According to a document published on the Russian President’s official website, Vladimir Putin has ordered the Russian Government to adopt cryptocurrency regulations by July 1st this year. The move will help Russia crypto adoption.

Setting the deadline, the Russian President has ordered the body to enforce crypto-related regulation for the digital assets industry.

Russia Crypto Adoption

The transcript reads the following:

“Federal laws aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in elecTron (available on Binance)ic form, as well as regulating digital financial assets and attracting financial resources using digital technologies.”

As CoinTelegraph explains further:

“The legislation should also include a regulatory framework for digital financial assets, as well as attract greater financial resources based on digital technologies.”

Putin’s most recent order mimics an order cast last year in which he told the Kremlin to set up regulations for the trade of cryptocurrencies, initial coin offerings (ICOs) and crypto mining by July 2018.

Russia and Crypto Adoption

The superpower has been actively engaging with cryptocurrency. Last month, Russia was reportedly avoiding US Sanctions by investing $10 billion USD into Bitcoin (available on Coinbase). The news came from a Russian economist with ties to the Kremlin.

It is said that by replacing its US dollar reserves, the superpower’s investment will minimize US sanctions on Russia.