November 29, 2023

Russia will test cryptocurrencies in “regulatory sandboxes”

Russia will test cryptocurrencies in “regulatory sandboxes”

Last week, the Ministry of Economic Development submitted to the State Duma a bill “On experimental legal regimes inDigital Innovation in the Russian Federation. ”

According to the document, Russia is ready to introduce an “experimental legal regime” for testing and developing digital technologies.

Cryptocurrency and blockchain technologies that do notlegalized in the country, will be tested in the "regulatory sandboxes". After successful testing, companies will be able to obtain permission to implement their solutions in various sectors of the economy.

Each industry will have its own"sandbox". In the financial services market, this niche will be occupied by the Central Bank of Russia. Despite its aggressively negative policy, the Central Bank has already stated that the digital money issued by the bank may become the full equivalent of cash.

The document states that testing participants will be exempt from compliance with laws that impede the operation of innovative technologies. 

The bill was prepared and submitted for discussion back in July last year. However, the adoption of cryptocurrency legislation in the country is constantly delayed.