The Russian authority is reportedly casting predictions of a surge in the issuance of crypto coins across the local markets next year, following a new bill going in effect. 

Specifically, Anatoly Aksakov, a member of the Russian State Duma as well as a nominal representative for the crypto regulations attempts across the nations, reportedly remarked that the Duma’s Committee on Financial Markets anticipates an incline, regarding Russia-based crypto issuance, following the roll-out of the nation’s new crypto law, starting January 1st this year. 

Approved in July 2020, the bill – dubbed “On Digital Financial Assets” – reportedly grants legal status for crypto, but prohibits individuals from treating digital coins, nominally Bitcoin (BTC), as a means of payment. 

“A lot of big businesses have asked us to pass the law more quickly, and I know that they are going to produce stablecoins.” Aksakov reportedly anticipated numerous firms will conduct the issuance of stablecoins in the near future. 

Together with making predictions regarding the rise of crypto issuance across Russia, Aksakov reportedly further displayed an optimistic attitude towards the future of a digital ruble.

“From my point of view, the digital ruble is one of the future forms of our ruble, and it should contribute to the development of the financial asset market,” The official reportedly added. 

There reportedly is still no clarity into the possibility of whether companies, across the nation, are authorized to carry out the issuance for ruble-pegged stablecoins.

Previously, the nation’s central bank reportedly rolled out its plans to conduct the issuance of central bank digital currency on Oct. 13, 2020, believing that a digital ruble would function as an extra form of money, together with cash and traditional forms of digital fiat.