Russia To Host Cryptocurrency Trials In Four Regions

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ruble-bitcoin-300x289Sources from the Russian Ministry of Economic Development and Trade have apparently stated that financial experts will start testing blockchain and cryptocurrencies in Kaliningrad Oblast, Kaluga Oblast, Perm Krai and Moscow. The authorities aim to create regulatory sandboxes in the above regions to test innovative technologies that are currently out of scope of the existing legislation in Russia Namely, the experts will be engaged in experiments with blockchain, digital money concepts, neurotechnologies, artificial intelligence, quantum technologies, robototechnics and virtual reality, the deputy minister of economic development Savva Shipov commented.

Also, he added that these regulatory sandboxes might serve as a driver and catalyst that would speed up the development of a legal field and regulatory environment for innovative technologies. Russia’s existing legislation lags behind the economic reality in many aspects, including the use of cryptocurrencies. The proposed sandboxes will help to develop standards needed to adapt legal environment to the new technological practices and systems. Meanwhile, some experts believe that the regulators are unlikely to soften their approach towards cryptocurrencies unless they prove to be secure within the sandbox. In January, Anatoliy Aksakov, to the chairman of the State Duma Committee on Financial Markets, said that Russia might consider creating the cryptoruble following adoption of mass blockchain technologies, and as a way to get around global usage of the US dollar and sanctions.

“The Cryptocurrency question is one that Russia is dealing with” says Chris Devonshire-Ellis of Dezan Shira & Associates “It will represent an increasing volume of trade in the future, although relevant legislation and security technologies are still in the development stages. Russia is an exciting market to be in for blockchain technologies at present as it intends to be a global leader in this field. Russian Universities are already offering courses in this and Russian excellence in this field is well underway.”

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Russia Briefing is produced by Dezan Shira & Associates. The firm advices, through its partner offices in Moscow and St.Petersburg, foreign businesses investing into Russia and also Russian businesses investing in Asia. The practice has an office in Singapore and can advise Russian clients interested in the local market and elsewhere in ASEAN and Asia. Please contact russia@dezshira.com for assistance.

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