The Russian government has long been known for trying to limit or remove any technology that might undermine its authority. However, this attitude seems to be changing, at least for cryptocurrencies.
The country’s Ministry of Economic Affairs recently drafted a bill that would regulate the regulation of cryptocurrency transactions in four regions. Entities, including businesses, professionals and individuals, will be able to test various transactions without the risk of legal influence. The bill, along with regulatory cryptocurrency transactions, aims to create a legal framework for blockchain technology.
- Facebook will send money to Amazon will be far behind? AWS General Manager: Everything is possible
- Venture capital tycoon Palihapitiya: cryptocurrency is the only and best hedge against traditional finance
- Demystifying the long-lost world's first blockchain fund
- Report: North Korea steals $700 million worth of cryptocurrencies to fund research and development of nuclear weapons
- Perspectives | The impact of digital assets on the global hosting market
- US: 21 congressmen urge the IRS to clarify cryptographic tax rules
Artificial intelligence (AI) is another technology that the bill aims to support, including quantum and neural technology, cybernetics, AR, and artificial intelligence.
According to the draft bill, companies are no longer implementing and developing such technologies due to legal uncertainties. This makes them fall behind other countries and limits their international competitiveness. Through the Act, the state aims to open up the testing and use of these technologies to the wider public while monitoring and managing these technologies.
The bill is said to have received support from the president, who has been pushing lawmakers to approve laws that focus on the digital economy. This sentiment is also reflected in the country’s civil society development adviser, who claims that the current law is completely outdated. (chain to finance)