Russia has always been notorious for its single-minded dedication. In the past, they have literally moved whole industries when the situation demanded it. In today’s world, the primacy of a digital economy seems to be only a matter of time.
Thus, not many were surprised when a news report revealed that the Russian parliaments lower chamber, the State Duma, has been working towards debating laws pertinent towards catapulting the country towards a blockchain based digital economy.
The chairman of the Duma is Vyacheslav Volodin who is known to be rather keen on ensuring Russia has a headstart in the crypto verse. Last week he had noted that the prime focus for the upcoming spring session was to look into various bills to provide clarity about digital assets; this would include consideration about digital financial assets, digital rights, and ICOs, amongst other things.
In a press release, Volodin stressed the importance of crypto. While urging his fellow parliamentarians to consider decisive action he said,
“Creating a favorable legal framework for the development of the digital economy should in many respects provide us with an advantageous position in competition among other countries.”
According to various sources, it is estimated that the Duma will be looking at over 20 bills in this coming session alone.
After the chairman’s proclamation, many commentators are expecting this spring session to focus mainly on digital currencies and the online economy. This is to be expected, as the parliament would need time to analyze and debate these bills before voting on them.
Volodin apparent haste to push the Russian economy towards a speedy adoption of online currencies might stem from the new wave of sanctions that America is planning to impose on it. Despite the apparent warm relations between the two nations presidents, the governments have continuously been bickering.
A move to cryptocurrency is been seen as an option to remove this looming threat. This is easier said than done though. While the currencies themselves are not banned, they are hardly seen as legitimate.
One main reason could be that the Russian Police had, about three months prior, rounded up about two dozen crypto ATMs from around the country. It was widely reported that this was a move to prevent financial crimes, though later news also filtered that some had been taken to better understand the technology. In either case, this does not inspire much confidence in the general public.
While that was going on, the government was busy trying to frame laws and enacting them. Their first attempt was roundly criticized as been filled with too many loopholes and been too generalized. This saw quite a bit of last minute activity in an attempt to pass these legislations. However once again they failed to make the cut.
Nevertheless, the country has been making progress and this latest push might finally see Russia succeed in opening their doors to the larger crypto community. Any move to regulate the industry while ensuring it is not smothered is a welcome change for this niche technology.