When Bitcoin emerged as one of the hottest assets in the world in 2017, the world started to be concerned about how to regulate cryptocurrencies. Unfortunately, though, most countries have been dragging their feet somehow. Russia is no different from the United States when it comes to slow regulation and it seems like the situation is about to get worse.
Dmitry Medvedev, the Prime Minister of Russia, has recently talked about cryptocurrencies and he affirmed that, as they are losing their popularity within the country, the regulation is not that relevant as it once was.
That’s right. Despite all the reports that Russia is buying tons and tons of Bitcoin, the Prime Minister of the country is simply not considering cryptos to be the most important issue at this time, as if no one cared anymore about whether they are regulated or not, which is simply not the truth.
He spoke at the Annual International Judicial Forum, which is happening this week. According to him, the cryptocurrenciesissue was discussed a lot by the government and he was one of the forces trying to push the regulation forward, but unfortunately, that does not seem to have happened.
Now, things are bound to get even worse as the hype around Bitcoin and some other crypto assets has faded. The minister, however, is conscious that this could change. Bitcoin has gone from the price of $4,000 USD to $8,000 USD in around 45 days, only, making it the asset which gained more value in this short timeframe.
Russia And Crypto Legislation
Bitcoin and crypto legislation in Russia is far from good. In fact, the country has been often criticized for not having a proper regulation at all, which can cause some problems and curb innovation.
At the moment, there is a major bill being voted called “On Digital Financial Assets”. This law was originally passed in May 2018, but it went back later and it has not moved forward since then.
Recently, the parliament of Russia has voted to delay once more the consideration of the bill and the president of the country, Vladimir Putin, has ordered the government to adopt a regulation until July 2019, but there are several doubts that will, in fact, happen.
It is curious that Russia is so uninterested in regulation when there are so many rumors that the country is buying a lot of Bitcoin, especially from the local economist Vladimir Ginko, which often talks about how Russia will use BTC to escape U. S. sanctions.