Russian State Duma Defers Consideration of Bill On Digital Financial Assets

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The State Duma of the Russian Federation has rescheduled consideration of the bill “On Digital Financial Assets” for April 2019.

The State Duma of the Russian Federation has deferred consideration of the bill “On Digital Financial Assets” to April 2019,  local media outlet TASS reported on March 20.

The second reading of the draft federal law “On Digital Financial Assets” has reportedly been rescheduled for April, following a decision made at the morning voting on the agenda of the plenary session. The initiative was taken by the Chairman of the State Duma Committee on Financial Market, Anatoly Aksakov, although he did not explain his motives.

The bill “On Digital Financial Assets” aims to formulate national cryptocurrency legislation, and was adopted by Russia’s parliament in the second reading earlier in March. Vyacheslav Volodin, the Chairman of the State Duma and coauthor of the draft bill, stressed then that the adopted amendments are aimed at fixing the difficulties related to the concept of digital rights.

The wording of the bill prepared for the second reading excludes the definition of a token, cryptocurrency, and smart contract. The document provides the definition of digital financial assets, saying that such assets are represented by digital rights, including liabilities and other rights, monetary claims, and the possibility of exercising rights in regards to equity securities and rights to require the transfer of equity securities.

As reported last December, Pavel Krasheninnikov, the head of the council and chairman of the State Duma committee on state building and also a coauthor of the bill, said that the bill had been pushed back to the first reading stage as it needed to be dramatically changed.

Recently, Russia’s parliament voted to enact new digital rights legislation in October of this year. The law reportedly establishes the concept of “digital rights” in Russian legislation with the addition of a new article, 141.1, of the Civil Code of the Russian Federation, and determines how digital rights can be exercised and transferred, as well establishes rules for digital transactions, including contracts.

Original source: https://cointelegraph.com/news/russian-state-duma-defers-consideration-of-bill-on-digital-financial-assets

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Prediction Startup Numerai Raises $11 Million in ICO

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U.S. prediction market startup and hedge fund Numerai raised $11 million in an ICO to launch its Erasure project.

American prediction market startup and hedge fund Numerai (NMR) has raised $11 million in an initial coin offering (ICO) to launch its project Erasure, Numerai tweeted on March 21.

Introduced in late 2016, Numeraire network provides a blockchain and cryptographic token-based ecosystem for incentivizing anonymous data scientists to create predictive models. Based on the Ethereum (ETH) blockchain, Numeraire tokens are used in trading market predictions on the startup’s platform.

Numerai founder Richard Craib said that the funds from the recent ICO will be mostly spent on hiring engineers for Erasure, the decentralized unit of Numerai’s marketplace, Coindesk reports.

Announced in October 2018,Erasure is reportedly scheduled to launch later in 2019. Once launched, Erasure will allow users to sell their predictions to any investment fund in the public network via the peer-to-peer InterPlanetary File System (IPFS), and directly connect their crypto wallets to the Ethereum-based marketplace, Craib told Coindesk.

While Numerai-based prediction models are mostly focused on traditional assets at the current stage, the launch of Erasure will enable predictions on any asset, Craib added.

The ICO round was reportedly led by VC and private equity firm Placeholder, and crypto investment company Paradigm, founded by Coinbase co-founder Fred Ehrsam.

Following the news, the price of the Nomeraire token jumped almost 19 percent, trading at $5.77 at press time, according to data from CoinMarketCap. The token is exposed to traders on five crypto markets: Bittrex, UPbit, Poloniex, DDEX, and IDEX, and has a market capitalization of $7.7 million.

Recently, Binance Launchpad, the token platform of major global crypto exchange Binance, completed a $4 million sale of Celer Network (CELR) tokens in under 20 minutes.

Original source: https://cointelegraph.com/news/prediction-startup-numerai-raises-11-million-in-ico

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