Russia's digital economy commision head, Anatoly Aksakov, is pushing for Russia to reach a definitive direction for blockchain by the end of 2020. The original article is linked below.

There is pressure from the lobbyists in favor of crypto and blockchain, and resistance from the Finance Ministry and the Russian central bank.

Aksakov said,

“Large Russian businesses are ready to use blockchain for economic operations, so it is necessary to create a legal framework.”

He added that “the interests of businesses” would “play a decisive role” when drafting legislation.

The committee chief stated,

“Companies have said that they need this law and that they intend to actively use it. This gives me confidence that this year we will definitely adopt it.”

Despite finding himself very much in the middle of the struggle between regulators and crypto-keen business interests, Aksakov appeared to rule out any lingering fears of a China-style crypto crackdown.

This is a strong, positive signal of where things can head, if governments recognize the industry's needs. Crypto is not all about scams and high risk investments. People see a tangible future on what coins can become, and how blockchain can be used to move towards positive technological advances.

He stated,

“The hype [about cryptocurrencies] has passed, and everyone agrees that the blockchain has a future. Cryptocurrencies and blockchain are interconnected. I think that [the Duma] will definitely adopt a law related to [cryptocurrencies] in the upcoming spring session.”

He added that all parties were taking a “more relaxed attitude” toward crypto, although he added that he “cannot comment on what that legislation will look like now.”

And it looks like even arch crypto-skeptics at the central bank may have softened their stance, with Aksakov stating,

“There are a lot of qualified people who understand that progress cannot be stopped; that we just need appropriate regulations.”

The Duma commission chairman added that Russia would also push ahead with plans to create a regulatory sandbox for blockchain and cryptocurrency projects.

Aksakov said, “The sandbox will create a space for [companies] to test new financial and digital technology.”

With global concerns about the Chinese and Russian governments' positions on crypto from the overall community, it can bring support and confidence to the table if there are frameworks that support growth in place of prevention, warnings, and pressure.

The original article can be found here:

https://cryptonews.com/news/russian-companies-pushing-gov-t-for-crypto-blockchain-legisl-5686.htm