According to the head of the State Duma Financial Markets Committee, the bill “on digital currency” will be a “difficult” law to comprehensively regulate crypto transactions in Russia. The law is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite the Bank of Russia’s decision to drop its opposition to crypto payments, at least when they face sanctions. Facilitate foreign trade between Russia.
Adoption of Russian law on cryptocurrencies delayed by ongoing debate over regulations
Discussions about the regulation of the Russian crypto market are ongoing in the government and it is not worth expecting that the draft law “on digital currency” will soon be filed with the State Duma, according to the chairman of the Financial Markets Committee in the lower house of the Russian parliament, Anatoly Aksakov told Parlamentskaya Gazeta this week.
Russian officials are currently debating the third amendment to the bill and talks are heating up, Aksakov unveiled. “I do not think that the document will appear in the State Duma in the near future. The state of the cryptocurrency market also does not add optimism – against the background of the sanctions decisions bitcoin has fallen a lot,” the high-ranking deputy explained, elaborating on earlier statements. Despite this, the law must be adopted during the spring session of the House.
The lawmaker said the US State Department has begun to crack down on the crypto space, with speculation that bitcoin is being used to circumvent sanctions against Russia. “It is suspected that US intelligence services substantially control this market, so they have no desire to fall under the invisible or visible eyes when conducting financial transactions,” Aksakov said.
Bank of Russia did not oppose international crypto payments
The bill “On Digital Currency”, which was initially presented to the federal government by the Russian Ministry of Finance in February, is likely to be adopted in its stricter version, Aksakov further unveiled. This includes the establishment of a centralized platform for exchange, settlement and other operations with digital currencies, he elaborated.
Russian officials have been working over the past few months on legislation with most institutions supporting the regulatory approach proposed by the Ministry of Finance, which favors legalization of crypto-related activities such as trading and mining under strict government controls, while also supporting its Restricts use. Bitcoin in payment and the like.
The Central Bank of Russia (CBR) has found itself in isolation with its push for a wider ban, including cryptocurrency issuance and exchange. However, the Monetary Authority recently softened its position slightly, backing a proposal to employ digital coins for international settlements, saying that crypto assets bring risks to the country’s financial system.
Quoted by Kommersant Business Daily, CBR’s First Vice President Ksenia Yudeva said during a press conference that the regulator does not oppose the use of cryptocurrencies “in international transactions and in the international financial infrastructure”. A related provision allowing crypto payments in foreign trade has been added to Minfin’s draft law.
Do you expect Russia to adopt its new law “on digital currency” this year? Tell us in the comments section below.
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