• November 24, 2020

Russian Government to adopt crypto regulation by July

Russian Government to adopt crypto regulation by July

Recently on Wednesday, the Russian government received an order from the president Vladimir Putin to bring in federal law on cryptocurrency by July of this year.

As per new instructions passed by Putin, there are total 47 orders to be passed. Specifically, the Russia has shown keen interest in considering cryptocurrencies as a form of “digital financial assets”. An order highlighting this request is assigned as task for the State of Duma, the lower house of parliament.

Also, the orders have a specific deadline of July 1, 2019, for its execution to complete. Officials like Russian Prime Minister Dmitry Anatolyevich Medvedev and State Duma Chairman Vyacheslav Viktorovich Volodin will be in charge for completion.

In a nutshell, the order in discussion is trying achieve a federal economy which consists of –

The procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies

It is important to note that, the new law is not considering terminologies such as tokens, mining, smart contracts in its new bill, but a broader definition of “digital financial assets” to cover cryptocurrencies.

This is not the first instance where Putin’s government has come up with a plan to bring a law related to crypto. Earlier last year,  three bills aimed at regulating cryptocurrencies were filed in the State Duma and were scheduled for adoption in July, as ordered by Putin.

It turned out that these orders could not pass the lawmakers legal framework in their first reading. In fact, the State of Duma has plans to review the bills again in March this year.

On that note, Medvedev quoted that there is absolutely no reason to ignore the cryptocurrencies

As with any social phenomenon, any economic institute, there are both bright sides and dark sides for cryptocurrency

Lets hope that Russian government will regulate crypto by July this year. Do you think so? Let us know in comment section below

Finance

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