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June 09, 2018, 12:11:44 PM |
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Putin admit that cryptocurrencies develop. Certainly, Russia should explore the opportunities around the tech.
Putin also notes that cryptocurrency mining is not regulated, and cryptocurrencies are not legal in Russia.
The Russian president issued a series of mandates last year to Russian officials, calling for cryptocurrencies' regulations, including the country's domestic mining sector.
They say, somewhere in Japan they use it, but it doesn't work in other countries.
Three bills regarding blockchain and crypto have been introduced in the Russian parliament, the State Duma, to date. Two of them passed the first round of hearings on May 22 (three rounds are required to pass the bill), one of them named "On the digital financial assets" and the other "On the digital rights".
Both bills will introduce basic blockchain terminology such as tokens and blockchain to the Russian legal language. They also restrict cashing out tokens to authorised finance institutions and assign the Bank of Russia as a regulator that should control the crypto trade and ICOs in the country.
One bill, "On the distributed national mining" – was supposed to introduce the term "cryptoruble" – was rejected by legislators.
Michael Komin, institutions development expert, believes that the bills are "half-empty" because an adequate legal language for blockchain hasn't been created so far.
"The only thing the parliament can do is to ban such technology, but it won't be approved by the Bank of Russia, Department of Finance and Treasury, which are already using elements of blockchain, and by the President Putin's advisor Andrei Belousov, " Komin said.
He expects the current blockchain bills "lay idle until better times."
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