Russia is a country that is known for many things including its control of digital resources which is currently getting ready to permit testing of innovative methods of money transfer.
Reports have recently surfaced that Russia is now getting ready to test innovative methods of money transfer, including the use of cryptocurrency, in four regions. It is said that the economics ministry has already drafted up a bill to set up a monitoring mechanism.
Under the new bill, the testing of several cryptocurrencies can be conducted by companies, individuals and specialises in the economic space legally without the worry of violating laws. This draft law is thought to include advancement of artificial intelligence, robotics, cybernetics, quantum tech and amplified reality as well as crypto and blockchain of course.
The bill acknowledges that innovative tech often fails because of a lack of support from a lawful body.
“The plan’s major goal is to promote ventures in these emerging fields, boosting the process of modernization with flexible control, while taking advantage of lower costs and resources needed to develop advanced goods and facilities.”
These supervisory sandboxes will slowly include crypto into traditional financial organisations.
The Russian civil society development advisor has declared the present Russian laws irrelevant.
The advisor stated:
“He stated that the control mechanism could be implemented to adjust the lawful atmosphere to the novel technical organization. The Russian president has also ordered the state representatives to approve laws regarding digital economy.”
The sandbox way of approach is becoming ever so popular. In countries that are wanting to compete as a blockchain and innovation hub, so to speak, the sandbox approach is especially popular.
Not every nation have ensured that this innovation sandbox covers crypto, such as the recent one set up by the Reserve Bank of India, which specifically denies cryptocurrency access.
According to a press release:
“The proposed financial service to be launched under the RS should include new or emerging technology, or use of existing technology in an innovative way and should address a problem, or bring benefits to consumers.