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Russian Parliament Foresees a Wave of Token Issuance for 2021 in the Wake of Crypto Law Promulgation

The head of the Russian parliamentary committee on financial markets and the country’s first crypto law’s author is forecasting a “surge in token issuance” for 2021 in the wake of the promulgation expected to take place in January.

Russian Parliament Expects a ‘Surge in Token Issuance’ for 2021 After Crypto Law Promulgation

According to the Parliamentary Gazette, Anatoly Aksakov claimed that a “big number of large enterprises” 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, “On Digital Financial Assets,” 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 didn’t 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 “crypto bill” approved by the State Duma, the lower house of the Russian parliament, on July 22 and by the Federation Council on July 24.

As reported, the law grants a definition to the digital currency, stating that “it 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.”

However, it adds that cryptocurrencies “cannot be used simultaneously to pay for any good and services.”

Also, on November 13, 2020, the Russian Ministry of Finance announced new amendments to the country’s cryptocurrency regulation, outlining a new set of rules for cryptocurrency owners, exchanges, and miners.

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