Russia’s Ministry of Communications

(Minkomsvyaz) has announced it is aiming to “legalize” Blockchain technology by 2019. The local news agency TASS quotes a document related to Russia’s Digital Economy of the Russian Federation project, which lays out a timeframe for creating and passing “regulatory acts” for Blockchain itself. Specifically, the document refers to “bringing into effect regulatory acts governing the possible use of technology for decentralized registers and legal certificates.”

The update follows a request from prime minister Dmitry Medvedev, who in March instructed Minkomsvyaz and its counterpart Ministry of Economic Growth (Minekonomrazvitie) to “study to what extent [Blockchain] would be applicable to our system of government.” Russia’s stance on Blockchain has solidified in terms of rhetoric this year. A simultaneous confirmation from the central bank it would not seek to ban cryptocurrencies such as Bitcoin served to steady business and consumer’s nerves after several years of uncertainty.

Hard-and-fast laws governing cryptocurrency are now due in 2018, with authorities stating a desire to monitor transactions. Back in January, Hermann Gref, head of major Russian bank Sberbank, had forecast mainstream commercial use of Blockchain the country by 2019. Another source forecast an even earlier implementation - by the end of 2017.

Chuck Reynolds
Contributor