Vladmir Putin has gone ahead and set the deadline for the adoption of regulations pertaining to digital assets by the Russian Government, according to a release on the official website of the Russian President on Wednesday.
The stipulated task has been set the completion date of July 1, 2019.
This comes after Putin’s many past speculations regarding crypto assets. Recent developments suggest that the Russian Federal Assembly’s lower house, the Duma, has put forth the suggestion of an oil-backed cryptocurrency, to which the President has demanded the creation of a regulatory network.
The document dictates the officials of the Russian Federation to ensure the adoption of federal laws that would develop the country’s digital currency environment, and to devise a procedure of conducting civil law transactions using digital currencies.
In addition to this, the document requires the authorities to find ways to regulate digital financial assets and to attract fiat resources using digital technologies.
Putin had in the past passed instructions to his administration to set up crypto regulations with regard to Bitcoin and Digital assets trading, which too was stated to be passed by July last year.
The Russian legislators seem to be undecided of inducting digital assets into the Russian financial mainstream, with the crypto regulation bill being sent back for further improvements, time and time again, the last such instance taking place in December 2018.
On slightly different perspective, Russian citizens have been engaged in the crypto saga perhaps from its dawn back in 2010, when the world was still unknown to the barrier breaking crypto Bitcoin.
As is the case with any regulatory framework, a system is instilled that overviews the working of all under its infrastructure and also keeps an eye out for illegal activities.
Russia should seek out the benefits of digital assets as soon as possible to present an economically viable alternative to the frequently stumbles of its national currency Rouble.