Russia President Set Deadline for Government to pass Crypto Related Bills

Russia President Set Deadline for Government to pass Crypto Related Bills


According to a recent report, the President of Russia, Vladimir Putin has given the order for the Russian government to pass bills related cryptocurrency by July of this year even though the country had earlier broadened its definition of “digital financial assets” to include cryptocurrencies. This new instruction from the President is similar to a previous order he gave regarding crypto regulation last year.

47 Orders to be Executed

Based on a recent report, President Putin has given his approval for 47 orders to be carried out. These orders include the one instructing the Russian government to work with the lower house of parliament—State Duma, so as to ensure the adoption of federal laws directed at the growth of digital economy, and the determination of the procedure for conducting civil law transactions in electric form, as well as the regulation of digital financial assets and attraction of financial resources via the utilisation of digital technologies.

Deadline is Set

Officials who are to execute this order are Dmitry Anatolyevich Medvedev, the Prime Minister of Russia, and Vyacheslav Viktorovich Volodin, the Chairman for State Duma. The deadline for the execution of these orders is slated for the 1st of July, 2019.

Also, the original texts of the proposed regulation for virtual currencies have been revised extensively in a way that no reference is made to tokens, mining, smart contracts, and virtual currency. The legal definition of digital financial assets has been extended so that they covers cryptocurrencies.

Government To Work With The Central Bank

This new instruction from Putin is similar to a previous one which he made last year. Then he gave the order for the government to work with the central bank in order to ensure that alterations are enacted to the legislation of the Russian Federation so as to ascertain the legal status of digital technologies including token, smart, and cryptocurrency. Medvedev, and Elvira Nabiullina, the governor of the central bank in charge of executing the task.