After several delays, the approval of the main Russian cryptocurrency law will be postponed again, now because of the corona virus.
Anatoly Aksakov, chairman of the Russian State Duma Commission for Financial Markets, says the country’s crypto law – the bill “ On Digital Financial Assets ” – has now been finalized, but will not be adopted before the end of spring 2020.
According to a March 31 report from the Russian news agency RBC, Aksakov admitted that previous delays in approving the bill were caused by disagreements over the new asset type between local authorities. Aksakov, who is also chairman of the National Bank Council of the central bank of Russia, reportedly elaborated that the central bank was against crypto legalization, while the Duma advocated a number of crypto initiatives.
However, the long-awaited law is now being postponed for another reason. With Russia shifting its focus to priority actions against the COVID-19 pandemic, all legislative processes have slowed, Aksakov reportedly reported.
Aksakov has reportedly added that Russia’s upcoming crypto law will provide a definition of cryptocurrencies and ban the use of crypto as payment. In addition, the law will include the issue and distribution of digital assets, the official said. However, in mid-March, a legal director of the Russian central bank said the bill would prohibit the issuance and circulation of cryptocurrencies.
Aksakov also stressed that the new law will not interfere with the functioning of crypto exchanges if they do not violate them. The official also stressed that the bill “On Digital Financial Assets” contains no regulations regarding cryptocurrency mining. However, Aksakov expressed confidence that crypto mining profits should be taxed, noting that crypto mining is a “kind of company that produces value.”
Aksakov’s latest comments about the new delay in adopting Russia’s upcoming crypto legislation comes after Russia recorded the biggest one-day increase in coronavirus cases for the sixth consecutive day. As reported by Reuters, Moscow authorities have already ordered residents to isolate themselves while the nationwide closure is being considered.
On March 24, the Ministry of Economic Development of the Russian Federation reportedly released a bill that would allow testing cryptocurrency and blockchain developments within a special regulatory sandbox.