The Russian Ministry of Economic Development has proposed a draft law on “regulatory testing environments” – a sandbox in which to test new technologies. The paper discusses eight industries that can benefit from a free regulatory environment when introducing new digital technologies. The list includes health care, transportation, distance education, commerce, finance, construction, production and public services.
The regulatory project for new technologies does not directly mention blockchain or cryptocurrencies, but an explanatory note mentions distributed registries as one of the technologies that could be explored in the new “experimental regulatory regimes”.
The central bank of Russia will be responsible for overseeing fintech sandboxes. Representatives of the Ministry of Economic Development, which initiated the draft law, told the Russian newspaper Izvestia that fintech projects will not be required to comply with strict rules on cash reserves and financial reporting.
The draft law gives Russian regulators the opportunity to study new technology in a more flexible way. It also suggests that regions of the country should be able to create their own local sandboxes.
The draft regulation for new technologies does not refer to cryptocurrencies
If approved, the bill will facilitate the development of new technologies, including blockchain. However, it does not guarantee that sandboxes will also include cryptocurrencies. The central bank of Russia has constantly had an attitude against digital assets. Recently, the institution has been involved in drafting legislation to prevent crypto businesses from operating in the country.
Mikhail Komin, director of research at the Center for Advanced Governance in Moscow, said that Russia will not accept cryptocurrencies too soon:
“Certainly, the coronavirus pandemic and the financial crisis make the government look for unorthodox solutions, but cryptocurrencies are not part of it. The Bank of Russia is interested in reducing the uncertainty in the financial and foreign markets caused by the volatility of the Russian ruble. Unfortunately, he believes that digital assets would add even more uncertainty, “
said Komin.
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