The recent Prime Minister of Russia Dmitry Medvedev has given the updates with the rationale that the people are now less interested in this sector and therefore, there is no need to materialize the cryptocurrency regulations plan.
The Russian government was determined to work on cryptocurrency regulations, as the people were showing a lot of interest in this sector.
Therefore, they devised a plan to make federal laws for cryptocurrency regulations and adoption. The president of Russia Vladimir Putin gave the deadline of July of this year but, there is no discussion and updates so far, about the regulation procedure.
The Russian news agency Fontanka reported that Prime Minister has said that this is no more relevant issue. Medvedev updated that numerous discussions were carried out on crypto-terms regulation but, no legislation has been made and the environment is also not encouraging for this issue.
It is seen by many analysts as the ‘Missed Opportunity’, although the people’s interest in this sector has declined but, this can be temporary.
The crypto-world is a reality and there is a lot of chance of sustainable growth and advancements in this area and for that proper regulation is an utmost priority. Basing any crucial opinion on the temporary scenarios is totally absurd.
This can be analyzed as a short-term phase that will soon be ended. The decision of Russia to deprioritize the regulation is more like a golden opportunity they are missing and it will impact Russia in long terms.