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The Russian State Duma plans to adopt a resolution on a bill on the regulation of cryptocurrency, reported a local source.
Oleg Nikolayev, a member of the Economic Policy Committee of the State Duma, said the Russian badembly house had conducted the regulation of cryptocurrency in its final phase. Contrary to the Russian Central Bank's conservative stance on bitcoin and other virtual currencies, Olga said the house was working on a business-friendly environment for the integration of these badets.
The IMF gave the green light to eight countries to launch a national cryptocurrency. The next countries are Russia, Venezuela, Canada and some larger countries, with some smaller ones also on the list. He thinks we'll see one or two G20 countries emerge friendly @philosophyofmet pic.twitter.com/sl5yafumxl
– ༝ ??????????⚡ (@stuart_xrp) January 16, 2019
It is likely that the House will enact the crypto-regulation law by March, which could still pave the way for the government to launch its digital currency at the central bank.
Cryptocurrency backed by announced oil
While Russia plans to become a crypto-friendly state, the country is also putting its first big blockchain bet on a cryptocurrency backed by oil.
According to the former Energy Minister, Igor Yusufov, Russia is about to publish a cryptocurrency version of the petrodollar.
Russian President Vladimir Putin, on the left, chairs a meeting on the regulatory basis for cryptocurrencies in the Bocharov Ruchei residence in the seaside resort of Sochi on the Black Sea coast | Source: Alexei Druzhinin, Sputnik, Kremlin Photo Pool via AP
The founder of Fund Energy told Rambler that he was seeking to bypbad trade restrictions and other financial restrictions. He also claimed that other oil producing countries also aimed to increase their oil and gas exports without relying on a petrodollar pegged to the US dollar. Extracts from his statement:
"OPEC + member countries control more than 2/3 of the world's oil reserves. Such a union in their own interests will not only be logical but also economically justified. "
Launch in the CIS countries
Oil-producing countries, such as Russia, Iran and Venezuela, are currently facing economic sanctions imposed during Donald Trump's term as President of the United States. Venezuela, for example, tried to get around the sanctions and announced its oil-based cryptocurrency, Petro. Nevertheless, President Trump has signed a decree banning any financial transaction in US dollars involving Petro.
On the other hand, Russia seems more cautious when it comes to extending its crypto oil project. Yusufov announced that they would first launch the crypto-petroleum project in the CIS countries. The move would minimize the interference of the United States in their plan. At the same time, it would allow the government to put in place a first framework between energy producers and consumers in the CIS.
"In this regard, we must not forget the current intergovernmental agreement between the Russian Federation and Turkmenistan on cooperation in the gas sector until 2028 and the corresponding contract for the purchase of Turkmen gas by Gazprom, "said Yusufov. "Therefore, in the case of the project, such a center can become the world's leading cryptocurrency center with real security."
How do you think intergovernmental conflicts between the United States and other countries would unfold? Tell us in the comment box below.
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