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CORONA VIRUS SCARE – CRYPTOCURRENCY BILL ADOPTION POST...
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CORONA VIRUS SCARE – CRYPTOCURRENCY BILL ADOPTION POSTPONED

In a report on March 31st by Russian news agency, Aksakov Anatoly, Chairman of the Russian State Duma Committee on Financial Markets has admitted that the delays in the adoption of the Russia’s major cryptocurrency law had been caused by the lack of a consensus on the new asset type between local authorities. But even after facing several setback to it’s adoption, the bill’s adoption will be postponed again, although now it would be due to the Coronavirus.

Anatoly stated that the country’s crypto law, the bill “On Digital Financial Assets”, was now finalized but will not be adopted before the end of the spring 2020.

He explained that the Central Bank had kicked against the legalization of crypto while the State Duma supported some crypto initiatives.

Even though the bill had first been introduced in January 18, it had met with several setbacks since its inception. However, the long-awaited law is being postponed again due to the recent outbreak of the COVID-19 pandemic for which Russia has had a fair hit. The country is now said to have shifted it’s attention to curtailing the spread of the virus and as such, legislative processes has come to an abrupt halt.

According to Aksakov the Russia’s upcoming crypto law will provide a definition of cryptocurrencies and ban the use of cryptocurrency for exchange. Also, the law will include the issuance and circulation of digital assets. However, a legal executive at Russia’s Central Bank, in mid-March had said that the bill would prohibit the issuance and circulation of cryptocurrencies.

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The Chairman also stressed that the new law would not obstruct the operation of crypto exchanges in case they won’t be violating it. He emphasized that the bill “On Digital Financial Assets” would not include regulations with regards cryptocurrency mining. He, however, expressed confidence that profits from crypto mining should be taxed, noting that crypto mining is a “type of business that produces value.”

The Ministry of Economic Development of the Russian Federation on March 24, published a draft law that would allow for the testing of cryptocurrency and blockchain developments within special regulatory sandbox.

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