While most countries in the world are taking a step forward in the regulation of cryptocurrencies, Russia seems to want to take a step back, considering that these assets are losing popularity.
The Russian Prime Minister, Dmitry Medvedev, said that for the government of the country the regulation of cryptocurrencies was no longer a priority, since these assets had lost their popularity and were no longer so interesting for the population in general, so adopt rules regarding digital currencies was no longer so necessary.
This statement is quite curious since it is done just after the first important upward movement that has been during 2019, when in just 45 days he managed to exceed the threshold of $ 4,000 to spend the $ 8,000.
In fact, many analysts say that this only gives more popularity to the cryptocurrency, a statement that is based on reviewing how many times the word “Bitcoin” has been searched on Google since its bullish rally began.
“The popularity of cryptocurrencies has declined so far, which probably makes the regulation problem no longer so relevant.”
However, the Prime Minister of Russia maintains his position on the sudden lack of interest in digital currencies by the population.
During his speech at the annual International Judicial Forum, held on May 15, Medvedev said the problem was widely discussed in a previous forum in May 2018, when he himself urged the government to legislate at least some basic cryptographic terms, in spite of finding some adverse opinions for being in full market bass of Bitcoin. But, according to the politician, the current priorities are different.
This may also explain why the legislation on digital currencies in Russia has taken so long to pass. In May 2018, the main bill in this area, entitled “On digital financial assets”, was approved by the Russian Parliament, but was sent to the first reading stage after reports of its lack of important key concepts as the encryption mining. And since then the legislative body of the country has delayed its consideration several times.
But despite the Prime Minister's statements and the delays of Parliament, Russian President Vladimir Putin ordered the government to adopt a regulation for the cryptographic industry no later than July 2019. Therefore, many analysts believe that the regulations the largest country in the world will be carried out after all.