After months of stalling, one of the top Russian banking authorities what Was quoted saying that they have now figured out how they will regulate the market. This comes only two weeks after one of the top officials in the country release a statement that all bitcoin exchanges would be banned within the country’s borders.
Putin has stated that the government in Russia needs to find a way to utilize the cryptocurrency technology that has helped to revolutionize financial markets around the world. The country is currently working on regulatory matters that would effectively control the use of a initial coin offerings or ICO’s as a way to raise capital for a new business.
Putin has also stated that legislators need to make some sort of regulatory framework so that miners in the cryptocurrency industry have to register with the government. This means that the Russian government utilizes a new method of taxation which is in opposition to the current situation that leaves most earnings untaxed. The country believe that it is only fair to tax the cryptocurrency industry as though it is any other financial markets.
The country has also been working on new technology in the form of a platform known as “sandbox.” This new platform would allow blockchain developers to show the government new technology and applications that could potentially help the central bank evolve as time goes on.
Putin stated during the latter half of October that he is calling for the “formation of a single payment space for the member states of the Eurasian Economic Union with the use of new financial technologies, including the technology of distributed registries.” This is likely to be in place by next March.