The Russian government is anticipating more cryptocurrencies to be issued in the local market in 2021.
It has been reported that Anatoly Aksakov, a member of the Russian State Duma and a key representative of local crypto legislation efforts, said that the Duma’s Committee on Financial Markets expects Russian crypto issuance to surge after the adoption of the country’s new crypto law on January 1, 2020. Passed in July 2020, the law “On Digital Financial Assets” provides legal status to crypto but bans people from using cryptocurrencies like Bitcoin (BTC) as a payment tool.
However, according to a December 21 report by state-run news agency Parlamentskaya Gazeta, Aksakov said that many companies are expected to issue stablecoins soon.
“A lot of big businesses have asked us to pass the law more quickly, and I know that they are going to produce stablecoins.”
Alongside forecasting a surge of crypto issuance in Russia, Aksakov also expressed optimism about the future of a digital ruble.
Thus, the official said:
“From my point of view, the digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial asset market.”