Government officials have stated that cryptocurrency laws will soon to be introduced in Russia. According to RIA and TASS of the Russian media, lawmaker and chairman of the State Duma’s financial markets committee, Anatoly Aksakov has stated that by early this year they will establish rules surrounding the exchange and creation of cryptocurrencies. This is a move that is bound to change drastically the current dynamic.
Aksakov stated, “I expect that the adoption of the draft law on cryptocurrencies will be in March… The problem is that we already have a lot of people who acquire cryptocurrencies and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible.”
The effort to introduce these laws has been months in the making. They stemmed originally from Russian President, Vladimir Putin. He was the first to order regulations on cryptocurrencies and blockchain. A lot of these rules were specifically aimed at coin offerings. They were first expected to meet these directives by the winter of 2017. Being in 2018, Aksakov has now stated that the laws will be official by March of this year.
Aksakov has told reporters with TASS about the work that is currently underway and what they expect to come of things in the weeks to come. “We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated,”
With these new rules in place we can pretty much expect to see Bitcoin and other leading cryptocurrencies to either break new grounds or dwindle. This move will pretty much show us the future of cryptocurrencies and how they’ll perform under government regulations.