Russia Crypto Adoption: President Putin Orders Crypto Regulations

According to a document published on the Russian President’s official website, Vladimir Putin has ordered the Russian Government to adopt cryptocurrency regulations by July 1st this year. The move will help Russia crypto adoption.

Setting the deadline, the Russian President has ordered the body to enforce crypto-related regulation for the digital assets industry.

The transcript reads the following:

“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.”

As CoinTelegraph explains further:

“The legislation should also include a regulatory framework for digital financial assets, as well as attract greater financial resources based on digital technologies.”

Putin’s most recent order mimics an order cast last year in which he told the Kremlin to set up regulations for the trade of cryptocurrencies, initial coin offerings (ICOs) and crypto mining by July 2018.

The superpower has been actively engaging with cryptocurrency. Last month, Russia was reportedly avoiding US Sanctions by investing $10 billion USD into Bitcoin. The news came from a Russian economist with ties to the Kremlin.

It is said that by replacing its US dollar reserves, the superpower’s investment will minimize US sanctions on Russia.

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Also, in earlier 2018, the country discussed a “crypto alliance” with Iran. The pair spoke about using digital currencies such as Bitcoin as another means to bypass international sanctions. According to Russian news source RBC, both countries were said to be exploring ways to replace the SWIFT interbank payment system and avoid US dollar transactions.

Also in 2018, a study by FatCats Market showed the general acceptance of cryptocurrencies amongst the Russian public. The study showed that cryptocurrencies represent the most significant source of income for 12% of the total population.

What do you think? Is Russia involved with crypto only to avoid US sanctions? Do you believe Russia crypto adoption will better its economy?

Featured Image: DepositPhotos © VitalikRadko

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