News outlet Cryptopolitan has reported that Russia is now preparing to test innovative methods of money transfer, including the use of cryptocurrency, in four regions. It says that the economics ministry has already drafted a bill to set up a monitoring mechanism.
Under the new bill, the testing of various cryptocurrencies can be conducted by firms, businesses, individuals, and specialists in the economic zones legally without the worry of violating laws. The draft law is thought to include advancement of artificial intelligence, neurotech, quantum tech, robotics, cybernetics, and amplified reality, in addition to cryptocurrency and blockchain technology.
The bill acknowledges that innovative tech often fails because of a lack of support from legal frameworks, so the plan’s major goal is to promote ventures in these emerging fields, boosting the process of modernization with flexible control, while taking advantage of lower costs and resources needed to develop advanced goods and facilities.
Apparently, these supervisory sandboxes will slowly include crypto into traditional financial institutes.
The sandbox approach is increasingly popular, especially with countries wanting to compete as a blockchain and innovation hub to rival the likes of Crypto Valley in Switzerland. Not all countries have ensured that this innovation sandbox covers crypto, such as the recent one set up by the Reserve Bank of India, which specifically denies cryptocurrency access.
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