The chairman of the Russian parliament’s Financial Markets Committee and author of the country’s first crypto law is predicting a “spike in token issuance” for 2021, following the announcement, which is expected to take place in January.
Russian Parliament expects ‘increase in Token issuance’ after 2021
Anatoly Aksakov claimed that “a large number of large enterprises” had asked the State Duma (Russian parliament) to pass the law as soon as possible, according to the parliamentary Gazette. It also adds that such businesses plan to issue stablecoin.
The crypto law” on digital financial assets ” is expected to be enacted on January 1, 2021. In addition, the report shows that companies interested in crypto regulation are related to the financial sector. Many also exploit minerals that want to indicate their processes.
However, the MP did not only talk about the general state of crypto law, as he referred to the digital ruble, and noted that many parliamentarians still discuss issues related to such digital assets:
From my point of view, the digital ruble is one of the future forms of the ruble and should contribute to the development of the financial assets market.
Definition Of Cryptocurrencies In Russian Law
On July 31, 2020, Russian President Vladimir Putin signed the “crypto bill”, which was approved by the State Parliament, the Lower House of the Russian parliament, on July 22 and by the Federation Council on July 24.
The law gives a definition to digital currency and “is considered an electronic data sum that can be considered as a means of payment, as the currency of the Russian Federation or as a foreign state and investment. ”
However, it adds that cryptocurrencies “cannot be used to pay for any goods and services at the same time.”
Also, on November 13, 2020, the Russian Ministry of Finance announced new changes to the country’s cryptocurrency regulation, which sets a new set of rules for cryptocurrency holders, exchanges and miners.