Russia could implement 20 cryptocurrency bills this year

The Russian parliament revealed on 9 January with a press release that the digital economy will be the top priority during the next session, which will give Russia an advantage in the cryptocurrency ecosystem.

Vyacheslav Volodin, president of the lower house, outlined the invoices considered in the same way in the spring opening session. Members took into account legislation on digital financial resources, digital rights and crowdfunding, reported CoinGeek.

Volodin has asked members to consider this for the good of the country and to make it a top priority. Volodin 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".

Volodin has revealed that there will be more than 20 bills to be introduced in the spring session and that the parliament is ready to analyze the quality of the bills before considering voting.

This could be a step forward in the direction of the adoption of digital currencies, which is now an important program for Russia. The United States is launching sanctions against Russia and considers the transition to cryptocurrency as a way to offer help to the nation.

While the cryptocurrencies in Russian are not illegal, the country has always had a cold reaction. However, the police took a step forward in banning its use by seizing encryption ATMs, fearing it could be used for cross-border credit transfers. However, the country has issued its initial money offer [ICO], to start with.

The parliament has also committed itself to writing laws for digital currencies. Already in September 2018, according to the publication, the draft of the parliament was rejected because it remained very indefinite. Then, in October, the parliament approached reaching the goal, giving private companies and legal entities the ability to archive blockchain activities. However, the reference to mining has been removed. These could all be added to the new push of Volodin, to have a successful structure in action.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with special attention to the encrypted market.