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Russian Draft Law Allows Businesses to Use Cryptocurrency

By Anne W. | January 25, 2019
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Russian Draft Law Allows Businesses to Use Cryptocurrency

The Russian Economy Ministry has recently proposed a draft law allowing companies from certain sectors and regions to use cryptocurrencies in their financial transactions.  

The draft law, if approved will apply to selective IT sector and the blockchain industry, according to the Ministry of Economic Development.

The State Duma was among one of the “pilot regions” to implement this experimental regulatory regime, according to Anatoly Aksakov – chairman of the parliamentary Financial Markets Committee.

“The law on the regulatory sandbox, which I hope we’ll adopt during the spring [parliamentary] session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions.” Aksakov further added.

Although the potential regions and corporate entities for the program are still under discussion, representatives from businesses working with cross-cutting information technologies have confirmed their eligibility to participate.

This includes both blockchain firms and businesses developing quantum technologies and artificial intelligence products. Another sector that might be interested in the crypto regulatory sandboxes is Russian entities that keep a global presence and under the pressure to cope with international sanctions and restrictions.

Local authorities and companies based in the Russian regions of Kaliningrad Oblast and the Republic of Tatarstan have expressed their interests to be included in the implementation of the proposed regulatory regime. The country’s capital, Moscow, and other regions such as Primorsky Krai, Omsk Oblast, Novosibirsk Oblast, and the Autonomous Republic of Crimea are also potential candidates.

 

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