Vladimir Putin approves the use of the ICO and the regulation of crypto-currencies

In recent times, the Russian government was quite mixed regarding the market of crypto-currencies. The situation has evolved in Russia. If at the very beginning, the Russian president was against the fact to regulate crypto-currencies such as bitcoin, it has over time changed his mind. Recently, Putin has called for the establishment of a regulation for the control of the market of crypto-currencies.

Now, one is sure that the Russian president approves the use of the ICO. In fact, he has personally authorized the development of a schedule for a regulatory framework of ICO and crypto-currencies.

Here is an extract from the video depicting these facts :

Putin ordered the Russian Parliament to regulate the market

According to official documents in the Kremlin published last week, Putin has enacted various schemes to regulate the use of virtual currency in Russia. These orders demanded that the Russian Prime minister, Dmitry Medvedev and the head of the central bank, Elvira Nabiullina, write regulations that align the ICO on the existing laws.

Medvedev is also responsible for two other important responsibilities. It will thus have to implement mechanisms for recording the mining operations of crypto-currencies with the government. It will also have the task of determining the legal status of crypto-currencies used in the financial sphere. The Russian Prime minister will have to implement these measures by July 1, 2018.

The launch of the CryptoRuble

This last term is the time for the government to launch the cryptoruble, a digital currency controlled by the State. Besides, the Russian president has already approved the creation of this crypto-currency during a closed meeting at the beginning of this month.

A Russian media indicated that the government was eager to launch the cryptoruble. Details on the use of this new virtual currency remain fuzzy. Moreover, the government company would withdraw a tax of 13 % during exchanges of this crypto-currency.

Source : CryptoCoinsNews