Copy link
Increase text size
Decrease text size
Link copied

Russian lawmaker expects crypto issuance to surge in 2021

Russia's first cryptocurrency law will take into effect next year.

Red Square, Moscow / Image by Joseph Ken from Pixabay

Sat, 26 Dec 2020, 08:36 am UTC

Russia’s crypto industry is bound to experience massive changes next year as the country’s cryptocurrency law takes into effect. For instance, the head of the parliamentary committee on financial markets predicts that there will be a “surge in token issuance” in 2021.

Head of the Russian parliamentary committee and author of the country’s first crypto law Anatoly Aksakov said that a “big number of large enterprises” had requested the State Duma to implement the new legislation as soon as possible, according to Aksakov also mentioned that these businesses are already planning to issue stablecoins.

The promulgation of the new crypto law is expected to happen on January 1, 2021. Some of the interested firms are reportedly from Russia’s financial industry while others are engaged in mineral exploitation seeking to tokenize their processes.

Aksakov also expressed his optimism on the positive impact of a Russian central bank digital currency (CBDC) will have on the country’s financial sector. “From my point of view, digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial assets market,” the lawmaker added.

The Central Bank of the Russian Federation, also known as the Bank of Russia, already revealed its plans to conduct a central bank digital currency (CBDC) pilot sometime in 2021. The financial regulator announced on October 13 that it will hold a public consultation on the matter which will end on December 31, 2020.

In July, Russian President Vladimir Putin signed into law a bill that will regulate digital financial asset transactions (DFA). The new regulation will give legal status to cryptocurrency as a type of property but won’t allow it as a means of payment.

Under the new law, digital currency “is recognized as an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments.” However, the new legislation also pointed out that “digital currency cannot be used at the same time to pay for any goods and services.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2021.01.02 20:26:00
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more me on WhatsApp +1(206)-742-5358
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.