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Russian Oil Industry ‘Waits’ as Medvedev Says Token Regulation Needed

Tim Alper
Last updated: | 1 min read

Russian Prime Minister Dmitry Medvedev has underlined the need for his country to introduce digital asset token regulation at a legislative level, but says Moscow must take time to find a tailor-fit solution.

Dmitry Medvedev. Source: a video screenshot, Youtube, naiumeedlivestream

And there are indications that government-owned oil and gas companies may seek to introduce blockchain-powered tokens or cryptocurrencies into their business operations.

News agency Tass reports that Medvedev held talks with Sergei Gorkov, the chairman of Rosgeologia, a Russian state-run geological exploration services company with considerable hydrocarbon exploration interests.

During their conversation, Medvedev recognized the need for “digital financial asset” regulation, remarking that “many countries have already begun down the [regulatory] path.”

Gorkov spoke about his company’s ongoing digitalization and made specific mention of “asset tokenization,” stating that the use of digital tokens would help boost investment in hydrocarbon exploration.

Medvedev responded by stating,

“It would be nice to regulate the use of these so-called tokens on a nationwide basis.”

Gorkov then said,

“We are waiting for the legislation to pass.”

Moscow appears to be stuck in an impasse on crypto policy matters, with a number of pro-crypto advocates in senior governmental positions coming up against arch crypto-skeptics, many of whom hold executive positions at the Central Bank.

The Prime Minister also remarked that implementing token related-legislation in Russia would “require a comparison of the pros and cons.”

Meanwhile, as reported, Yuri Chikhanchin, the director of the Federal Financial Monitoring Service (Rosfinmonitoring), said in December that Russia should not “run ahead” of other countries and take the role of a global trendsetter in crypto regulation due to financial crime risks. In the same month, Russia’s Central Bank said that it is ready to test stablecoins in regulatory sandbox conditions.