Russian Duma to commission another blockchain study

Maria Nikolova

The Russian Duma Financial Market Committee would like to see another analysis dedicated to the various ways of regulating blockchain applications.

Although Russia’s authorities have thus far been rather harsh when it comes to cryptocurrencies, the attitude towards the technologies associated with them, such as blockchain, has been more positive. According to a report by RBC, the Russian Duma is planning another study concerning blockchain.

The Financial Market Committee has proposed the commissioning of a study on the ways to regulate blockchain applications in the Russian financial market. The study is set to take place in 2018.

This is not the first time that the Russian parliament shows its curiosity about distributed ledger technologies. In September this year, the Duma set aside RUB 2.5 million for expert research into “Regulation of the implementation and practical adoption of contemporary financial technologies”. In particular, the project required an analysis of the use and implementation of blockchain, as well as the technologies associated with cryptocurrencies. The analysis has to cover the effects and the risks of the use of blockchain as a basis of decentralized systems for transactions and deals in the financial market and the payments services segment. The research should also examine the risks of using crypto currencies in the payments industry and should propose ways to minimize these risks.

A total of 18 applications were received for the project. The applicant that got the highest score and will get a contract with the Russian Parliament is the Financial University under the Government of the Russian Federation. Its project requires funding of approximately RUB 1.88 million.

Last month, Russia’s President Vladimir Putin made his stance regarding cryptocurrencies much clearer by signing a number of orders to the Central Bank of Russia and the Russian government with regard to fintech and cryptocurrencies.

The Government and the Central Bank have until July 1, 2018 to make sure that certain changes are introduced to the Russian legislation. These changes should determine the status of digital technologies used in the financial segment and should cover the associated concepts, including: distributed ledger technologies, cryptocurrency, token and smart-contracts. These changes should reflect the fact that the Russian ruble will remain the single legal payment means in the Russian Federation. The changes should also address the funding using tokens and the creation of a sandbox for innovative fintech solutions.

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