Russia is preparing for a decisive moment in its economy: the possible legalization of crypto trading.
As reported by Ethereum World News on February 27, 2019 Russian President Vladimir Putin ordered that by July 1, 2019, the country’s lawmakers should have ready a set 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.“
According to a report by the Parliamentary Gazette, Russia’s Ministry of Finance and the Russian Central Bank are working on this issue, and already have two draft laws ready and although trading would be legalized, what is still being discussed is the juridical state of possession and use of cryptocurrencies as means of payment since the Central Bank opposes their legalization.
“This rule prohibits barter transactions between legal entities and individuals, the subject of which is the exchange of cryptocurrency. It turns out that the initiative defines the token and cryptocurrency as securities” Said Nina Efimova, senior lecturer at the Department for Legal Regulation of Economic Activities of the Financial University under the Government of the Russian Federation
These laws also loosen the state’s approach to mining. For now, it seems that they will be more permissive with domestic miners who “conduct activities to mine cryptocurrencies that do not fall under the criteria of industrial mining.“
Russia May Bring Good News to the Whole Crypto Ecosystem
Eventual legalization of trading could have a positive impact not only on the Russian economy but on the entire ecosystem. Russia is a leading country in Bitcoin trading, however, a strong anti-cryptocurrencies policy has damaged not only the credibility of these technologies but also the motivation of the population to take part in crypto trading.
These laws could be the first step towards a more crypto-friendly legal framework that introduces more people into the world of cryptocurrencies, strongly impacting the value of the token by increasing demand considerably.
The Russian government has issued no major statements, however, the community is in expectation. The volume of trading in rubles has maintained an increasing trend throughout the year, going from 772 Million Rubles to 1.2 Billion Rubles, however, the volume in Bitcoins has decreased, going from 2821 BTC to 1929 so far this year.