Russian Duma Passes New Bill to Legalize Blockchain Integration in Financial Market
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 passing of bill numbered 221502-8 by the Russian Duma Parliament is a significant development for the country’s financial market. The bill aims to legalize the use of blockchain technology for financial market participants, which is expected to revolutionize the financial sector.
The bill was submitted in October 2022, and it has now entered the committee’s deliberation stage. If it becomes law, it will enable financial market participants to integrate their business with blockchain technology. The use of blockchain technology will promote the establishment of a new business model in the financial market based on the digital transformation of financial services.
The integration of blockchain technology in the financial market will help reduce costs, improve transparency, and enhance security for participants. The technology provides a decentralized and tamper-proof system that can be used for various financial services such as payment processing, trading, and asset management.
The legalization of blockchain technology in the financial market will also boost the adoption of cryptocurrencies in Russia. Cryptocurrencies such as Bitcoin and Ethereum operate on blockchain technology, and their adoption has been slow in Russia due to regulatory uncertainties. However, with the legalization of blockchain technology, we can expect more businesses to accept cryptocurrencies as a payment option.
The passing of the new bill also shows that the Russian government is embracing innovative technologies and is keen on promoting digital transformation in the financial sector. It is a step towards creating a more efficient and modern financial system that can compete with other developed economies.
In conclusion, the passing of bill numbered 221502-8 by the Russian Duma Parliament is a positive development for the financial market in Russia. The integration of blockchain technology will help reduce costs, improve transparency, and enhance security for financial market participants. It is a step towards creating a more efficient and modern financial system that can compete with other developed economies.
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