Putin's order to regulate digital currencies before July 2019

Putin's order to regulate digital currencies before July 2019
Abstract

The Russian president has set another deadline for the government to pass regulations for the digital property industry, in accordance with the federal council's instructions.

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The Russian president has set another deadline for the government to pass regulations for the digital property industry, in accordance with the federal council's instructions.

The document, released on Wednesday, February 27, was posted on the offi
cial website of the Russian president, Kremlin.ru.

According to Vladimir Putin, the deadline for the implementation of the regulations on the digital exchange domain for the Russian government, dated July 1, 2019, has been announced. The Russian president has asked the Council and the Duma to finalize these regulations in the spring of 2019.

In particular, the document called for the adoption of federal laws aimed at developing the digital economy, including the regulation of the civil rights of digital payments. Also, this law should have a legal framework for digital financial assets and attract more funding based on digital technologies.

This latest directive reflects Vladimir Putin's previous statement in 2018. He previously informed the Russian government of the necessity of regulating Bitcoin and other digital currencies, ICO and digital currency extraction by July 2018.

Thus, in May 2018, the Russian parliament approved the draft regulation of digital currencies in the first session. However, in the fall of that year, all terms related to Token and Crypto were removed from the text of the draft and replaced with the term "digital rights". In addition, the definition of digital currency extraction was also removed from the text of this draft law. However, the bill was sent to Parliament in December 2018 due to grave criticism, so that it will be approved after a re-examination.

According to the Russian news agency Rambler, the Russian parliament intends to review and ratify the provisions on digital currencies in March.

Earlier, the Russian Justice Minister stated that as long as digital currencies could not be used as a means of payment in the country, there is no need for the Ministry of Justice to legally define the concept of digital currency.


Source: cointelegraph

 

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