The Russian blockchain bill passed the first stage of the parliament and entered the committee review stage

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）

Interpretation of this information:

The Russian Duma Parliament has passed a bill that would allow financial market participants to integrate their businesses with blockchain technology. The bill, designated as 221502-8, was submitted in October 2022 and is set to enter the committee’s deliberation stage. If enacted, the bill would legalize blockchain use in financial markets, create a new business model based on digital transformation of financial services, and offer numerous benefits to market participants.

The bill appears to be part of a growing trend towards blockchain integration in the financial sector. The use of blockchain technology can offer several advantages, including increased security, transparency, and efficiency. Blockchain adoption could enable financial institutions to simplify complex processes, lower operating costs, and enhance customer trust.

The Russian Government’s decision to legalize blockchain use in financial markets reflects its commitment to embrace the newest technology trends, and could position the country as a leading innovator in this field. By creating a supportive regulatory environment, the government aims to foster innovation, increase employment opportunities, and boost economic growth.

In summary, the Russian Parliament has passed a bill that aims to integrate blockchain technology into the country’s financial market. If implemented, the bill will legalize blockchain use and promote the establishment of a new business model based on the digital transformation of financial services. The three keywords that summarize this message are “blockchain integration,” “legalization,” and “digital transformation.”