The cravings for formal cryptocurrency laws have recently gained major political momentum in 2018. In addition, legislators are evaluating about 20 cryptocurrency laws.
The president of the State Duma who works in the lower house of the Russian parliament. Vyacheslav Volodin states in a statement of January 9:
The creation of a favorable legislative framework for the development of a sustainable digital economy should guarantee [Russia] a profitable position in competition with other countries.
Volodin believes about 20 draft laws concerning the digital economy. Furthermore, aspects of the encrypted variant must be considered during the spring session of the Duma. Furthermore, there will be various working groups that will come together to speed up the process.
On the other side, the local crypto community applauds the news, expecting that the draft of reflection will finally lead to an endorsement of the national crypto legislation. Yuri Pripachkin is the president who works at the Russian association of the crypto industry and blockchain.
Furthermore, Yuri Pripachkin at the RACIB states that with experts, the establishment of working groups together with industry professionals will further facilitate the adoption of the law. Moreover, this will surely reflect the respective real needs of the sector.
Last year showed us that only the work of experts and industry professionals could lead to the adoption of feasible laws. The creation of working groups will help to reduce the gap between people in the sector and legislators.
Meanwhile, in 2018, the Russian legislator fails to incorporate the inclusive crypt legislation. The draft law on digital resources would probably have designed a legal framework within this digital sector. The Duma adopts the initial reading in May, however, industry professionals have criticized this to be restrictive and rigorously transform Russia into a cryptic-hostile country.
In November, once again, RACIB presented a proposal for an amendment to the project that essentially focuses on its release. However, it is not yet clear whether legislators consider the proposal. Meanwhile, public and private companies in Russia have gradually started implementing blockchain solutions. State officials then initiate the introduction of a national cryptocurrency within a country to reduce the dependence of the economy on the US dollar.
What do you think about the cryptocurrency laws? Here you are open to discuss chirping or telegram.
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