The awaiting craves for formal cryptocurrency laws recently gains political mainstream momentum in 2018. Moreover, the legislators are slating to review around 20 cryptocurrency laws.
The chairman at the State Duma working lower house within Russian Parliament. Vyacheslav Volodin states in a statement on January 9:
The creation of a favorable legislative framework for the development of a sustainable digital economy should ensure [Russia] an advantageous position in competition with other countries.
Volodin believes around 20 draft laws regarding the digital economy. Also, crypto variant aspects must be reckoned during the Duma spring session. Moreover, there will be various working groups that will come together to speed up the process.
On the other side, the local crypto community cheers the news expecting the drafts consideration will finally bring in an entire domestic crypto legislation adoption. Yuri Pripachkin is the President working at the Russian Association of the Crypto Industry and Blockchain.
Moreover, Yuri Pripachkin at RACIB says that featuring experts, the establishment of working groups along with industry professionals will further facilitate the law’s adoption. Also, this will surely reflect respective real needs of the industry.
The past year showed us that only work by experts and industry professionals could lead to adoption of workable laws. The creation of working groups will help to cut the gap between industry people and legislators.
Meanwhile, in 2018, Russian lawmaker fails to pass inclusive crypto legislation. The draft law regarding digital assets was likely to draw a legal framework within this digital sector. The Duma adopts the initial reading back in May, however, industry professionals were criticizing this to be restrictive and strictly transforming Russia within a crypto-unfriendly country.
Back in November, again RACIB presents an amendment proposal to the draft focusing substantially to liberate it. However, yet it was unclear about the legislators to consider the proposal. Meanwhile, the public and private firms at Russia gradually started to implement the blockchain solutions. The state officials then initiate introducing a national cryptocurrency within a country to lessen the dependence of the economy on the U.S. dollar.