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Russia postpones crypto law once again, cites coronavirus as the reason

Russia postpones crypto law once again cites coronavirus as the reason
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After repeated delays, the implementation of Russia’s crypto law will be postponed once again, this time due to coronavirus. The chairman of the Russian State Duma Committee, Anatoly Aksakov revealed that the nations’ cryptocurrency law has been finalized. However, he revealed that the bill “On Digital Financial Assets” would not be adopted before the end of spring 2020.

Russian crypto law

As per the report by Russian news agency RBC, Aksakov confirmed that the previous delays to the bill were caused by disagreement on the new asset type among numerous local authorities. Aksakov, who is also the chairman of the National Banking Council at the Russian central bank, elucidated that the central bank was against the legalization of cryptocurrencies, while the State Duma supported some crypto initiatives.

Now, however, the crypto law is being delayed once again but for an entirely different purpose. Russia’s priority focus is now shifted towards taking actions against the COVID-19 pandemic. As a result, all legislative procedures have slowed down. The slowing legislative can be seen from the adoption of the law which has seen multiple delays since it was introduced in January 2018.

As per Aksakov, the upcoming Russian law regarding cryptocurrencies would provide a clear definition of crypto assets and ban the use of cryptocurrencies as payment. Moreover, the law will also include the issuance and circulation of digital assets. However, a legal executive at the Russian central bank stated that the law would be banning the issuance and circulation of cryptocurrencies as well.

Aksakov stated that the bill would not hinder the operations of crypto exchanges in the country, Moreover, the bill did not address crypto mining, however, Aksakov believes that it is a type of business so it should be taxed.

Featured image by pixabay.

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