A proof will have the purpose of testing the laws before having the final approval of the project done
Russia has prepared a legal environment that can lead to adequate regulation in the use of blockchain technology, cryptoactive, and other new innovative technologies. In this sense, the government of said country has decided to conduct some tests in four different regions. This is how the Russian news agency Izvestia describes it.
According to the official information, the test will take place in the city of Moscow, as well as Kaluga Oblasts, Perm Krai, and Kaliningrad.
The intention is to achieve the massive adoption of blockchain technology. Russia has been optimistic and motivated to promote legal movements and find new ways to use these emerging technologies in various areas of its economy.
In this way, the Ministry of Economic Development of Russia communicated the intention to conduct a test; this is in order to check the progress they have prepared. Among the areas that do not have regulation in the country are blockchain technology and cryptocurrencies, quantum technology, virtual reality, and robotics.
In reference to the test that will be implemented over a period of time, it is known that it will be done in a “regulatory sandbox” mode.
The Deputy Minister for the Economic Area, Savva Shipov, explained that this method will promote projects vis-à-vis these areas. According to what he said, this idea will ensure developers a flexible legal framework that encourages the growth of research and the establishment of new technologies.
Against this, Kirill Kabanov, member of the Presidential Council for the Development of Civil Society and Human Rights, argued that the system of “regulatory sandboxes” will only work if a legal system adapted to the new scientific structure is used.
The official added that some institutions and organizations of the Russian Government are very interested in protecting their interests, under this regulated and controlled environment. In this way, Kabanov argues that the so-called “regulatory sandboxes” can work, but it does not mean that the promoters or developers of the companies should not be subjected to strenuous monitoring, as well as long bureaucratic procedures.
A Long Road towards Legalization
Some years ago, Russia started to show interest in creating a legal framework which allows controlling the new technologies that are emerging around cryptocurrencies and blockchain technology.
Despite the abovementioned, these processes of discussion in the Lower House of the Russian Parliament have been interrupted several times as a consequence of the lack of knowledge in the area. However, the Parliament recently expressed that discussing these issues would be of paramount importance. In fact, it is one of its priorities for future sessions, but at the end of March, the conversation was held once again.
According to sources connected with the Lower House of Parliament, it is known that the decision to postpone the regulation law for blockchain technology and cryptocurrencies is due to the fact that some terms such as “token”, “Cryptocurrencies” and “smart contracts” were eliminated in the second revision, on March 18th, from the document that had been submitted for approval.
By María Victoria Rodríguez