Though the Russian President and several top-level officials in the country’s government have decried the use of cryptocurrency, Vladimir Putin has signed orders to begin writing and implementing regulations around cryptocurrency. There will also be regulations regarding ICOs and the ICO market in Russia, bringing them under the already established protocols for securities.
The proposed regulations also include provisions for the way digital currency is mined, requiring mining companies to register with the Russian government. The orders also task the Russian Prime Minister, Dmitry Medvedev with determining the exact legal status of digital currencies so as to flush out taxation plans for the emerging industry.
These moves seem to be in line with the recent announcement of a cryptoruble, that is to be the first Russian National cryptocurrency. These new regulations are the groundwork upon which the newly proposed national currency will operate.
The main issues with the cryptoruble include ensuring that no one can mine the currency who is not officially recognized by the Russian government as a distributer of the currency. It has been said that the financial institutions will levy a 13% tax on tokens that can’t be shown to have been issued from official sources. So even though there are still many issues that have yet to be worked out, these new regulations will give officials new insight into how the crypto economy can be integrated into a national economy without working against one another. Once the initial testing period is completed there is likely going to be another huge leap forward in the international acceptance of cryptocurrency, carrying the price of the top tokens higher than they have yet reached.