Russia Blames Its Crypto Law Delay on Coronavirus

Russia Blames Its Crypto Law Delay on Coronavirus

Crypto news Social Technology
April 2, 2020 by Super System
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Bitcoin News

Delay of Crypto Law in Russia

Russia's Crypto Law

The chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, stated that the bill “On Digital Financial Assets” which is to address the country’s law as it concerns cryptocurrency, will be delayed once again. 

The law has been finalized since September 2019, but it will not be adopted before the end of the spring of 2020, the government confirmed.

Debated Since Early 2018

This is far from the first delay of the bill being enacted into law. According to Russian news agency RBC in a March 31 report, previous delays were due to stark disagreements about the handling or permitting of the new asset type between Russian local authorities. In fact, Aksakov, who serves as the chairman of the National Banking Council at Russia’s central bank, elaborated that the bank had opposed cryptocurrency legalization while the State Duma advocated for some initiatives to be undertaken.

Now, due to further delays citing a shifting focus on priority actions in the COVID-19 pandemic, the legislative processes has significantly slowed. This just adds to the many delays of this legislation which has been in the works ever since being introduced in the early months of 2018.

Not a Threat to Local Crypto Exchanges

In mid-March, a legal executive at Russia’s central bank stated that the upcoming bill would actually ban the issue and circulation of cryptocurrencies altogether, leaving the only thing legal is cryptocurrency possession. Aksakov, however, said that the law will outline the legal definition of cryptocurrencies, but prohibit their use in money laundering and criminal activities. 

He also noted that the bill will include the issuance of digital assets, as well as their circulation. A crypto version of the ruble would also follow, but that currency will be controlled and regulated by the country’s central bank.

While Aksakov said that the new law will not intrude on crypto exchanges being operational, the bill will also not include regulation for cryptocurrency mining. However, as crypto mining is a “type of business that produces value”, Aksakov is confident that it will be taxed.

Aksakov’s comments come shortly after Russia recorded its largest daily rise of coronavirus cases for the sixth sequential day. Moscow authorities have already ordered its citizens to self-isolate, and are strongly considering a nationwide lockdown.

However, on March 24, the Russian Federations Ministry of Economic Development released a draft law that allows for the testing of blockchain, as well as cryptocurrency developments within the confines of a special regulatory sandbox.

 

 


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