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The head of the Russian parliamentary committee on financial markets and the countryās first crypto lawās author is forecasting a āsurge in token issuanceā for 2021 in the wake of the promulgation expected to take place in January.
Russian Parliament Expects a āSurge in Token Issuanceā for 2021 After Crypto Law Promulgation
According to the Parliamentary Gazette, Anatoly Aksakov claimed that a ābig number of large enterprisesā had asked the State Duma (Russian Parliament) to pass the law as soon as possible. Also, he adds that such businesses plan to issue stablecoins.
The crypto law, āOn Digital Financial Assets,ā is expected to be promulgated on January 1, 2021. Moreover, the report suggests that companies showing interest in crypto regulation are related to the financial sector. Many of them are also in the exploitation of minerals, who are looking to tokenize their processes.
But the lawmaker didnāt only talk about the general status of the crypto law, as he referred to the digital ruble, stating that many parliamentarians are still discussing topics related to such digital asset:
From my point of view, digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial assets market.
Definition of Cryptocurrencies in the Russian Law
On July 31, 2020, Russian President Vladimir Putin signed the ācrypto billā approved by the State Duma, the lower house of the Russian parliament, on July 22 and by the Federation Council on July 24.
As news.Bitcoin.com reported, the law grants a definition to the digital currency, stating that āit is recognized as an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments.ā
However, it adds that cryptocurrencies ācannot be used simultaneously to pay for any good and services.ā
Also, on November 13, 2020, the Russian Ministry of Finance announced new amendments to the countryās cryptocurrency regulation, outlining a new set of rules for cryptocurrency owners, exchanges, and miners.
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The post Russian Parliament Foresees a Wave of Token Issuance for 2021 in the Wake of Crypto Law Promulgation appeared first on Bitcoin News.
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