Russian Parliament Passes Bill to Legalize Blockchain Integration for Financial Market Participants

02/16/2023 13:11 • Digital Disruptors • 75 views

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

Analysis based on this information:

The Russian Duma Parliament has passed the bill numbered 221502-8, which aims to allow financial market participants to integrate their businesses with the blockchain platform. This bill has been in the works since October 2022 and is now entering the committee’s deliberation stage. Once it becomes law, the use of blockchain technology in the financial market will become legal.

The bill seeks to promote the digital transformation of financial services and enable the establishment of new business models that are based on blockchain technology. Financial market participants will be able to integrate blockchain technology into their businesses without violating any laws. The bill’s passage is an important step towards the financial market’s digitization in Russia.

The use of blockchain technology in several sectors, including finance, has been increasing in recent years. Blockchain offers unparalleled security, transparency, and decentralization, which is what makes it perfect for the financial markets. The world is moving towards cashless transactions and e-money, and Russia’s bill ensures that market participants are not left behind as the world progresses.

The legislation is a positive development in Russia’s efforts towards digitalization, and the use of blockchain will undoubtedly bring numerous benefits to the financial market. Blockchain can improve the speed, efficiency, and security of transactions. The technology can also reduce the cost of transactions by eliminating intermediaries and reducing the time and cost of settlement.

In conclusion, the passing of the bill by the Russian Duma Parliament is a significant development that will enable financial market participants to integrate blockchain technology into their businesses legally. The use of blockchain technology in the financial market will promote the digital transformation of financial services, and it will establish new business models based on greater efficiency and security.

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