Vladimir Putin, the Russian head of state has given his government officials new instructions in as far as crypto laws are concerned. He has said that Russia has to adopt the federal laws that relate to the virtual assets by July this year. The definition of the digital financial asset had earlier been broadened by Russia. In the new definition, Cryptocurrencies were introduced.
It is not the first time Putin is making such orders. It can be remembered that he made similar orders regarding the regulation of crypto assets last year.
The New Order By Putin
The government of Russia had earlier made a list of 47 orders that are to be used as instructions. The list has now been approved by the president. Among the orders approved is one for the government to operate with the State Duma. This is the lower house of the parliament. Their working together will ensure that the federal laws are adopted and the digital currency is developed. It also entails other things.
Key is identifying the processes used for carrying out civil law operations in electronic form. It also entails regulating the digital financial asset and attracting new financial resources. All these are done via the digital systems.
July 1st 2019 is the deadline that is listed in the new order. There are two main responsible officials in this project. They are Vyacheslav Viktorovich Volodin, the chairman of state Duma, and Dmitry Anatolyevich Medvedev, the Russian Prime Minister.
A Number Of Delays
Putin had also earlier instructed the Central Bank of Russia to work with the government. This was to ensure that changes are effected to the Russian Federation legislation. These changes would help in identifying the legal status of the digital assets, with the crypto included. Others included are the smart contract and token.
The task was placed under the leadership of Elvira Nabiullina, the governor of Central Bank and the Prime Minister. State Duma had filed three bills that were aimed at regulating the crypto. This was done in May 2018. They were also planned for adoption in July as the president had earlier ordered. However, a delay occurred. The Russian parliamentarians could not come to agreement on the right framework to be used. This happened after the first reading of the bill that took place during the spring.
Plan To Assess The Bills
The state Duma has scheduled to check on the bills again in March. That was according to a news piece by Rambler outlet last week. The discussion is currently at its last stage. This has been confirmed by Oleg Nikolayev, State Duma Committee of Economic Policy member.
In January, the prime minister stated that there is no need to bury the virtual coins. He noted that the Cryptocurrencies also have both the dark sides and the brighter sides. He compared it to other economic institutes and social phenomenon.
The Russian minister for Justice has also had something to say about the virtual coins. According to him, it is not the right time to legally define them.