Cryptocurrencies have, over the years, found many prominent and influential backers. Bankers, investment gurus, tech geniuses and politicians from across the world have shown active interest in this and have been vocal about supporting cryptos or about opposing them. However, perhaps the most unlikely name to come to support cryptocurrencies is that of Russian President Vladimir Putin.
Putin has shown an active interest in cryptocurrencies for quite some time now and is one of the most influential world leaders supporting these digital currencies. Under the Putin regime, Russia intends to launch digital Rubles soon and has implemented a number of legislations surrounding regulating ICOs and cryptocurrencies. Putin is reportedly determined to legalize cryptocurrencies in Russia over the next 4 months.
As per the official publication of the Russian parliament, Vladimir Putin has set a deadline of 1st July 2018 to have a cryptocurrency legislation adopted in the nation. Two draft laws have been prepared regarding blockchain technology, which are a part of the publication. Russia’s Ministry of Finance is currently working on regulating Initial Coin Offerings (ICOs) in the country while the banks are regulating crowdfunding laws. Regulations are also being prepared by central authorities of Russia on cryptocurrency exchanges operating in the nation.
Reportedly, the government is not so keen on having retail traders and investors participate in cryptocurrency trading. However, there is apparently a conflict between the central banking authorities and the government officials. State Duma Committee for Financial Markets chairman Anatoly Aksakov explained: “The central bank is against the legalization of this type of digital currency, since in this case, citizens can start actively investing in crypto-tools, not taking into account possible risks.”
Finally, the government is also preparing a bill on cryptocurrency related digital assets. This rule focuses on cryptocurrency mining and how to treat the mined cryptocurrencies. As per Alexei Mostovshchikov, chair of the Expert Council of the Youth Parliament under the Russian Duma, individual entrepreneurs in Russia will be allowed to mine for cryptocurrencies by joining cryptocurrency mining pools created by legally established domestic entities. They will be allowed to “conduct activities to extract cryptocurrencies that do not fall under the criteria of industrial mining,”
Russia intends to emerge as a global leader when it comes to cryptocurrency legalization and regulation. Vladimir Putin has also been pressing for a common cryptocurrency for BRICS nations as well as one for the European trade association and has been one of the most active pro-cryptocurrency voices in the political sphere.
Russia also intends to implement the blockchain technology to protect their 2018 Elections exit poll results. “Until now with exit polls we had to practically shut down the website on polling day in order to avoid it being taken down by DDoS attacks and other breakin attempts from numerous anonymous hackers,” VTSIOM general director Valery Fyodorov explained, continuing: “Thanks to Blockchain we can enhance the level of data protection from cyber-attacks several fold, avoid weak points while transferring information, and guarantee the integrity and immutability of data.”