The Russian President ordered his country’s government to fast track the adoption of federal laws related to cryptocurrencies no later than July 1, 2019. The latest order is similar to one he made about cryptocurrency regulation back in 2018.
Transforming the Russian Economy into a Digital one
That the government is committed to working on this matter is illustrated by the firm deadline set by the Russian Duma and confirmation from an executive order appearing on the Kremlin’s official website on February 27, 2019.
The President of the republic, Vladimir Putin, asked the Federal Assembly to ensure all the necessary steps are taken so the laws can be in place by July 1, 2019. The order read:
“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.”
The mandate given to the legislative body becomes the second deadline from Putin, who asked last year that laws be passed regarding the legality of digital currencies. The order specifically referred to “federal laws aimed at the development of the digital economy.”
The current order is asking for a regulatory framework for digital financial assets, financial resources based on digital assets and the regulation of civil law settlements.
Government Determined to Refine Crypto Vision
Russia’s standpoint on cryptocurrencies has been ambiguous in the past. It wasn’t until 2018 when the subject of digital assets was taken seriously by Putin’s administration when he formed instructions on trading major cryptos like bitcoin and Ethereum’s ether.
For most of the year, however, crypto regulations remained a gray area as the country continued to delay the creation of a regulatory framework for digital assets which should have passed in July 2018.
The current stance shows the government’s determination to refine its vision of the crypto space and encourage the creation of effective laws that will promote the use and adoption of cryptocurrencies besides attracting blockchain and crypto-oriented investments to develop the technologies.
Early last month, BTCmanager reported that a Russian Economist had hinted that the country was likely to start diversifying its national reserves with bitcoin as early as February to beat the impending U.S. sanctions against Russia.
Rumor has also been rife that the Russian Duma has been studying the possibility of adopting crypto regulations to enable operations in the novel asset class. A report by local publication Rambler quotes Oleg Nikolaev, a member of the State Duma Committee on Economic Policy, saying the Duma’s work could be ready by May 2019.