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Next Session of Russian Parliament to Prioritize Bills on the Digital Economy, According to Chairman
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The lower chamber of Russian Parliament is gearing up to vote on some landmark bills next session on the digital economy according to its chairman. The news was reported in a press release published Wednesday.
Russia has always been a country which has been quite active in the cryptocurrency space, but no noteworthy legislation has really come from its government despite the interest. This may now be changing with the lower chamber of Russian Parliament announcing that they will be voting on a few crucial bills on the “digital economy,” the parliament revealed in a press statement.
Vyacheslav Volodin, the chairman of the lower chamber of Russian parliament, unveiled the news on Wednesday. He said that the bills currently in consideration are ones on digital financial assets, the scope of digital rights, and crowdfunding as it relates to cryptocurrencies. He was also sympathetic to the cryptocurrency space and urged lawmakers to create a favorable legal environment for the blockchain space.
“Working Groups to Be Created”
Chairman Vyacheslav further recommended that “working groups” be created to explore these laws on the digital economy. They will be comprised of blockchain experts, entrepreneurs, and computer science specialists. He further added that MPs are expecting to present “20 new draft bills” relating to the digital economy in the not-so-distant future.
It should be expected that tokenized securities will be on the agenda for Russian Parliament very soon. As Chairman Vyacheslav outlined, crowdfunding for the digital economy will be discussed which is intimately tied to tokenized securities along with digital financial assets more generally. We can expect ample discussion on this topic within the halls of Russian Parliament in the near future, but we must also be patient since it takes time to build a digital economy.
What kind of legislation do you expect to be proposed in Russia? Let us know your thoughts in the comments.
Image courtesy of AFP.
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Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
