The Russian parliament, State Duma is about to pass Cryptocurrency regulations that will enhance the growth of the sector and allow for the launch of a national coin. According to Oleg Nikolayev, the regulation is in its final states in the Russian assembly house. The member of the State Duma Committee on Economic Policy said that the parliament is working on a Crypto-friendly framework.
Russia is also planning to launch an oil-backed national Cryptocurrency that will make it easy for the country to sell its oil internationally and circumvent the sanctions imposed by the United States and her close allies.
Russian Crypto-Friendly Regulations To Be Ready By March
Russia is working towards having business-friendly Cryptocurrency regulations in place by next month. Whereas the country’s central bank has taken a conservative stance, parliament is working towards making Russia a Crypto-friendly country. Oleg Nikolayev, who also sits in the State Duma Committee on Economic Policy, said that the proposed Cryptocurrency regulations are already in the final stages in the parliament.
No specific date has been given on when the new regulations will be in place. However, given the urgency and need to look for an alternative way to enable the country export oil and other minerals, the house is not likely to delay the process. The new regulations will pave way for the state to launch its oil-backed national Cryptocurrency.
Russia To Launch A National Cryptocurrency
Igor Yusufov, a former energy minister, has said that Moscow is the last stages of launching a national coin, an alternative for petrodollar. Yusufov, who is also the founder of Fund Energy said that the country is looking for ways to bypass the financial restrictions that come with the use of the U.S. dollar in international trade. While speaking with Ramber, Yusufov said that many oil-producing countries are looking for ways to increase their export without using petrodollar since it is pegged on U.S. dollar.
Despite announcing plans to launch a national Cryptocurrency, Russia has adopted a more cautious approach that will minimize U.S. interference. The project will be launched in CIS countries first according to Yusufov. CIS is a group that brings together 10 post-soviet countries such as Russia, Belarus, and Armenia among others.
National Cryptocurrencies May Become More Common
Currently, only Venezuela has successfully launched a national Cryptocurrency. Iran is already in the final stages of releasing a state-backed coin. The list of countries planning to launch their own coins is only growing and the trend is not likely to stop any time soon. Some of these countries are planning to use their national coins to circumvent sanctions by the United States and its close allies and drop the use of the U.S. dollar in international trade.
Development of national Cryptocurrencies recently received a boost after the IMF backed the initiative. So far, the Washington-based organization has already given green light to eight nations to proceed with their plans to create national Cryptocurrencies. Two G20 countries are likely to become Crypto friendly. Canada, Venezuela, and Russia are among the various countries that are planning to adopt Crypto-friendly policies.