Russia is one of the countries that was massively skeptical about the claims of cryptocurrencies and blockchain technology in the beginning, but it seems that they have now made a convincing shift towards embracing this technology. It was announced that plans are in place for new legislation to be passed in Russia which if successful, will see crypto markets being legalized in the country by the summer of 2018.
Due to the decentralized nature of the blockchain and digital currencies, a lot of governments are worried about the control of their monetary system that they are giving up if they embrace these new options.
A report released by the Russian parliament formally broke news of Russia’s intentions to legalize innovations surrounding the technology.
This publication was released on March 1, 2018, and it details how President Vladimir Putin has implemented the deadline for the adoption of this legislation by July 1, 2018.
This leaves just under three months from the time of this announcement until the legalization of exchanges in Russia is complete.
The report refers to a couple of draft laws also focused on blockchain technology and have already been deeply considered.
The Ministry of Finance in the country has placed particular attention to the regulations surrounding the operation of initial coin offerings (ICOs) alongside a draft law related to crowdfunding that was released by the Russian Central Bank.
The two main authorities have come to an agreement on the majority of the regulatory changes in the cryptocurrency sector except for those related to crypto exchanges that will be in operation in Russia. The Russian central bank is not a fan of retail investors and trades getting involved in the trading of cryptocurrencies.
“The Central Bank is against the legalization of this type of digital currency, since in this case, citizens can start actively investing in crypto-tools, not taking into account possible risks.”
A String of Digital Asset Bills
There is another bill that will have been submitted to the Russian parliament, and its outcome will be known at the end of March 2018.
This bill has the goal of putting in place proper governance rules related to the mining of cryptocurrencies. This would allow individuals to get involved with mining pools that have been created by legally recognized entities.
All of these bills showcase a Russia at once bullish about the future of blockchain technology and cryptocurrencies, but who also feel it is essential to keep a reign on proceedings in case they start to get out of hand.
If investors and companies work within the outlined rules and regulations, they should have no issues with the Russian government.