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If the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is shut down in Russia, the country’s banking system will not crash, according to Central Bank Governor Elvira Nabiullina. Russia has a substitute.
"There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative," Nabiullina said at a meeting with President Vladimir Putin on Wednesday.
Japan is set to begin recognizing bitcoin as a legal method of payment starting tomorrow.
The country's legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument.
In a statement made by the Indian government in collaboration with comments made recently by their central bank, use of any virtual currency other than the Rupee is to be considered unauthorized and users to be assumed as money launderers upon investigation.
The government today [this was March 28] said use of virtual currencies like Bitcoins is not authorized by RBI and could result in breach of anti-money laundering provisions.
The IMF approved a four-year $17.5-billion loan program in exchange for reforms in Ukraine in March 2015. The aid package to be paid out in installments is open for review on a quarterly basis. Kiev has already received $7.7 billion in aid, with the last tranche unveiled in September 2016. In 2017, Ukraine expects to receive from the IMF another $5.4 billion.
"Kiev 'Likely to Resume Shelling in Donbass' After Receiving New IMF Loan"
No, Bitcoin isn’t illegal in India By Nikhil Pahwa ( @nixxin , +NikhilPahwa ) on March 30, 2017
A few days ago, PTI ran a story saying that “Use of Bitcoin illegal, can attract anti-money laundering law”. It cited a response in the Rajya Sabha by the Minister of State for Finance Arjun Ram Meghwal, but interpreted the statements incorrectly. Meghwal was responding to a question from Dr KVP Ramachandra Rao, about “whether Government shares the reported comment of RBI that virtual currencies pose a financial risk; and if so, how will it address the problem while pushing for a cashless economy?” To this, Meghwal pointed towards the position of the Reserve Bank of India “that it has not given any license / authorization to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency”, and more pertinently, that “any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.” Thus Bitcoin is in that space where it is neither legal nor illegal: unregulated. The absence of a regulation doesn’t make it illegal. MediaNama readers might recall that in 2014, the RBI had said that it would not regulate any Virtual Currency including Bitcoin in India and warned people who were dealing with the currency in India of the risks involved, saying that they’re exposing themselves to financial, legal, operational and security related risk. Since then, the RBI has been “examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations.”
There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India. As it stands, bitcoin buying, selling, trading or mining is not illegal by any law in India.