The President of Russia, Vladimir Putin, has recently signed a new bill, “On digital financial assets (DFA) and digital currency,” stating can companies registered with the Bank of Russia can issue securities on the blockchain, this in short means that private businesses in Russia are able to issue tokens legally.
The law will be effective from January 1, 2021.
Cryptocurrencies are now recognized as legitimate legal digital assets.
It grants legitimacy to the use of crypto but currently, it is still prohibited to use bitcoin or any other cryptocurrency to pay for goods or services. Concerning this, it is also presently illegal to promote or claim to accept digital currency as a means of payment.
The law suggests that cryptocurrency in Russia is a form of property and not money or means of payment.
Many Russians are now becoming optimistic about the future of digital assets in Russia. However, the laws governing the possibility of mining, purchasing, selling and exchange of crypto are currently being drafted and not yet published, thus all these areas remain in the gray zone.
The chairman of the Duma Committee announced that Russian commodity businesses will begin issuing their private stablecoins during the first half of 2021.
With more and more governments seeing digital assets’ potential to benefit both the government and their citizens, many of the prior laws are slowly being relaxed. Despite this, one needs to keep in mind that cryptocurrencies have only recently acquired global attention.