a number of blockchain projects in various sectors. Last December, Russia’s national energy grid operator Rosetti began testing a blockchain solution for payments in the retail electricity sector. The project aims to automate and make transactions between energy producers, suppliers and consumers more transparent.

The country’s mining and smelting giant Nornickel also commenced testing its platform for digital metal tokens in collaboration with physical commodities trading group Trafigura Group Ltd., metals finance and logistics firm Traxys SA and materials technology and recycling group Umicore SA.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Blockchain

Expert Says New Blockchain Regulation Should ‘Nudge’ Rather Than Push

single-image

bitbond bitcoin lending

Regulators should aim to influence public behavior rather than rule with an iron fist when it comes to emerging industries such as blockchain.

Two Israel-based academics, Hada Jabotinsky and Nassim Cohen argued this point in a new paper and accompanying brief, published to the University of Oxford Law Department blog on Feb. 21.

The paper proposes an approach that would result neither in an under-regulated free-for-all that leaves consumers vulnerable, nor in heavy-handed prohibitions that stifle technological progress.

Complex new technologies such as blockchain, cryptocurrencies, Internet of Things, and automated cars require ever higher levels of technological literacy. The paper states that, as the pace of innovation gathers speed, regulators struggle to grasp the implications of the products and inventions brought before them. 

What does a “nudge” involve?

The authors argue, “A nudge is ‘any aspect of the…


View More Article
Bitcoin

Bitcoin Price Drop Mirrors Last Golden Cross Which Led to 170% Gains

single-image

bitbond bitcoin lending

Bitcoin (BTC) may not see a 170% increase after its fifth “golden cross” price event, historical data suggests as markets stay down 8%.

Analysis of price movements since 2009 shows Bitcoin has had a total of ten “golden cross” and “death cross” moments in its lifespan. 

BTC price dip challenges December 2017

A “golden cross” is when BTC/USD sees its 50-day moving average rise to cross over its 200-day moving average. A “death cross” is the opposite. 

As Cointelegraph reported, hopes are currently high that the most recent golden cross will spark an identical reaction to the previous one — a 170% price surge in just two months. 

Overall, however, two out of four golden crosses have resulted in gains, while the other two in fact saw price losses. Similarly, some death crosses were followed by price gains.

Bitcoin traders continue to dig for answers after BTC/USD abruptly dropped $1,000 in…

View More Article
Blockchain

Aussie Blockchain Startup Tells Gov’t Its Tax Laws Are Stifling ICOs

single-image

bitbond bitcoin lending

You need nothing short of “a miracle” to succeed with an initial coin offering (ICO) in Australia, a local industry leader told the government this week.

At a Select Committee on Financial Technology and Regulatory Technology hearing on Feb. 20, Dr. Jemma Green said her blockchain firm had succeeded despite, not thanks to, government policy. 

Dr. Green is the executive chairman and co-founder of Australian blockchain energy firm Power Ledger, which develops blockchain-based software for decentralized energy trading. ZDnet reported her remarks on the day of the hearing.

Tax system not “fit for purpose”

Dr. Green appeared before the committee in her capacity as a fellow of domestic blockchain industry body Blockchain Australia. Earlier this year, Blockchain Australia published a report, together with the RMIT Blockchain Innovation Hub at RMIT University,…


View More Article
Blockchain

Juventus Soccer Club Offers Digital Trading Cards through Sorare

single-image

bitbond bitcoin lending

The Italian soccer team Juventus has a number of traditional collectibles available for purchase by its fans, but this week it’s taking them into the digital age. The sports club announced on Feb 19. it would be offering digital trading cards of its players through the blockchain-enabled platform Sorare.

By using Ethereum technology, Sorare will provide digital cards that soccer fans can collect and trade. The cards function like non-fungible tokens and will feature star players like forward Cristiano Ronaldo. 

Used in conjunction with the platform’s fantasy soccer game, the cards can be used to create teams, compete in tournaments for cryptocurrency prizes, and trade in secondary markets. According to Sorare, some of the rare cards have sold for over $2,000. 

In a press release obtained by Cointelegraph, Sorare CEO Nicolas Julia spoke on the new deal:

“We are very proud to have signed this agreement with…


View More Article
Blockchain

United Nations Is Among New Entrants in Forbes’ 2nd Blockchain 50 List

single-image

bitbond bitcoin lending

Newly released Blockchain 50 list by major finance publication Forbes features some new entrants like major international association, the United Nations.

Shortly after including six blockchain-focused firms into its Fintech 50 list last week, Forbes has released another compilation of 50 global enterprises actively embracing blockchain technology.

Newcomers include the United Nations, China Construction Bank, Square and others

Published on Feb. 19, the new Forbes’ Blockchain 50 list is the second release of its annual Blockchain 50, which was first introduced in April 2019. Similarly to last year’s edition, the new compilation includes industry giants like Amazon, Microsoft, JPMorgan, Google, as well as cryptocurrency-focused firms like Bitfury, Coinbase and Ripple.

At the same time, about half of the firms on the list are newcomers, including the UN, the world’s second-largest bank China…


View More Article
Bitcoin

Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

single-image

bitbond bitcoin lending

On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the President’s Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017.

Picture

Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of the flash crash and a handful of theories have arisen. Some have attributed the volatility to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented many traders from being able to log into their accounts.

Others, like, Cointelegraph contributor and…

View More Article
Blockchain

Australian Stock Exchange Has New Blockchain Equity Competitor

single-image

bitbond bitcoin lending

NSX Limited, the operator of the National Stock Exchange of Australia (NSXA), is working on a joint blockchain-based project to enable same-day settlements.

According to a Feb. 20 announcement, NSX has partnered with iSignthis (ISX), a publicly listed firm specializing in payment authentication services, to establish a new venture that would provide “multicurrency, real-time and same day clearing of share trades across multiple exchanges.”

CHESS system will meet new competitor, DESS

Dubbed ClearPay, the new venture will develop a delivery versus payment (DvP) platform that is designed to replace the existing system of clearing and settlement process offered by current traditional domestic and foreign stock exchanges.

Using distributed ledger technology, ClearPay is expected to cut settlement processing time from three days to same-day or early the next day….


View More Article
Bitcoin

Watch Chartist Dan McDermitt Debate Analyst Ronnie Moas on Why Trading Can Beat Hodling

single-image

bitbond bitcoin lending

This week, technical analyst Dan McDermitt of The Chart Guys educational platform debates Standpoint Research founder Ronnie Moas on trading versus holding.

Can traders really outperform a simple buy and hold Bitcoin investment strategy?

McDermitt sees trading as a profitable route. “Had I just bought and held, I would be doing a lot more poorly than my current trading,” he said. McDermitt said trading over the past two and a half years has netted him between 3,000% and 5,000% in profits, whereas simply buying and holding Ethereum would have only yielded 500-600% in the same time frame.

Moas, on the other hand, does not think technical analysis works. Preferring to buy and hold, Moas does not think traders can beat a simple Bitcoin investment. “We’ve had tens of thousands of candles on the Bitcoin chart in the last…


View More Article