RUSSIA approves of Ethereum, Bitcoin

Identity Checks coming during Bitcoin Purchases

Good morning my fellow Steemians!

I bring you all some interesting news from across the world.

This week, Russia's Deputy Finance Minister expressed that coming in August 2017, Crypto-Currency
purchases will have to prove their identity under newly drafted regulations coming in the country.

Russia will be using a similar method to regulate crypto-transactions the same way we already do
in the markets with DERIVATIVES.

The Deputy Finance Minster, Alexei Moiseev said,
"If you want to buy any financial product, you need to show passport, fill out a contract, write that you are not an American taxpayer. The same should apply here."

Further, Elvira Nabiullina, the Governor of the Central Bank of Russia, holds the position shared with CNBC
that Russia is likely to classify Bitcoin and Ethereum as a Digital Financial Asset as opposed to a
"Virtual Currency".

These changes could be big for crypto-currencies, and could pose certain problems for price volatility and
market structure around purchases. Bitcoin and Ethereums daily trades could fall by several percent if Russia
brings this into law, and it could be a couple months before Bitcoin and Ethereum recover.

I'm not suspecting a price correction of large magnitude, more like a stall and sputter out
as the currencies rebound from these changes in the East.

These new laws would treat Bitcoins and other digital currencies as a "Digital Goods" item, and would impose
upon the currencies, appropriate taxes and soft economic regulations.

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What do you think of these coming changes?

How will they affect the market in the short term? Long term?

Will an ID check for purchases slow the economy or barely affect it?

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Cheers all,

Hypexal