The Russian Federation has changed its mind on cryptocurrencies and has drafted a law to “create the legal framework for trading in bitcoin, dash, ether, and other digital currencies,” reports Business Insider. The Russian newspaper Vedomosti said the Kremlin is working on a plan to regulate the technology, which is one of the main barriers to having the cryptocurrencies available to use.
Moscow hosted a large cryptocurrency conference in March in a bid to become a hub for developing the methods for use in society. “The federal deputy Boris Titov, while speaking on the national forum,suggested to establish a ‘crypto valley’ in Crimea, similar to the crypto valley in Switzerland,” wrote blogger Ekaterina Tarasova, who attended the conference, reported IBT.
With widespread, endemic corruption a part of daily life in Russia, cryptocurrencies could be a way for the government to stamp out money laundering and other financial crimes. Other former Soviet territories have spearheaded this type of effort, such as Georgia, and Ukraine.
Others suggested Russia use the technology to outmaneuver Western sanctions, “This is a rare situation where the sanctions policy of the West gives rise to the opportunity for homegrown business to create something new and allow the national economy to move forward,” said Andrei Lugovoi, a parliament member aligned with Russia’s nationalist LDPR party, reported IBT.