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Russian Blockchain Bill Passes First Parliamentary Stage

1 min
Updated by Geraint Price
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In Brief

  • Russia's legislative assembly passed the blockchain bill in the first reading.
  • The blockchain bill will allow the financial marketplace participants to combine their operations with the blockchain technology.
  • Russia is also working with Iran to launch a gold-backed stablecoin.
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The bill to allow the utilization of blockchain technology for financial marketplaces has been passed the first reading in Russia’s legislative assembly

As blockchain technology goes through a worldwide adoption phase, Russia joins the list of countries using it to its fullest potential. According to a Thursday Interfax article, Russia’s State Duma passed a blockchain bill in the first reading.

Russian Assembly Gives Green Signal

The members submitted bill number 221502-8 in State Duma in October 2022, letting the financial market participants combine their operations with blockchain platforms. The State Duma is the legislative authority of the Russian parliament.

Duma members passed the bill on the first reading. It will now go to the committee stage.

The Financial Marketplace, which came into existence in 2020, allows citizens to purchase various financial products on a 24/7 basis. The regulatory bodies did not allow participants to combine their operations with blockchain technology earlier. But, the bill will legalize the use of blockchain once it becomes law.

The bill reads, “This innovation will facilitate the establishment of new businesses models on the financial market based on the digital transformation of financial services.”

Russia is also reportedly working with Iran to develop a gold-backed stablecoin called “Token of the Persian Gulf.” In November 2022, a State Duma member said that they were working on launching a national cryptocurrency exchange. It is because the government believes it is missing out on billions of rubles in tax revenue.

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