Putin’s order: Russia will adopt the cryptographic regulation in July
Russian President Vladimir Putin has instructed his country’s government to adopt federal laws related to cryptocurrency in July of this year. Russia has previously expanded the definition of “digital financial assets” to include cryptocurrencies. Putin’s latest request resembles the one he made last year in relation to the regulation of cryptography.
The New Order of Putin
Putin approved a list of instructions for 47 orders, according to a document published on the Kremlin’s website on Wednesday. Among them is an order for the government to work with the State Duma, the lower house of parliament, to ensure the adoptionof “federal laws aimed at the development of the digital economy. “They include “determining the procedure to conduct civil law transactions in electronic form, as well as the regulation of digital financial assets and the attraction of financial resources through digital technologies”, theorder or request details.
The deadline given on the order is July 1, 2019. The responsible officials are the Russian Prime Minister Dmitry Anatolyevich Medvedev and the President of the State Duma, Vyacheslav Viktorovich Volodin.
As previously notified by news.Bitcoin.com, the original texts of the proposed regulation for cryptocurrencies have been extensively revised. Although the references to cryptocurrency, tokens, mining and smart contracts in the documents have been eliminated, the legal definition of “digital financial assets” has been extended to cover cryptocurrencies.
Putin’s latest requestis similar to the one he made last year when he ordered the government to work with the Central Bank to “ensure that changes are made to the legislation of the Russian Federation” to determine the legal status of digital technologies, including the cryptocurrency, the token and intelligent contracts. He put Medvedev and the Central Bank governor, Elvira Nabiullina, incharge of completing the task.
In May of last year, three bills to regulate cryptocurrencies were submitted to the State Duma andwere scheduled for adoption in July, as ordered by Putin. However, Russian lawmakers could not agree on the appropriate legal framework after the first reading in the spring.
The state Duma plans to review the projects again in March, Rambler news agency reported last week, noting that Oleg Nikolayev, a member of the State Duma’s Economic Policy Committee, confirmed that the discussion is in the final stage of development.
Medvedev said in January that there is no reason to bury cryptocurrencies. “As with any social phenomenon, any economic institute, there are bright sides and dark sides”, he described. Earlier this month, the Russian Minister of Justice expressed his conviction that cryptocurrencies still need to be defined legally.
The ecosystem of cryptocurrencies is in a process of rearrangement, it is possible that in this year we can glimpse very promising, the different governments see many advantages in the creation of Laws that can be applied to blockchain-bitcoin technology, such as genesis and initiation of this new way of democratizing finance. It is waiting for new announcements.
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