Blockchain-enabled Financial Market in Russia
The Russian Duma Parliament today passed the bill numbered 221502-8, which is about to enter the committee\’s deliberation stage. It is understood that the bill…
The Russian Duma Parliament today passed the bill numbered 221502-8, which is about to enter the committee’s deliberation stage. It is understood that the bill was submitted in October 2022 to enable financial market participants to integrate their business with the blockchain platform. Once the bill becomes law, it will legalize the use of blockchain. According to the bill, this innovation will promote the establishment of a new business model in the financial market based on the digital transformation of financial services. （beincrypto.com）
The Russian blockchain bill passed the first stage of the parliament and entered the committee review stage
Interpretation of the news:
The Russian Duma Parliament has passed the bill numbered 221502-8, which aims to enable financial market participants to integrate their businesses with the blockchain platform. This move is seen as part of Russia’s wider plan to digitalize its economy, as the country seeks to move towards a cashless society.
Once the bill becomes law, it will legalize the use of blockchain technology in financial services, opening up new opportunities for financial market players. The bill’s objective is to promote the establishment of a new business model in the financial market based on the digital transformation of financial services, which will reduce costs, decrease the risk of fraud, and ensure transparency.
The bill’s provisions include allowing for digital assets, smart contracts, and blockchain-based systems to be used in financial transactions. Additionally, blockchain-based platforms will be able to carry out settlements, record-keeping, and other financial services functions. It is expected that the new legislation will lead to more efficient, secure, and reliable financial systems in Russia.
This law would bring more confidence in the use of digital assets in the financial market, which benefits the emerging blockchain industry. With the legalization of the use of blockchain technology, it could be an opportunity for businesses to receive investments directly in digital assets.
Overall, the adoption of such innovative technologies in the financial market is a positive sign for Russia’s digital economy, which aims to diversify its businesses and increase its competitiveness. It is also a step towards creating new knowledge-based jobs in the industry and fostering a culture of innovation in the country.
In conclusion, the Russian Duma’s move to pass the blockchain bill shows their serious intention to bring digital transformation into the financial market. The new law will no doubt result in changes to the financial industry, making it more efficient, reliable, and secure. The regulation of digital assets will reinforce investor confidence in financial services and stimulate investment in emerging blockchain businesses.
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