RUSSIA: Crypto Regulations by July 2019

In August 2017, the banking organization of Russia declared that: “ICOs are vulnerable to the risks of money laundering and terrorist financing because of the anonymous nature of transactions and the ease with which large sums of money can be raised in a short time but recently, according to a document, published on the official website of the President of Russia, on February 27, President Putin has ordered the government to enforce crypto-related regulation by july 2019.

Basically, the document requires the adoption of federal legislation aimed at developing the digital economy. Like the regulation of digital civil law institutions, the legislation should also include a regulatory framework for digital financial assets, as well as attract more financial resources based on digital technologies.

 Cryptocurrency based on oil?

Actually, the former energy minister Igor Yusufov set out to create a cryptocurrency backed by oil, one of whose stated goals will be to no longer suffer the hegemony of the US dollar. For Yusufov, a cryptocurrency based on oil would be more useful than CryptoRouble.

He said:

“Since the creation of cryptocurrencies (private and state) based on energy, a cryptorouble, a cryptodollar – or other – based on a national currency makes no sense economically speaking. “

NEFTCOIN?

Neftcoin will be the name of a cryptocurrency based on oil. According to Yusufov, the Russian Federation’s former Minister of Energy, Neft-coin will allow Russia to escape the sanctions imposed by the United States and optimize oil trade by removing the risks associated with fluctuations of exchange rates and transaction costs.

Therefore, Oleg Nikolayev, a member of the State Duma’s Economic Policy Committee, said that the Russian assembly had conducted the regulation of cryptocurrency in its final phase. Contrary to the Russian Central Bank’s conservative stance on bitcoin and other virtual currencies, Oleg said the house was working on a business-friendly environment for the integration of these assets.

Moreover, for Igor Yusufov, such a currency could help to overcome the classic problems of currencies that are not supported. Between exchange rates that fluctuate unpredictably, commissions taken during a currency change and restrictions on international sanctions, it is true that the creation of a cryptocurrency could give a positive boost to the economy of a country.

Source: cointelegraph Image: Pixabay

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