According to the State Duma Financial Market Committee, the bill “On Digital Currency”, which is designed to regulate all crypto transactions in Russia, would be “tough”. Anatoly Aksakov said that the legislation is still being finalized and will not undergo a review by lawmakers in the near term. This despite Bank of Russia’s decision, in an interview, to abandon its opposition to crypto payments. They facilitate Russia’s foreign commerce amid sanctions.
The Ongoing Debate over Rules Delays the Adoption of Russian Law regarding Cryptocurrencies
The government continues to discuss the regulation of Russia’s crypto market. It is not unreasonable to expect that the draft law “On Digital Currency”, which was drafted by Anatoly Aksakov (Chair of the Financial Market Committee in the lower house) will be filed with State Duma shortly, said Gazeta this week.
Russian officials are currently discussing the third revision of the bill and they are heated, Aksakov revealed. “I don’t believe that the document will be published in the State Duma anytime soon.” “The situation in the crypto-market does not increase optimism — bitcoin has fallen a lot, against the backdrop of Sanctions decisions,” the high ranking deputy explained. Despite earlier statements that the legislation should have been adopted during the spring session.
According to the lawmaker, the U.S. State Department had begun to clamp down on crypto space with the suspicion that bitcoin was being used in order bypass sanctions against Russia. Aksakov said that there are suspicions that American intelligence services control the market. Therefore, it is not desirable to fall under their visible or invisible eye when performing financial transactions.
Bank of Russia not opposed to international crypto payments
Aksakov revealed that the bill “On Digital Currency”, which was initially submitted by the Russian finance ministry to the federal government in February, is likely be adopted in its stricter form. He explained that this includes the creation of a central platform for digital currency exchange and settlements.
Russian officials have been working to the legislation over the last few months, with most institutions supporting and supporting the regulatory approach suggested by the Ministry of Finance. This allows crypto-related activities like trading and mining to be legalized under strict government supervision, while banning the use of bitcoin in payments.
The Central Bank of Russia’s (CBR) is isolated by its push to ban all issuance and exchange of cryptocurrency. The monetary authority has recently softened its position by supporting a proposal that would allow digital coins to be used for international settlements. However, it also acknowledged that crypto assets pose risks to the country’s financial system.
Kommersant’s business daily quoted Ksenia Yudaeva, First Deputy Chairman of the CBR, as saying that she does not oppose crypto payments “in international transactions” and the international financial infrastructure. A addition to Minfin’s draft law allows for crypto payments in foreign trade.
