The Russian ex-president and the current Prime minister Dimitry Medvedev has announced that Russia should not bother with a cryptocurrency regulation anymore, as the popularity of digital assets has decreased significantly since January 2008.
The bill on regulating cryptocurrencies in Russia has been in development for nearly 2 years now. It first found attention in May 2018, when the government started to work on it. However, due to small understanding of what the technology was about, it had to be delayed a little bit. On that very day, the president of Russia, Vladimir Putin issued an order for the government to adopt a regulatory framework by Summer 2018, as we can see that order was ignored.
Medvedev’s comments are odd
Although it is a sigh of relief for many crypto holders as well as crypto companies in Russia, the Prime Minister’s remarks may have come at a very irrelevant time. The announcement was made on Tuesday when the crypto market was in the middle of a serious bull rush.
Therefore it was hard to understand what Medvedev meant about crypto popularity decreasing in the country. On the contrary, it was on the rise.
But despite what the Prime Minister may have said, there has been yet another order from Vladimir Putin to have a regulatory framework created by the end of June 2019. At this point, it will be very hard for the government to ignore this order as Putin rarely lets anyone slip up twice.
It is still expected that Russia will introduce a clear regulatory framework on June 29th, 2019, but there are still no guarantees. The previous process was stopped due to missing aspects in the draft, such as crypto mining, which is one of the main products of Russia’s blockchain market.
Overall, the PM’s words may have fallen on deaf ears.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.