Putin wants specific crypto regulation by July 2019

If Russia ends its ‘Love-Hate’ of cryptos, can it be the ‘King of Blockchain’?

The Russian president is getting serious about regulation of cryptocurrencies. Russia is probably one of the most controversial countries when it comes to decisions and stance against and for cryptocurrencies.

Now, however, Putin has put a new deadline for the government to adopt specific cryptocurrency regulations. The information comes from the official website of the President of Russia, posted on February 27th.

The set deadline is July 1st, 2019. The regulation needs to be adopted by the spring of this year, as Putin requires both  Council of the Federation of Russia and the lower house the Federal Assembly of Russia (Russian State Duma) to participate in the process of adoption and the strict timeline given.

The major goals of the regulations are: to help the development of a better digital economy, frame specific regulations for the digital assets industry and attract more funds for the technological advancement of Russia.

Interestingly enough, president Putin seems to like the month of July for crypto regulations. Last year, he ordered the same guidelines to be adopted by July, 2018. Now, a year later, the agenda is still on.

While previously there was certain disagreement as to why cryptocurrencies need to be defined and regulated, since they are not an official payment tool in Russia, the plan to define the digital coin industry, “rights” and regulations is still on for the summer of 2019.

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