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On September 17th, sources familiar with the matter revealed that Huaweis "Wenjie" (问界) technology is withdrawing from HarmonyOS and Huawei stores. They stated that starting January 1st, Huawei stores will be officially divided into two types: one exclusively selling "Wenjie," and the other selling a mix of the other four types. This plan is expected to be finalized on January 1st. Huawei has not yet responded to this.September 17th - As of September 17th, Shanghai has added 12 new generative AI services that have completed registration, bringing the total number of registered generative AI services to 236.Russian Foreign Minister Lavrov: The dialogue between Russia and the United States has not yielded any substantial results, nor is it expected to.On September 17, Minister of Commerce Wang Wentao held a video conference with European Commissioner for Trade and Economic Security Šefčovič at the latters request to discuss China-EU economic and trade issues.September 17th - According to the China Passenger Car Association (CPCA), September marks the start of the traditional peak season for car sales, known as "Golden September and Silver October," with terminal customer traffic expected to continue its recovery. The trade-in program and local subsidies, continuing at their current pace, will provide support for the "Golden September" sales. However, consumer expectations and fundamentals have not fundamentally improved, and coupled with the long-term volatility and rise in oil prices, the actual market performance is unlikely to replicate the stellar performance of previous "Golden September" years. The latest survey results show that leading manufacturers, accounting for over 70% of total market sales, have retail targets for this month that are less than 10% higher than the previous month, weaker than the usual seasonal performance at the end of the quarter. Manufacturers market expectations have returned to rationality, and their willingness to boost sales is lower than in previous years. Overall, the retail market size for passenger cars in September is estimated at approximately 1.69 million units, a 9.7% increase month-on-month. However, given the extremely high base of 2.241 million units in the same period last year, the year-on-year decline is expected to further widen to 24.6%. By energy type, new energy vehicles are expected to reach approximately 1.11 million units, with a retail penetration rate of 65.7%, driven by both new car deliveries and the expectation of boosting sales at the end of the quarter.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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