Vladimir Putin has issued a deadline for the Russian government to adopt regulations for cryptocurrencies. According to a document posted to the President’s official website, the deadline is July 1. Dmitry Anatolyevich Medvedev, the former Prime Minister and Vyacheslav Viktorovich Volodin, The Chairman of the State Duma of the Federal Assembly of the Russian Federation are responsible for ensuring Putin’s orders are carried out.
This mirrors his statements in 2017 when he called for the government to set up regulations for trading Bitcoin and other cryptos, initial coin offerings and crypto mining by July 2018.
The document states that there must be an adoption of federal laws that are aimed at developing the digital economy, including the regulation of civil law transactions in digital form. A regulatory framework for all digital assets is required. Seeking more funds for Russia’s technological advancement is a component of the order.
Crypto Bills Have Spent A Year In The Duma with No Changes
Last month, speaker of the Federation Council, Valentina Matvienko, urged lawmakers in the lower house to accelerate all cryptocurrency bills regarding regulation. Matvienko said that these bills have spent a year in the Duma, the lower house of Russian Parliament, without any significant changes.
According to Matvienko, the most important thing is “not to delay the process of creating a legislative framework for the digital economy”.
“I’ll ask you to find out why for almost a year almost without a movement in the State Duma there are legislative initiatives of senators on the use of digital technologies in the financial sector. It’s necessary to find out what hinders their adoption,” she said. “If they are of poor quality, tell us, we will refine them”.
Putin is not a fan of Bitcoin and said in 2017 that it offers no more than an opportunity to launder funds “acquired through criminal activities, tax evasion even terrorism financing as well as the spread of fraud schemes”.
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