Vladimir Putin requires the development of a regulatory framework for crypto-currencies by July 2018

Only two weeks after the Russian central bank has hinted that the exchange of Bitcoin would be banned in the country, president Vladimir Putin has issued orders related to the regulation of crypto-currencies. Putin has instructed the Russian government to determine how digital currencies such as Bitcoin, can be integrated into the Russian economy by next July.

The Russian president also requires that lawmakers put in place a framework for the registration of mining operations. The aim of the government is able to tax efficiently these transactions. He was also responsible Dmitri Medvedev, the Russian Prime minister, and Elvira Nabiullina, head of central bank, to find how to regulate the ICO.

Check out below for a video explaining the words of the Russian president :

The establishment of a technology regulated by the State

The Russian president has also asked its staff to propose a solution where the developers of blockchain, in essence, can introduce new technologies or applications. These will be proposed to the central Bank so that they can be regulated appropriately before the end of the year.

In the Uk, similar legislation has already been implemented. Russia today takes conscience of the importance of such technology for the development of the country. However, many investors work in Russia and expect the implementation of these devices.

The establishment of a single european payment area

Putin has also demanded the creation of a single payments area for the member States of the economic Union eurasian. This could be a sign of approval of the adoption of crypto-national currencies in the member countries of the EEC. Russia would have continued the development of its own crypto-currency, called CryptoRuble.

This statement of the Russian president comes after comments made by senior government officials about the future of crypto-currencies in the country. The decree issued by Vladimir Putin will inspire surely the other countries such as China to adopt the virtual currency.

Source : MotherBoardVice