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Russia’s State Duma expects explosion of crypto issuance in 2021

The Russian government is anticipating more cryptocurrencies to be issued in the local market in 2021, according to a senior official.

According to Cointelegraph, Anatoly Aksakov, a member of the Russian State Duma and a key representative of local crypto legislation efforts, stated that the Duma’s Committee on Financial Markets expects Russian crypto issuance to surge after the adoption of the country’s new crypto law on Jan. 01, 2020. Passed in July 2020, the law “On Digital Financial Assets” provides legal status to crypto, but bans people from using cryptocurrencies such as Bitcoin (BTC) as a payment tool.

According to a Dec. 21 report by state-run news agency Parlamentskaya Gazeta, Aksakov stated that many companies are expected to issue stablecoins soon:

“A lot of big businesses have asked us to pass the law more quickly, and I know that they are going to produce stablecoins.”

Aksakov also expressed optimism about the future of a digital ruble.

The official stated:

“From my point of view, the digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial asset market.”

However, it seems to be unclear whether local companies would be allowed to issue ruble-pegged stablecoins.

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