In accordance with Putin’s instructions, steps can be taken to delight the crypto ecosystem in Russia.
Russian President Putin Orders Crypto Currency Regulations
Putin instructed parliament to prepare cryptocurrency arrangements by June.
Crypto Currency Regulations
According to the documents, Putin wants crypto-related regulations to be completed by July 1, 2019. The Russian Federation Parliament and the Russian State Duma, which is a subordinate, are expected to comply with the new cryptocurrency regulations in autumn 2019.
In particular, Putin stressed that federal laws should be regulated to lead to the development of the digital economy. The laws to be created are required to be suitable for digital agreements and to create a regulatory framework for digital assets. Thus, Putin plans to attract major financial resources to Russia.
Putin’s new instructions are very similar to those given in 2018. In his previous instructions, he requested that ICOs and cryptocurrencies be regulated. In addition, mining was organized during this process.
The Russian parliament discussed the first crypto laws in May 2018, but later all the crypto coins were re-collected under the heading of digital rights. Subsequently, Russia’s cryptocurrency arrangements returned to the first stage. Recently, according to Rambler’s financial news site, the Russian State Duma is expected to determine the cryptocurrency regulations in March.
In the Russian economy, the decision on the legalization or non-legalization of cryptocurrency transactions is approaching. This could be a decisive moment for Russia for the future.
In February 2019, Russian President Vladimir Putin asked lawmakers to draft federal laws for the development of the digital economy by 1 July. Putin said that he wanted these laws to be particularly suitable for digital agreements and to create a regulatory framework for digital assets. Thus, according to Putin, large financial resources can be drawn to Russia.
The Russian Ministry of Finance and the Central Bank of Russia are working on this issue, and two draft laws are already in place, according to the Parliamentary Newspaper. If the Central Bank’s objections to the legalization and use of cryptocurrencies as a means of payment can be overcome, cryptocurrency transactions may become legal in Russia.
According to Ethereumworldnews, senior lecturer Nina Efimova said:
“These rules prohibit transactions between legal entities and individuals who are the subject of crypto money exchanges. This means that cryptocurrencies and tokens are defined as securities.
On the other hand, these laws seem to ease some of the country’s tight stance on mining.
Russia Can Delight Crypto Ecosystem
The legalization of cryptocurrency transactions in Russia can be regarded as a positive development not only for Russia but also for the whole cryptocurrency ecosystem.
Russia is one of the leading countries in terms of cryptocurrency. Therefore, this step taken by the country can attract more people to the crypto ecosystem. Adoption may also increase in proportion to this. Moreover, this move of Russia can be considered as the first step taken in the name of the legalization of cryptocurrency in the world.
In addition to this, the legalization of crypto currency transactions in Russia may increase the price of Bitcoin, which is already showing a good increase performance.