The Russian government predicts explosiveness in the crypto issuance in 2021 due to the enforcement of a major crypto bill. The Russian government is quite keen that the crypto demand will surge further in the forthcoming year. However, the government does not have a concrete regulatory framework in place. According to a senior official, the local Russian authorities are thriving to introduce cryptocurrencies in the emerging markets in 2021.
A key representative of the native Russian State Duma informed about the crypto regulatory and legislative efforts ongoing in the country. The Duma’s Committee on Financial Markets predicts the crypto issuance would surge in the Russian markets with the country’s novice crypto law’s adoption. The law comes into force on January 1st, 2020. Recently, the Russian State of Duma legalized cryptocurrencies but abandoned it from utilizing Bitcoin as a country’s payment mechanism. Anatoly Aksakov, the state executive from Duma, elucidated a growing demand from major companies to enforce the crypto regulatory framework. There is a possibility of major Russian giants introducing stablecoins in the crypto market. However, it is ambiguous if the local crypto businesses would be sanctioned ruble-pegged stablecoins by the Russian government.
Furthermore, the senior executive also confirmed the possibilities of developing the Russian digital ruble in the near future. Aksanov expressed an optimistic view of the digital ruble’s future in the purview of the prevailing crypto laws.
“From my point of view, the digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial asset market,”
Anatoly Aksakov, member of Russian State Duma
Crypto Regulatory framework in Russia.
Recently, “On Digital Financial Assets,” a law signed by Russian President Vladimir Putin in July 2020, granted legal status to cryptocurrencies. Nonetheless, it prohibited cryptocurrencies for the payment of goods and services. Earlier, Russia has adopted stringent regulatory policies for crypto.
The Russian government entailed policies relating to undeclared crypto wallet holders resulting in 3-year imprisonment or community sentencing. Furthermore, the Russian government also included Binance in its prohibited website to restrict Russian traders from accessing it in the country’s landscape.
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