Russian President Vladimir Putin has called for the Russian government to adopt cryptocurrency regulation by July 2019.
A document was uploaded yesterday to Kremlin.ru containing a list of instructions from President Putin regarding the implementation of the Presidential Address to the Federal Assembly.
One particular instruction under the name “Pr-294, p. 3a-2” relates to “federal laws aimed at the development of 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.”
It is noted that prominent Russian politicians Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich will be responsible for carrying out the instruction.
The period for execution is set for July 1st, 2019.
Blockchain development on the rise
Russian financial outlet Rambler recently reported that the State Duma – the lower house of the Federal Assembly of Russia – plans to review and adopt a law relating to cryptocurrency in March this year.
With its adoption, the Russian Federation aims to accelerate the development of blockchain and cryptocurrency technologies to aid businesses.
Reportedly, Oleg Nikolaev, who is a member of the State Duma Committee on Economic Policy, has stated the situation is in the final stages of development.
Coin Rivet has also reported on a claim made by Russian university professor Vladislav Ginko that he expects Russia to invest “at least $10 billion” in crypto this year.
According to reports, Russia’s plans to introduce a “CryptoRuble” to rival Bitcoin are also in full swing.
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