Putin Sets July 1 Deadline for Crypto Regulation — Russia to Become a Crypto Hub?
Abhimanyu Krishnan's original article for www.investinblockchain.com reduced by 40%
Russian President Vladmir Putin has offered his opinion on cryptocurrencies before, saying that cryptocurrencies pose "Serious risks." Now, after the Russian lower house of the Federal Assembly, the Duma, has revealed its intention to launch an oil-backed cryptocurrency, Putin has commanded authorities to create a specific regulatory framework for the nation. The head of state issued a document to the Russian legislative body, ordering the passing regulation by July 1, 2019. This is yet another deadline from the Russian President, who last year asked for laws to be passed on the legality of cryptocurrencies.
This time, the focus is on turning the Russian economy into a digital one, and the order asks for a regulatory framework for digital financial assets, more financial resources based on digital assets and the regulation of civil law digital settlements. Russia's stance on cryptocurrency has been ever so slightly ambiguous. The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.
With further regulation the prospects of this national digital currency may just rise.
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