RUSSIA WILL TEST THE CIRCULATION OF CRYPTOCURRENCIES

In order the Russian Federation to be included in the list of world leaders in the sphere of digital economy, the Government of the Russian Federation allocated more than 3 billion rubles for the programme "Digital Economy”, and members of the State Duma are preparing to consider draft laws on the regulation of activities with digital currencies.

According to Dmitry Sazonov, deputy chairman of the State Duma Committee for Economic Policy, Industry and Entrepreneurship, public seminars for media representatives will be held at the press center platform of the Parliamentary Gazette in order to eliminate digital illiteracy and incompetence. Leading experts in the field of digital economy will be invited as speakers, who will familiarize the audience with new financial instruments and, in particular, with blockchain.

Testing in "regulatory sandboxes"

In his interview with the "Parliamentary Gazette", the deputy chairman of the State Duma Committee emphasizes that so-called regulatory sandboxes - territories with considerably simplified regime for circulation of cryptocurrencies - will become platforms for attracting investments in Russia. According to the parliamentarian, local authorities should be the initiators of such "pilot projects", but considering the natural temperature regime, Dmitry Sazonov considers Siberia to be an appropriate zone for mining, as well as regions with free energy capacities, for example, Irkutsk.
Member of the Council of the Youth Parliament of the State Duma notes that Udmurtia and Kaliningradskaya region intend to become pilot regions for implementation of digital currencies into circulation, tending to systematically reduce tariffs for energy consumption and carry out some processes in the system of blockchain.

On the regulation of digital economy

According to Dmitry Sazonov, the legislation of the Russian Federation is tending to resolve the issue of regulating activities with cryptocurrencies.
The draft law "On financial digital assets" has already been submitted to the State Duma. Its purpose is official consolidation of the term "cryptocurrency" in the Russian Federation. Also, the government is considering a document that determines the legal basis for the activity of investment resource operators, engaged in organizing the crowdfunding. The parliamentarian comments on the fact that these initiatives will be adopted within a year, adding that regulation will not be too tough.