Russia Will Introduce Blockchain Regulations in 2019

The Russian authorities is
persevering with its pivot to
embrace innovation in
financial technologies by
making plans to legalize and
control blockchain in 2019.
Russia’s biggest information
organization that is
additionally state-owned, the
move closer to regulation
comes from a software titled
Digital Economy of the
Russian Federatio’, drafted by
the Ministry of
Communications and Mass
Media, called Minkomsvyaz.
A federal body of the Russian
authorities, the ministry is
liable for enforcing
government regulations and
law in information technology
tech.
The document sees the
ministry anticipating policies
of blockchain for adoption by
the 2019. However, the
document reportedly
underlines the
implementation of law to
introduce the usage of
blockchain to ensure the
decentralized maintenance of
registers and identities.
The communications ministry
was tasked by Russian Prime
Minister, Dmitry Medvedev, in
March 2017 to observe and
studies blockchain technology
as part of Russia’s wider
‘digital economy’ program.
Public management and
financial system are two
regions handpicked by the
Russian Prime Minister for
exploring solutions based on
blockchain technology.
Dmitry Medvedev stated:
In February, the chief
executive of Sberbank,
Russia’s biggest financial
institution was bullish about
the economic rollout of
blockchain programs in 2019.
An offer by Russia’s
association of economic
Innovation to enhance
Russia’s countrywide payment
system includes sees the use
of blockchain as a possible
solution. The concept will be
submitted to the bank of
Russia, the Ministry of
Finance, the Federal financial
monitoring provider and the
state Duma, the Russian
legislature.
Previous to speak of the law
and legalization of blockchain
in 2019, Russia’s deputy
minister of finance has
already hinted on the
possibility of legally
recognizing bitcoin
subsequent year, in 2018.
However, a central bank
authentic has noted that that
function is yet to be
determined by Russian
ministries.
Nevertheless, the effective
turn toward a friendlier
climate for bitcoin and
cryptocurrencies has seen
Russia’s biggest e-electronic
retailer reveal plans to just
accept bitcoin as a way of
payment this year, months
after being informed off by
the bank of Russia.