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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.”

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