President Vladimir Putin has time and time again established the fact that he is different from other rulers of the world. His strong personal convictions and outrageously cool stunts make him far more popular and impressive than your average president.
In his long reign as the premier of Russia, Putin has shown a great passion for technological advancements and now his next order of business is getting cryptos regulated and enforced within the country.
In an official document published on Russian President Vladimir Putin’s official website, orders and deadlines have been issued for the Russian government to adopt and implement regulations for digital assets.
In the elaborate document, the first of July, 2019 has been given as the deadline for the Council of the Federation of Russia and the lower house the Federal Assembly of Russia) to adopt crypto based regulations.
Further in the document, the main clause regarding digital assets states that the formation of “federal laws aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies” were necessary.
In 2017, Coindesk reported that Putin harboured his own set of doubts regarding cryptos when in an official meeting he stated that, “Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks,” as per reports by Russian state news service TASS
Putin wasn’t the only one who thought cryptocurrencies posed a risk as back in February as per a report by TASS, Alexander Konovalov, the Russian Minister of Justice declared that he felt there was no need to legislate cryptos as, “Neither the Constitution nor the current legislation on the financial system categorically does not allow the use of cryptocurrency as a means of payment.”
In 2018, Putin tasked his government to regulate trade and transactions for Bitcoin and other cryptos and mining but digital assets have had a rocky relationship with Russian legislation from the start as there have been several setbacks. The most prominent one being the fact that Russian law did not recognize cryptos as a viable form of currency.
However, things have obviously changed as the President is now pushing the crypto agenda so that Russia can catch up to other crypto early adopters such as many Nordic nations.