Last year, the Russian Union of Industrialists and Entrepreneurs (RSPP) sent Russian Prime Minister, Dmitry Medvedev, some proposals to promote the draft law which is about crypto-technologies.

The lower chamber of the Russian Parliament (Duma) announced on Wednesday, January 9th, that the next discussion sessions will focus on the development of a legal framework in line with the digital economy, as well as reviewing the proposals for the study of these technologies.

Vyacheslav Volodin, Chairman of the Parliament’s Lower House, said that it is essential for the Russian economy to stay one step ahead of legislation and the use of these types of economies, so he hopes they can soon discuss bills that focus on build a friendly environment for this new line of the economy that is having great acceptance in some countries of the continent.

“The creation of a favorable legal framework for the development of the digital economy should, in many aspects, provide us with an advantageous position in the competition between other countries”, said Volodin.

In a session with the dam, Vyacheslav, excited, said: “I would like to mention the block of bills on the digital economy. These are laws on digital financial assets, digital rights and collective financing. We have identified this work as one of our priorities”.

In addition, the President of Duma commented that at the beginning of the spring session it is expected that they can review an average of 20 bills during the medium term. He highlighted his deep interest in the fundamental development of the digital economy in modern Russia.

Among the main movements that could be made in the short term to accelerate the final process of discussion for the approval of such laws in Russia, is the creation of working groups with specialists in the field of cryptocurrencies, in order to generate the necessary trust in parliamentarians.

That point could well develop, in the same way that it has been formed in other countries. Such is the case of the State of New York, in the United States, where a group of specialists, businessmen and consumers for research and use of cryptocurrencies could have a better collective understanding of these technologies.

On the creation of these groups, it was stressed that it is of “vital importance” to build the environment of the laws to be approved, since previously what had been proposed received strong criticism from businessmen and merchants who make life with the cryptoactives in that country.

The main reason was that it lacked basic concepts about blockchain technology and cryptocurrencies; hence, it could be open to many misunderstandings, and even encourage and allow financial crime within the legal framework. So the bill had to go back to the first phases of discussion.

Russia is one of the countries that have seen the development of these technologies as favorable for their economy, so they consider the discussion of these sectors of the economy can further boost certain industrial sectors of the economy and possibly self-finance in the future.

By María Rodríguez


Please enter your comment!
Please enter your name here