Blockchain technology is rapidly gaining popularity worldwide, and the adoption wave has now reached Russia. The State Duma, which is the legislative authority of the Russian parliament, has passed a blockchain bill in the first reading.

The new bill, which was submitted by Duma members in October 2022, aims to allow financial market participants to combine their operations with blockchain platforms.

The move will allow citizens to purchase various financial products 24/7, facilitating the establishment of new business models on the financial market based on the digital transformation of financial services.

Before this bill’s passing, regulatory bodies did not allow participants to combine their operations with blockchain technology.

However, the bill’s passing will now legalize the use of blockchain in financial marketplaces once it becomes law. The bill will now proceed to the committee stage.

Russia has also partnered with Iran to develop a gold-backed stablecoin called “Token of the Persian Gulf.” Moreover, a State Duma member had recently announced that the government was working on launching a national cryptocurrency exchange because they believe it could generate billions of rubles in tax revenue.

The passing of this bill demonstrates Russia’s efforts to embrace blockchain technology and its benefits fully. It aligns with the country’s recent initiatives to integrate emerging technologies into various industries to enhance efficiency, transparency, and security.