Russia with a cryptocurrency bill

Hungary’s Gránit Bank became 100 per cent private

Polish LOT announces it will handle 10 million passengers in 2018

Russia

The portal Bitcoin.com informs that Russians completed works on regulating cryptocurrencies and initial coin offerings (ICOs). As reported, the “crypto bill” has been developed by the Bank of Russia and Finance Ministry. At the same time, Financial Times reports that “Russia is exploring ways to create cryptoruble that could help it circumvent western sanctions as the traditionally technophobic Kremlin gets swept up in the cryptocurrency craze”.

The bill is supposed to be adopted in March 2018. The Ft.com points out that Russian financial experts claim that “the cryptocurrency market is essentially similar to the unregulated financial market in 10th century America ”and the central bank wants to prevent a rerun of Ponzi schemes as it considers the business as a typical pyramid.” At the same time, it informs that Vladimir Putin “has commissioned work on establishing a cryptocurrency and that he thought that it could be a useful tool to get around international sanctions”.

According to lawmakers, cryptocurrencies are not settlement nor payment means, but “other property”. So it could be bought or exchanged for other property. Both institutions negatively assess the prospects for the creation and release the cryptoruble. The bill allows for initial coin offerings (ICOs) but there will be restrictions, for example for those who are not qualified investors. Also, the limit of the funds raised by an ICO will be imposed (possibly RUB1bn, USD17.4m).

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Hungary

One of the top three most influential businesswomen in Hungary now will become even more powerful. The Budapest Business Journal informs that Hungary’s government has sold its stake in Gránit Bank to bank’s CEO, Éva Hegedűs. According to the National Economy Minister Mihály Varga, the state sold 36.5 per cent stake to the E.P.M. company, held by Mrs. Hegedűs. The transaction reached HUF4.5bn (EUR14.4m). The manager had already had 24.7 per cent stake of the bank. BBJ.hu reminds that Mrs. Hegedűs has been a stakeholder in Gránit Bank since 2010. It was established by the businessman Sándor Demján who sold his stake to Mrs. Hegedűs in 2016.

Eva Hedegus was in the top three most influential businesswomen in Hungary 2017 named by Forbes Magyarország.

Having the majority of the banking system in Hungarian hands is the strategic goal of the government of Victor Orbán. At the same time, the government does not want to have stake in any commercial bank – as was agreed in the deal with the European Bank for Reconstruction and Development in 2015.

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Poland

10 million passengers – this is how many people LOT Polish Airlines plans to transport in 2018. It could be a challenge, as in 2017 the state-owned carrier has transported about 6.8 million passengers. The Polish Radio reports that the company also wants to increase the frequency of flights and to add new destinations. For example, starting from mid-May it will fly from Warsaw to Singapore. It will also launch routes Warsaw-Oslo (Norway) and Warsaw-Dubrovnik (Croatia).

The Polish Radio points out that in 2017 the biggest Polish airport – Warsaw’s international Chopin Airport – has handled over 15.5 million passengers (in 2016 it was 12.8 million).

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What’s up in indexes

BET (of Bucharest) increased from 7,723.02 index points Thursday, December 28th to 7,751.92 index points Friday, December 29th. It’s up 0.37 per cent d/d and up 9.61 per cent y/y.

BUX (of Budapest) increased from 39,178.80 index points Thursday, December 28th to 39,377.31 index points Friday, December 29th. It’s up 0.51 per cent d/d and up 23.64 per cent y/y.

CROBEX (of Zagreb) decreased from 1,848.80 index points Thursday, December 28th to 1,842.87 index points Friday, December 29th. It’s down 0.32 per cent d/d and down 5.31 per cent y/y.

OMXR (of Riga) decreased from 1,000.88 index points Thursday, December 28th to 996.13 index points Friday, December 29th. It’s down 0.47 per cent d/d and up 35.91 per cent y/y.

OMXT (of Tallinn) increased from 1,233.02 index points Thursday, December 28th to 1,242.12 index points Friday, December 29th. It’s up 0.74 per cent d/d and up 15.78 per cent y/y.

OMXV (of Vilnius) increased from 648.15 index points Thursday, December 28th to 653.29 index points Friday, December 29th. It’s up 0.79 per cent d/d and up 17.15 per cent y/y.

PX (of Prague) decreased from 1,078.63 index points Thursday, December 28th to 1,078.16 index points Friday, December 29th. It’s down 0.04 per cent d/d and up 17.24 per cent y/y.

SAX (of Bratislava) closed at 325.62 index points Friday, December 29th. It’s the same result as Thursday’s. It’s 0 per cent change d/d and up 2.97 per cent y/y.

SOFIX (of Sofia) increased from 675.57 index points Thursday, December 28th to 677.45 index points Friday, December 29th. It’s up 0.28 per cent d/d and up 15.51 per cent y/y.

Friday was a no trading day in Ukraine. The day before, Thursday, December 28th UX (of Kyiv) closed at 1,363.04 index points. It was up 72.90 per cent y/y.

WIG20 (of Warsaw) decreased from 2,480.25 index points Thursday, December 28th to 2,461.21 index points Friday, December 29th. It’s down 0.77 per cent d/d and up 26.45 per cent y/y

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