The new cryptocurrency law is seen as a skeptical and restrictive approach to #cryptocurrency from #Russia. Now #cryptoassets will be considered taxable and will not be permitted as currency to purchase goods and services.
The law “does not do anything” for crypto as Putin has acknowledged the truth about #cryptocurrency: “you will be assimilated, resistance is futile”.
Soon after President Putin signed the new cryptocurrency law, Sberbank, a state-owned company and the largest bank in Russia, announced the possibility of issuing its own token, according to its key executives.
Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday. Mr. Popov told reporters:
Probably, we can issue on the basis of the law that has been adopted, a token that we can peg to the ruble, such a corresponding stablecoin, which can become the basis, an instrument for settlements for some other digital financial assets.
One might recall that in May 2019, Sberbank had to suspend a crypto initiative due to the negative stance on blockchain assets held by the central bank.
Good enough for the country’s crypto population
Meanwhile, economist Mati Greenspan has said the new cryptocurrency law in Russia was just normal, noting it is not too infringing neither is it too free.
He further positioned that the great aspect of this whole thing is that nations around the world are beginning to wake up to making laws that guide crypto.
According to reports coming out of the government house, it noted that more clarity would be issued in the new laws after the president sighed them into law.
However, further clarity shows that the law will take effect from the beginning of next year. According to news outlets in Russia, the new law sees crypto as money but not the Russian federation’s official currency.
New cryptocurrency law suspended penalties
Russian media RIA Novosti reported that the Digital Financial Assets (DFA) Bill was approved by the State Duma, the lower house of the Russian parliament, on July 22 and by the Federation Council on July 24. The law will come into force on Jan. 1, 2021.
Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets, Anatoly Aksakov, has announced that the new bill contains no liability whatsoever.
With the new cryptocurrency law legalizing cryptocurrencies, Russians might have just been given the free will to go ahead and trade crypto without the fear of being sanctioned.
Russian banks and exchanges can become exchange operators of digital financial assets provided that they register with the central bank, the Bank of Russia.