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March 2019 www.intellinews.com I Page 8
and, until very recently, its approximate adoption date was anybody's guess.
Shift in attitudes
But this January, the legislators pledged to quickly consider and adopt a number of drafts, including the digital assets law, finally opening up avenues for crypto use in the economy.
As a positive step, the definition of digital fi- nancial assets in the pending law has already been revised to include all digital rights on the blockchain, according to Anatoly Aksakov, head of the Duma’s financial markets committee, who stressed that the amendment is set to make the legislation crypto-friendlier.
The draft’s previous version mentioned only to- kens, leaving out smart contracts or other block- chain-related digital rights.
The government apparently has no problem with the new wording, deputy finance minister Alexei Moisseev told RBC, adding that the blockchain industry had recently changed "for the better" and cryptocurrencies should no longer be con- sidered as dubious financial tools.
Now, the crypto law is expected to be adopted within weeks.
In another sign of Russian authorities' warming up to crypto, Prime Minister Dmitry Medvedev,
a known fan of digital technologies, advocated cryptocurrencies despite the volatile period they are undergoing.
Speaking at a local economic forum in late Janu- ary, he stressed that the bear market, which has pushed down the value of many crypto assets is not yet a reason to “bury” cryptocurrencies.
Adding more urgency to the issue of crypto and digi- tal legislation, Valentina Matviyenko, speaker of the Federation Council, the upper chamber of Russian Parliament, called on the legislators to consider and adopt the digital legislation as soon as possible.
In late January, she addressed Dmitry Mezent- sev, head of the Federation Council's economic policy committee: "I would like you to find out why legislative initiatives concerning the use of digital technologies in the financial sector have been stalled at the State Duma for over a year."
Still, Russian officials and legislators may not yet have a common approach towards regulation of the crypto space. Speaking in early February, Medvedev warned legislators from "overregulat- ing" the digital economy, drawing specifically the example of blockchain as technology that may not necessarily require heavy regulation.
Crypto ruble prospects
Several months ago, the idea of a national Rus- sian cryptocurrency backed by oil was first float- ed as part of the country’s strategy to decrease the use of US dollars in its economy. The crypto ruble concept may have played a role in persuad- ing officials that crypto may not necessarily be a "fraud" or "evil."
While no concrete steps toward launching the crypto ruble have been made so far, legislations and officials have confirmed their commitment to the idea. Still, the execution of it is likely to take years.
"The crypto ruble will be a currency tied to the standard ruble, but the difference will be that
it will be used on the blockchain,” Aksakov was quoted as saying by RBC in January. "The wider blockchain is used in our financial system, the more sense the crypto ruble will make."
According to Aksakov, the crypto ruble could be realistically launched two to three years from now.
Lenders step onto blockchain terrain
The recent shift in crypto attitudes apparently applies not only to Russian senior officials, but also to state-run lenders that until recently were either ambiguous about the idea of using block- chain or outright hostile to the technology.