The head of Russia’s parliamentary committee on financial markets and the author of the country’s first crypto bill predicts an “increase in token issuance” for 2021 in the wake of the announcement expected to take place in January.
Russian Parliament Expects ‘Rise in Tokens Issuance’ for 2021 Following Crypto Legislation
According to the Parliamentary GazetteAnatoly Aksakov claimed that a “large number of large corporations” had asked the State Duma (Russian Parliament) to pass the law as soon as possible. He also adds that such companies intend to issue stablecoins.
The crypto bill, “On Digital Financial Assets,” is expected to be enacted on January 1, 2021. Additionally, the report suggests that companies showing interest in crypto regulation are related to the financial sector. Many of them are also exploiting minerals, which want to symbolize their processes.
But the legislature didn’t just talk about the general status of the crypto law, as he called the digital ruble, and stated that many parliamentarians are still debating topics related to such digital assets:
In my opinion, digital ruble is one of the future forms of our 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 law” approved by the State Duma, the lower house of the Russian parliament, on July 22 and by the Federation Council on July 24.
As news.Bitcoin.com reported, the law assigns a definition to the digital currency, stating that “it is recognized as a collection of electronic data that can be accepted as a means of payment, other than the currency of the Russian Federation or a foreign state. , and as investments. “
However, it adds that cryptocurrencies “cannot be used simultaneously to pay for goods and services.”
Also on November 13, 2020, the Russian Ministry of Finance announced new changes to the country’s cryptocurrency regulations, setting out a new set of rules for cryptocurrency owners, exchanges and miners.
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