Moscow And Regions From Russia To Trial Crypto And Blockchain Technology Legally
Moscow And Regions From Russia To Pilot Crypto And DLT Tech
Three regions of Russia will start the pilot of cryptos and blockchain technology in Russia together with Moscow. The story was reported by the local media outlet Izvestia, which affirmed that the Russian Ministry of Economic Development was a part of the tests.
The ministry is reported to be planning the tests of the currently unregulated blockchain and crypto tech in the country, as well as other emergent technologies such as quantum technology, virtual reality, robotics, and artificial intelligence.
According to the media outlet, most unregulated technologies are going to be tested in order to accelerate their adoption by the great public. The regions will which hold the tests are Moscow, Perm Krai, Kaliningrad, and Kaluga Oblasts. These experiments, the report shows, will be carried out as regulatory sandboxes.
Cryptos And The Blockchain In Russia
The main reason why these tests are so important is that this technology is currently not regulated in the country, despite the discussions for its regulation already being old. Now, the president of Russia, Vladimir Putin, has set a new deadline for the government to create industry regulations, which is July 1, 2019.
In order to comply, Russia is having to test these technologies so their representants can understand them better before they trade them.
Russia is also interested in Bitcoin and other cryptos in order to avoid international sanctions, as the U. S.-based financial system can be circumvented if the companies are able to use cryptos or any other non-sovereign forms of money.