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Russia postpones major cryptocurrency law due to coronavirus

Image by Michael Siebert from Pixabay

Sat, 04 Apr 2020, 07:25 am UTC

Russia is forced to delay its crypto law due to the coronavirus outbreak.

Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, said that the crypto law or “On Digital Financial Assets” bill has been finalized already, but it won’t be adopted before the end of spring 2020, Cointelegraph reported citing Russian news agency RBC.

Russia’s crypto law has been delayed several times already. Aksakov explained that the previous delays were due to disagreement about the digital asset between the local authorities. Aksakov, chairman of the National Banking Council at Russian’s central bank, said that the central bank opposed the legalization of crypto while the State Duma supports crypto initiatives.

Aksakov added that the upcoming crypto law in the country will provide a definition of cryptocurrencies and prohibit the use of crypto as payment. It will also cover the issuance and circulation of digital assets.

However, in another report, a legal executive at Russia’s central bank said that the bill would ban the issuance and circulation of cryptocurrencies.

Aksakov insisted that the new law won’t hinder the operation of crypto exchanges. However, it also does not include the regulations regarding crypto mining. He believed that the profits from crypto mining should be taxed because is a “type of business that produces value.”

Meanwhile, on March 16, Alexey Guznov, head of the legal department at Russia’s central bank said in an interview that the proposed amendment to the original bill prohibits nearly everything about crypto.

“In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules,” Guznov said.

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