Russia to Introduce Crypto Regulations, Own Oil-Backed Cryptocurrency Mooted

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A set of new cryptocurrency regulations could be reviewed and adopted by the Russian State Duma by as soon as in March, but details remain scant.
Maciek Klimowicz
Written by Maciek Klimowicz

A set of new cryptocurrency regulations will be reviewed and adopted by The Russian State Duma as soon as in March, a local financial news source, rambler.ru,  reported on February 21.

Quoted in Rambler’s story is Oleg Nikolayev, a member of the State Duma Committee on Economic Policy according to whom the upcoming regulation is not only in the final stage of development but when adopted, will help blockchain and cryptocurrencies grow in Russia.

The story stops short of providing any details of the promised regulations, switching instead to an interview with Igor Yusufov, former Energy Minister, Director on the board of Gazprom and founder and Chairman of Fund Energy who speculates about a possibility of an oil-backed cryptocurrency.

According to Yusufov a roadmap for such a project is also almost at its final stage and “could make a significant contribution to the development of the Russian and international digital ecosystem and set a new bar for commercial infrastructure, the use of blockchain and smart contracts for non-financial services”.

He added that oil-blacked crypto has an advantage over those non-backed as being more predictable and less volatile. Moreover, setting the system up on blockchain would, according to Yusufov, allow for efficient collection and processing of analytical information.

Yusufov also speculates that, if introduced, an oil-backed cryptocurrency would weaken US dollar’s influence and might even serve as a basis for increased economic integration of energy producing countries (Russia, Azerbaijan, Kazakhstan) and consumers (Belarus, Ukraine) with Moscow positioned as a financial center.

Both the information revealed by Oleg Nikolayev and concepts offered by Igor Yusufov stand in stark contrast with those of Russia’s Minister of Justice, Alexander Konovalov who has recently confirmed that cryptocurrencies are categorically prohibited as a means of payment by the country’s constitution and other laws regulating Russia’s finances.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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