MOSCOW – The Russian Ministry of Economic Development has announced a new set of laws for “Russian offshores,” allowing companies to avoid paying taxes, and will includes measures regarding cryptocurrency and shipping.


Ilya Torosov
Ilya Torosov

“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response,” said Ilya Torosov, Deputy Minister of Economic Development of Russia.

Last month, Russian President Vladimir Putin issued a deadline for the Russia government to adopt cryptocurrency regulations by July 1, 2019.

The new regulations are required to include a regulatory framework for cryptocurrency, as well as more financial resources for blockchain technology.

The lower chamber of parliament, the State Duma, stated they will be reviewing and implementing new cryptocurrency regulations this month.

Former Energy Minister Igor Yusufov is also proposing a state-sponsored, blockchain-based, cryptocurrency that will be backed by Russia’s oil reserves.

Igor Kostikov
Igor Kostikov

“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptocurrency market as a whole,” stated Kostikov.

Yusufov explicitly stated in the interview with Rambler that the oil-backed cryptocurrency will utilize blockchain technology to track and verify every barrel of oil.

Stay tuned to Blockchain Daily as new updates are expected to be released regarding both the new regulations and the Russian oil-backed cryptocurrency this week.


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