MOSCOW – Russian President Vladimir Putin has issued a deadline for the Russia government to adopt cryptocurrency regulations, according to instructions for the Federal Assembly published on Feb. 27.

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The order from Putin is set for July 1, 2019 and specifically requires federal legislation on digital settlements and civil-law.

In May 2018, Russia passed its first cryptocurrency legislation, later omitting all mentions of “crypto” and token-related terms, replacing them with “digital rights,” as well as excluding a proposed cryptocurrency mining amendment from the bill.

The Russian State Duma is slated to adopt new cryptocurrency regulations in March.

Russia has also stated recently they intend to release a oil-backed cryptocurrency soon.

Igor Kostikov, former head of the Federal Securities Commission of Russia, stated he supports the oil-backed cryptocurrency initiative and suggested that Russia should tokenize any exchangeable resource.

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.

Igor Yusufov
Igor Yusufov

The Duma will vote on further cryptocurrency regulation beginning in March.

In January, Valentina Matvienko, the chairman of the upper house of the Russian parliament, urged lawmakers in the lower house to expedite all cryptocurrency bills regarding regulation.

Valentina Matvienko
Valentina Matvienko

According to Matvienko, these bills have already spent a year in the Duma, the lower house of Russian parliament, without any significant changes.

In February 2017, Venezuelan President Nicola Maduro announced they would be creating their own oil-backed cryptocurrency, the Petro. To date, the oil-backed Petro has yet to emerge.

The construction of the proposed Russian oil-backed cryptocurrency is reportedly at its final stage.

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