Vladimir Putin’s New Order On Cryptocurrency For Russians

The prominent President of Russia by the name Vladimir Putin has given instructions to the Government of Russia to accept some of the federal laws. These are the laws linked to Cryptocurrency.

Furthermore, federal laws must be adopted by July 2019. In Russia, the definition of computerized financial assets was widened some time back to incorporate Cryptocurrencies.

This order is similar to Vladimir Putin’s Cryptocurrency regulation order he declared last year, 2018.

The New Order

Following the document published on a website known as Kremlin on Wednesday, President Vladimir Putin approved a compiled list of instructions to be executed for a total of forty-seven orders.

One of the orders had to do with the Government working alongside the State Duma; lower house of parliament. This is to make sure acceptance of the federal laws directed towards the advancement of the computerized economy is followed through.

These orders include;

  • Determining the process for carrying out civil law transactions in a digital form
  • Regulating computerized monetary assets
  • Attracting monetary resources via computerized technology

This is what is expected of the Government to abide by. President Vladimir Putin gave a deadline for this order. They had until 1st of July 2019 to follow through. Some of the officials responsible for executing these orders include;

  • The Prime Minister of Russia; Dmitry Anatolyevich Medvedev
  • The Chairman of The State Duma; Vyacheslav Viktorovich Volodin

Previously, news.Bitcoin.com reported that the initial text of the upcoming regulation involving Cryptocurrencies had been comprehensively revised.

Although some of the references to Cryptocurrency such as smart Contracts, mining, tokens, and so on were removed earlier, this new and coming legal explanation of computerized financial assets has been widened to include all Cryptocurrencies.

Diverse Delays

As earlier mentioned, this new order is similar to the order President Vladimir Putin made last year, 2018. Then, he gave out instructions to the Russian Government to work alongside the central bank.

Moreover, this was to make sure the transformations are carried out to the legislation of the Russian Federation. This was to determine the approved status of computerized technologies that included: tokens, smart contracts, and Cryptocurrencies.

Those in charge of executing this duty were;

  • The Prime Minister of Russia; Dmitry Anatolyevich Medvedev
  • The central bank Governor; Elvira Nabiullina

Meanwhile, in May of 2018, there were three bills directed at Cryptocurrency regulation that was filed in the lower house of parliament. They were to be adopted by July of 2018 by President Vladimir Putin

But, the Russian lawmakers could not accept the necessary legal framework after the first reading was done in Spring. Now, the lower house of parliament has made plans to review the bills once again in March.

According to one of the committee members of the State Duma on Economic Policy; Oleg Nikolayev, the bill discussion has reached its last stage of advancement.

To Wrap It Up

The Russian Prime Minister has made statements that there is no concrete reason to hide Cryptocurrencies from Russians interested in it.

According to him, every economic institute or even social occurrence has both a light and dark side to it. However, it should be noted that judging from the words of the Russian Minister of Justice; Cryptocurrencies should not be legitimately defined just yet.

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