Reportedly, Russian lawmakers, the State Duma is expected to finalize a bill on Digital Financial Assets within two weeks. They have already held discussions on the bill once and seem to have received positive votes from the house. Deputy Finance Minister of Russia, Alexei Moiseyev said,
“Now we are looking at the text [of the bill on digital financial assets] and within two weeks, I hope, we will come out for adoption in the second reading,”
As reported earlier on Coingape, the Russia Federation had passed a bill on digital currencieswhich introduced as a series of norms for the citizens to follow.
Currently, they are working on implementing the complete set of laws around cryptocurrencies and ICOs. Russia might be one of the few nations to allow ICOs under its crowdfunding laws. Moiseyev also added,
“Within the framework of this concept, ICO regulation was approved. second reading, “
The Regulatory Environment in Russia around cryptocurrencies and Bitcoin has been quite receptive compared to other nations. France also keeps a neutral attitude towards cryptocurrencies and ICOs. US, India, China and many other nations are against ICOs as they are either Ponzi schemes or based on wrong fundamentals of being a security or a cryptocurrency. However, Russia has planned to allow them unobstructedly.
A country which promotes a range of cryptocurrencies and blockchain projects can soon be expected to be inclined to hold Bitcoin [BTC]. Mati Greenspan, the Senior Market Analyst at eToro noted,
“The CBR [Central Bank of Russia] will be holding BTC reserves within 2 years. Mark my words.”
Currently, Russia holds 4554 billion US Dollars in Central Bank Reserve. If Greenspan’s prediction holds true and Russia assigns even 1% of its reserve value to Bitcoin [BTC], it’s market capitalization would increase by $45.5 billion.