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  • President Putin instructs the Russian legislative body to form crypto regulations by July 1.
  • Russian could soon be launching a national oil-backed cryptocurrency.

The President of Russian, Vladmir Putin is slowly having a change of heart towards cryptocurrencies. The sentimental change comes after the lower house of the Federal Assembly decided to release an oil-backed cryptocurrency. Putin has given instructions to the relevant authorities to come up with a precise regulatory framework for the country.

The document from the president was presented to the Russian legislative body. It directs that that regulations must be passed by July 1, 2019. This is not the first deadline issued by the Russian President, in 2018, Putin instructed that laws be developed to legalize. However, this direction is for “federal laws aimed at the development of the digital economy.”

The cryptocurrency space in Russia is filled with mixed messages. Different directives are often made regarding cryptocurrencies leaving the investors in confusion. Presently, the rumor is that the government is working on a national crypto asset that will be referred to as “CryptoRuble.” There still lacks enough evidence to prove the claim, however, with regulations in place, the possibility is national crypto is immense.