Russian Cryptocurrency Law is going through a shaping process. How does the whole procedure look like? When can we expect the law to pass?
28 July, AtoZForex – In two years, Blockchain technology expects to be adopted in Russia on a state level. The main influencers are Japan and the US. Their laws and licensing systems are used as a prototype for the Russia’s cryptocurrency legislation. We will take a closer look at the situation.
Russian Cryptocurrency Law
Currently, Russia is under way to build its own legislation system for cryptocurrencies. For that, they examined the previous experience of other nations. According to the official statement, the new cryptocurrency legislative system will resemble to that of Japan and to the one in New York, the New York DFS licensing system.
However, it is still not recommended for Russia to participate in any trading activities in the near future due to a high degree of risk. In part, this is because of the pending system which is going to be upgraded. But in a few years, market observers see a better trend for cryptocurrencies.
The adaptation process
Russian authorities are already welcoming Bitcoin. Central Bank of Russia has more favorable attitude towards cryptocurrencies and blockchain technology. This is harshly contrasting with an initial hostile attitude of authorities. Cryptocurrencies had major associations with illicit activities.
Earlier this year, Russia’s Prime Minister Dmitry Medvedev showed his support for the mass introduction of blockchain technology. He directed The Ministry of Telecom and Mass Communications and the Ministry of Economic Development to discover its full potential while preparing “Digital Economy” program. In 2019, the Ministry of Telecom and Mass Communications will legally adopt blockchain technology.
Cryptocurrency and blockchain will soon enter into the use in a business sector. Airlines Several companies, among which there’s Russia’s main airline – Aeroflot-Rossiyskiye Avialinii PAO, issued a proposal for implementation of digital currency in its business operations. Moreover, Alfa-Bank and
Moreover, Alfa-Bank and S7 airline plans a project of selling flight tickets with the use of Ethereum blockchain. For now, it seems like bright future is waiting for cryptocurrencies.
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