Ministry of Economic Development will allow testing cryptocurrency and blockchain in “regulatory sandboxes”

The Ministry of Economic Development has prepared a bill that will allow participants in the “regulatory sandboxes” to experiment with advanced digital technologies, including blockchain and cryptocurrency.

According to Izvestia, the norms will apply to distance medicine and education, unmanned vehicles, fintech, trade, construction, industry and public services.

Deregulation will affect some provisions of the laws “On Banks and Banking” and “On the Central Bank”, which will allow residents experimental legal regimes to test cryptocurrencies and blockchain projects.

Additionally they will receive exemption fromrequirements for a minimum level of authorized capital, reservation of funds, reporting to the Central Bank, and will also be able to count on easing currency regulation and control, ignoring some provisions on operations with foreign currency and its import / export.

However, their activities will be monitored by the Bank.Russia and, despite the possibility of providing benefits, each application will be considered and agreed on an individual basis. In this case, such factors as the level of risks and the degree of importance for individual citizens, society as a whole and the state will be taken into account.

The bill was introduced by the government to the State Duma on March 17 and is now under approval by the federal executive authorities and the Central Bank.

Recall that in February the Bank of Russia announced the successful completion of testing the blockchain platform for digitizing assets developed by Norilsk Nickel.