Russia to Legalize Cryptocurrency Under Putin’s Orders

russia crypto legal

In an official report published by Russian parliament, President of the Russian Federation, Vladimir Putin has set an aggressive deadline of July 2018 for cryptocurrency to be adopted in the country. 

The report calls out multiple bills all related to cryptocurrency and blockchain technology. The first of which is spearheaded by the Russian Ministry of Finance, which addresses the prevalence of initial coin offerings. Another related law put forth by Russia’s Central Bank focuses on crowdfunding. The two governing bodies have come to agreeable regulatory terms, but continue to be divided on their stance on Russian-based cryptocurrency exchanges. 

Another bill will focus on establishing guidelines around cryptocurrency mining, allowing individuals to join mining pools that are recognized legally by Russia’s regulatory firms. All of the bills will be submitted to Russian Parliament before the end of March, and if passed, will effectively legalize cryptocurrency in Russia.

Last month during a meeting with Herman Gref, President of Sberbank, Putin appeared concerned that if Russia does not adopt blockchain and cryptocurrencies, Russia will “very quickly fall under the dependence of the leaders of this development,” which he adds “Russia cannot allow this in any case:”