Anatoly Aksakov, a key member of the Russian State Duma and the head of the financial markets committee mentioned in a statement that the cryptocurrency issuance in Russia will surge after January 1, 2021, due to the implementation of the Digital Financial Assets Act.
According to a report published in the Parliamentary Gazette, the Russian politician has received several queries from businesses in the country about digital assets. Aksakov added that many Russian companies will issue stablecoins next year.
Aksakov has a strong background in economics and he presented his views about the possibility of a digital ruble. “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,” Aksakov added.
The newly passed Digital Financial Asset Act will take effect on January 1, 2021, and the Russian politician is expecting local firms to increase cryptocurrency issuance in order to take advantage of the growing interest in digital assets.
Russia’s Cryptocurrency Market
Earlier, Finance Magnates reported about Russia’s decision to treat cryptocurrencies as property. The Prime Minister of Russia, Mikhail Mishustin said in a meeting on November 26 that the government is planning to recognize digital financial assets as property and the owners of cryptocurrencies will be able to claim and protect their property rights in Russian courts. The interest in cryptocurrencies is growing in Russia, according to the details provided by P2P exchange LocalBitcoins, Russia topped the list of P2P Bitcoin trading.
Despite the uncertain regulatory environment, cryptocurrency trading has seen a surge in Russia. The recent initiatives by the Russian lawmakers show that the country is planning to support digital assets under a clear regulatory framework.
“A lot of big businesses have asked us to pass the law more quickly as they are excited to take advantage of the growing popularity of digital assets, and I know they’re going to produce stablecoins,” Aksakov added.