The digitization of our society and the advancement of a digital economy is happening at an accelerated rate. As this digitized era comes to fruition, governments must enact new laws and rights in regard to informational data, the transferring, use, and disposal of data, among other things.
Keen to stay at the forefront of developing a clear and concise legal framework for a digital economy is Vladimir Putin, the President of Russia.
According to a press release issued by Russia’s parliament, the Duma, they have voted to enact new digital rights legislation to be implemented in October 2019.
Russia Makes the Development of their Digital Economy a Priority
The new law changes Russia’s civil codex to include the concept of “digital rights” and is being implemented to form the basis of the development of the digital economy within the Russian Federation.
Per the press release, the new law will determine how digitized rights can be exercised and transferred in addition to establishing rules for digital transactions and contracts.
As put by the Chairman of the State Duma, Vyacheslav Volodin:
“[The law on digital rights] forms the basis for the development of the digital economy. This is a new area for our rights because it is important for us to consolidate the basic concepts. ”
What’s interesting about the digital economy and digitization within our society is that cryptocurrencies and blockchain technology are at the forefront of this new era. Therefore, it appears that Putin and Russia are setting themselves up to be a leader in this new era by making the development of their digital economy a priority.
Russia – A Crypto-Friendly Nation?
Unlike China and India, who have issued bans on crypto-related services and denied crypto exchanges access to banks, Russia has taken a cautious but more positive approach to the nascent blockchain industry.
For instance, as previously reported by IIB, Russia is nearing completion of a specific regulatory framework, which Putin has set to be passed by July 1, 2019.
According to Putin, the regulatory framework will include federal laws aimed at the development of the digital economy, which includes the “digital rights” law talked about here.
Therefore, we can expect to see more laws aimed at developing the digital economy and should gain a clear understanding of Russia’s take on the cryptocurrency industry in the coming months.
Another piece of crypto-friendly news previously covered by IIB is that the Russian parliament will purportedly be launching an oil-backed cryptocurrency, much like the Venezuela PetroDollar (XPD).
What do you think about Russia’s stance on the digital economy? Will Russia become the first country to legally adopt cryptocurrencies? Let us know what you think in the comment section below.