- Chinese cryptocurrency exchange will launch its overseas platform
- Virtual currencies mining ’more profitable’ than drugs in Russia
- Russian govt will pay 2.5 million rubles cryptocurrency researchers
The clampdown on the Chinese cryptocurrency exchanges battered the Bitcoin price some time ago, however it looks that the crackdown won’t weed out the industry once and for all. Namely, the Chinese cryptocurrency exchange Via BTC has announced its plans to launch a trading platform based outside of China. Keep in mind that each virtual currency exchange has to be shut down till September 30.
The company estimates that one-third of its customers are based outside of China. ViaBTC’s chief executive, Yang Haipo, has expressed the company’s belief that expectation that “overseas users will continue to use the ViaBTC platform.” Let us remind that the company announced last week that it would close its business until the deadline set on September 30. Even as today’s communique might be quite far from an ideal scenario, it could mean a turning point with regard to the whole industry across China. That said, the Bitcoin price could gain a foothold on the back of even a limited return of the Chinese cryptocurrency exchanges.
There is a possibility that the cryptocurrency industry would help the Russian economy to crack down on drug smugglers. The state’s media has carried out interviews with several representatives of the country’s bitcoin mining industry which showed that Bitcoin mining might be more profitable than drug smuggling. One Siberian miner, who began mining in order to subsistence, claimed that activity yields more money than drug smuggling. He also believes that Bitcoin will take the place comparable to the mass capitalization of the dollar and the euro.
At the end let’s mention the Russian government which is holding a tender for a detailed study on the subject of cryptocurrencies, blockchain technology, and initial coin offerings (ICOs). The government will pay the winner 2.5 million rubles out of the federal budget. The deadline for submissions is October 10. In this respect it’s worth stressing that the Russian State Duma is in favor of broadening virtual currencies as opposed to the central bank which challenged that possibility last week.