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Regulation

Russia sets a deadline for regulating cryptos

Maya Mandz | Feb. 28, 2019
Russia sets a deadline for regulating cryptos

February 28, 2019, | AtoZ Markets - 10 years after the first bitcoin appearance Russia seem more than ready to join the cryptocurrency race. Will be this competition fruitful for the Russian Federation and how much this country is determined to become another crypto hub?

Russia is ready to join the cryptocurrency race

In 2017 German Gref (pictured below) during one of his meetings with the Russian president, called crypto an “explosive technology”.

The CEO and Chairman of the Executive Board of the largest Russian bank Sberbank noted :

“We don’t need any help here. Except for training. We need to introduce a training program at universities for relevant specializations. We’ll bring the technology ourselves, we just need staff support and careful regulation.”

The president of Russia Vladimir Putin (pictured below) in his response to the Sberbank CEO request stated, that new technologies appear globally.

Putin added:

“Those who lose in this competition at the same moment will become fully dependent on the leader of this process. Russia can not let this happen in any case “

Russian Duma explores cryptocurrency adoption possibilities

Two years later after the German Gref proposal the Russian government, following the example of their strategical ally and partner Venezuela, intends to improve its vision of cryptocurrency, encouraging the creation of more advanced laws that will not only facilitate crypto use and adoption but also attract investment aimed at developing these technologies.

Recently Atoz Markets reported that the Russian Duma is exploring the possibility of adopting a set of regulations to facilitate operations in cryptography. This measure may be accompanied by the possible promotion of an oil-backed stable coin that will function on the blockchain platform.

The proposal came from a former Minister of Energy Igor Yusufov (pictured below).

Yusufov in his latest interviews claimed that the project is aimed at facilitating international trade without friction and manipulation inherent in traditional fiat operations.

Russian president establishes the deadline for crypto regulations

According to the Russian media, Oleg Nikolaev, member of the State Duma Committee on Economic Policy, noted that he hopes the Duma will have time to prepare the appropriate bill by May 2019. The date set by the Russian Duma illustrates the speed with which the government is working on this issue, and is confirmed by a report published today on the Kremlin’s official website, in which President Vladimir Putin instructed the Federal Assembly to complete all necessary steps for drafting laws by July 1, 2019.

“Federal laws aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies. Deadline – July 1, 2019, Responsible: Medvedev DA, Volodin VV;”

Russia is determined to become a leader in the crypto market

The Russian president's latest report clearly underlines his determination to end the legal “uncertainty” of cryptocurrencies. In addition, he seeks to develop laws that will contribute to the “development of the digital economy” and at the same time are suitable for “attracting financial resources using digital technologies”. The aforementioned order follows a similar order in 2018, in which Putin ordered the government to work on the cryptocurrency legislation issue; however, after some unknown changes in legal bills, the project was returned to the first reading stage in December 2018. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.