Russia could legalize cryptocurrencies within a special regulatory environment
The bill will allow for experimental testing of projects like unmanned vehicles
The Ministry of Economic Development of the Russian Federation has prepared a bill that would legalize cryptocurrencies and blockchain within a special regulatory environment. The proposal was presented on March 17 before the lower house of the Russian Federal Assembly.
As specified by local news agency Izvestia, the law refers to the incorporation of digital technologies in eight industries, including health, financial markets, commerce, transportation, remote education, construction, manufacturing and government services.
According to that established by the ministry in the request, the Bank of Russia will serve as the regulatory body for the financial market within the regulatory environment. However, the bank refused to declare to Izvestia the support of such an initiative.
The idea comes after a legal executive from the central entity declared that the country’s digital asset legislation will prohibit the issuance and circulation of cryptocurrencies. For the official, Russia’s bill “on digital financial assets” could prevent almost everything related to digital currencies, except tenure.
It is not the first time that the ministry proposes the adoption of this project in the nation, the same happened in 2018 but the federal authorities delayed the process.