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.

>> Apple’s Steve Wozniak Says Bitcoin has “Massive Value Creation”

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

Will You Seize Crypto Wealth?... or Let it Pass you by?

The Crypto Education that is Worth More than a College Degree

Can you profit during a Market Correction? Yes!

The Solution to the Volatility Problem in Crypto is This

9 comments
  • ps4 games

    I must thank you for the efforts you've put in writing this blog. I'm hoping to view the same high-grade content by you later on as well. In fact, your creative writing abilities has motivated me to get my own website now

    Reply
  • quest bars cheap coupon twitter

    I do not even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you are going to a famous blogger if you aren't already

    Reply
  • quest bars cheap

    Hello, I enjoy reading all of your post. I like to write a little comment to support you.

    Reply
  • quest bars cheap

    It's fantastic that you are getting thoughts from this piece of writing as well as from our argument made at this time.

    Reply
  • ps4 games

    I got this website from my friend who told me about this web site and now this time I am browsing this site and reading very informative articles or reviews at this place.

    Reply
  • plenty of fish dating site

    With havin so much written content do you ever run into any issues of plagorism or copyright violation? My website has a lot of exclusive content I've either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my authorization. Do you know any methods to help stop content from being stolen? I'd definitely appreciate it.

    Reply
  • coconut oil with

    I am not sure where you're getting your information, but good topic. I needs to spend some time learning much more or understanding more. Thanks for wonderful information I was looking for this info for my mission.

    Reply
  • http://tinyurl.com/quest-bars-cheap-8889

    What's up colleagues, good paragraph and nice arguments commented here, I am in fact enjoying by these.

    Reply
  • Kevin Lewis

    Well I'd say everyone is getting into crypto these days. I like PointPay because they are international

    Reply
Post a Comment
Your email address will not be published. Required fields are marked*