After repeated delays, the implementation of the Russian crypto law will be postponed again, this time due to the corona virus. The Chairman of the Russian State Duma Committee, Anatoly Aksakov, announced that the Nations Cryptocurrency Law has been finalized. However, he announced that the Digital Financial Assets Bill would not be passed before the end of Spring 2020.
Russian crypto law
According to the report by Russian news agency RBC, Aksakov confirmed that the previous delays in the bill were due to disagreements over the new type of asset among numerous local authorities. Aksakov, who is also chairman of the National Banking Council of Russia’s Central Bank, stated that the central bank was against legalizing cryptocurrencies while the State Duma supported some crypto initiatives.
Now, however, the crypto law is being delayed again, but for a completely different purpose. The focus of Russia is now shifting to measures against the COVID-19 pandemic. As a result, all legislative processes have slowed down. The slowdown in legislation is evident in the passage of the law, which has been delayed several times since its inception in January 2018.
According to Aksakov, the upcoming Russian law on cryptocurrencies would provide a clear definition of crypto assets and prohibit the use of cryptocurrencies as a means of payment. In addition, the law will also include the issue and circulation of digital assets. However, a senior official at Russia’s central bank stated that the law would also prohibit the issuance and circulation of cryptocurrencies.
Aksakov stated that the bill would not impede the operation of crypto exchanges in the country. In addition, the bill did not deal with crypto mining. However, Aksakov believes that it is some kind of business, which is why it should be taxed.
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