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Russia He has always been famous for his unique dedication. In the past, they literally moved entire industries when the situation demanded it. In today's world, the primacy of a digital economy seems to be just a matter of time.
Thus, not many were surprised when a report revealed that the lower house of the Russian parliaments, the state Duma, worked to discuss relevant laws to catapult the country into a blockchain-based digital economy.
The president of the Duma is Vyacheslav Volodin, who is known to be rather interested in securing Russia has an advantage in the cryptic verse. Last week he noted that the main focus for the next spring session was to examine various bills to provide clarity on digital resources; this would include, among other things, considerations on digital financial resources, digital rights and ICOs.
In a press release, Volodin stressed the importance of cryptography. While urging his fellow parliamentarians to consider decisive action, he said,
"The creation of a favorable legal framework for the development of the digital economy should, in many respects, provide a competitive position among the other countries".
According to various sources, it is estimated that the Duma will look to more than 20 draft laws only in this next session.
After the president's announcement, many commentators expect this spring session to focus primarily on digital currencies and the online economy. It should be expected, since the parliament would need time to analyze and discuss these proposals before voting on them.
The apparent rush of Volodin to push the Russian economy towards a rapid adoption of online currencies could result from the new wave of sanctions that America is planning to impose on it. Despite the apparently warm relations between the two presidents of nations, governments have continually quarreled.
A move to cryptocurrency was seen as an option to remove this looming threat. This is easier said than done though. Although the currencies themselves are not prohibited, they are hardly seen as legitimate.
One of the main reasons could be that the Russian About three months earlier, the police had assembled about two dozen encrypted ATMs from around the country. It was widely reported that this was a move to prevent financial crimes, although later news also filtered out that some had been taken to better understand the technology. In both cases, this does not inspire much confidence in the general public.
While this was happening, the government was busy trying to frame the laws and promulgate them. Their first attempt was thoroughly criticized, full of too many loopholes and too generalized. This has seen quite a few last minute activities in an attempt to pass these laws. However, once again they failed to make the cut.
However, the country has made progress and this last push could finally see Russia be able to open their doors to the wider cryptic community. Any move to regulate the sector while ensuring that it is not suffocated is a positive change for this niche technology.
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