Russian president Vladimir Putin set a deadline for crypto regulations: July 2019. By July crypto regulations are to be put in place in Russia. The Duma and the Council of the Federation of Russia are to adopt the new rules by the first of July. This is to promote the digital economy in Russia, as this is struggling because of the US trade sanctions.

It is unclear, however, if the rules will be adopted by this date. It is not the first deadline for regulations, as the first one dates back to July 2018. This is beside the fact that the president is not a fan of unregulated coins or the fact that the central bank is not backing anything.

Putin has warned Russians in 2017 about the risks posed by cryptocurrencies, because in his view it attracts criminals due to its anonymous nature. The central bank of Russia also put forth a skeptical stance, as they see it as a pyramid scheme.

This announcement comes right after the fake announcement that Russia was planning on buying $10 billion in bitcoin. This supposedly was aimed to lessen the impact of the trade sanctions posed on Russia by the US. State officials have officially stated that Russia probably won’t be ready for anther 30 years for the change to happen. The lack of regulations being the main point.