Blockchain Regulation Coming In 2019, Russian Ministry Says

Blockchain Regulation Coming In 2019, Russian Ministry Says

The Russian government may legalize and regulate blockchain technology in 2019.This has became known, as TASS, Russia`s largest news agency that i

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The Russian government may legalize and regulate blockchain technology in 2019.

This has became known, as TASS, Russia`s largest news agency that is also state-owned, reported recently. The possible regulation of the disruptive technology is connected to a program called “Digital Economy of the Russian Federation”.

The latter has been drafted by the Ministry of Communications and Mass Media, also known as Minkomsvyaz (http://government.ru/en/department/55/events/). The ministry is a federal body of the Russian government that is responsible for drafting and implementing government policy and legal regulation in information technology.

The communications ministry was reportedly tasked by Russian Prime Minister Dmitry Medvedev to study blockchain technology as part of Russia`s “digital economy” program. This happened in March 2017, as cryptocoinnews.com noted.

“One of the breakthrough technologies is blockchain.”, said Medvedev on a meeting with vice-premiers of the Russian government this year.

“This tool is already used by large banks, corporations and even some countries.”, he added.

In February, the chief executive of Russia`s largest bank by assets, Herman Gref, has been said to express an opinion that the commercial applications of blockchain technology in Russia will be visible in two, or two-and-a-half years from the time of the publication.

A bit earlier, Russia`s Association Financial Innovation (AFI) has considered blockchain technology as a viable solution for Russia`s National Payment System, as a local news source wrote.

More recently, Russian e-commerce company has announced its plans to accept bitcoin as a method of payment from 1 September 2017.

“Ulmart started closely monitoring the market and regulatory environment for the use of crypto-currency in Russia as early as March 2014. As the blockchain technology is coming into our operations to fight counterfeit items, we see that the mystery that existed around the bitcoin three years ago has significantly receded.”, said Dmitry Kostygin, the Chairman and majority shareholder of the company named Ulmart, in a press release on their website prnewswire.com.

This decision was taken despite of the lacking support of the Bank of Russia, the country`s central bank.

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