Russia Postpones Adoption of Crypto Bill Until Consensus

Wilfred Michael 

Wilfred Michael

News reporter

09 July 2019,
18:07
Russia Postpones Adoption of Crypto Bill Until Consensus

The Russian Parliament, State Duma, will likely postpone until autumn session the adoption of its proposed bill “On Digital Financial Assets” (DFA) according to a report by local news agency, TASS.

Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov revealed the possible delay of passing the bill shortly after the Parliament almost agreed on another law on crowdfunding. Regarding the crypto bill, however, the lawmaker said that State Duma is yet to reach a consensus on the fate of cryptocurrencies in Russia.

He confirmed that the DFA bill if approved would decide whether or not the country would allow the use of cryptocurrencies as a means of exchange under Russian legislation. If the country rules against the new form of currency, then it would mean that “there will be no exchange points nor exchanges that work with cryptocurrencies” Aksakov reportedly said.

Additionally, he stated that any ruling by the Parliament would eventually become the definition of cryptocurrency at the legislative level, making the decision “a fork on the road” since it could see Russia “prohibit organizing infrastructure for the purchase and sale of cryptocurrencies or allow it.”

Another reason that could make a possible Russian ban on cryptocurrencies difficult, according to Aksakov is that citizens would still be able to trade these assets on foreign websites.

To this end, the postponement to the autumn session which begins in Q4 allows the Parliament to reach a more concise decision that would effectively end the long wait for a legal crypto regulatory framework in the European nation.

Meanwhile, India is another country also on the crossroad of deciding whether or not to ban cryptocurrencies officially. Stmarket.co recently reported that the country sidelined crypto firms from a regulatory sandbox involving tech startups.

 

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