"There will be no responsibility." The State Duma has revised the law on cryptocurrency

Anatoly Aksakov, the head of the Duma Committee on the Financial Market, revealed the details of the consideration of the documents "On thedigital financial assets ”and“ About digital currency ”.

Digital Financial Assets Law shouldto enter into force on January 1, 2021, now it is planned to be adopted in the second and third readings in the spring session, said Anatoly Aksakov, chairman of the State Duma committee on the financial market. The second reading of the document may take place on Tuesday, July 21st. The spring session of the State Duma ends on July 23, writes RIA Novosti.

During the preparation of the bill for the second readingsome concepts were removed from it. For example, "mining" and "tokens". The document notes that the regulation of digital currency will be determined by a separate law. It can be accepted for the autumn session, Aksakov said. According to the deputy, the committee abandoned the idea to supplement the document with norms on administrative and criminal liability.

The law "On CFA" defines digitalcurrency, a requirement is established for the information system within which it is issued, as well as for the operator of this system and the operator of the exchange of digital currency. Digital financial assets are digital rights, the issue, accounting and circulation of which is possible only by making entries in the information system based on the blockchain.

“Digital currency means a digital code ordesignation or set of electronic data that are contained in the information system. And this data can be used as a means of payment and as a store of value. Moreover, on the one hand, it is a means of payment in the form of an electronic digital code, but at the same time it is neither an international unit, nor a monetary unit of a foreign state or the Russian Federation, ”added Aksakov.

Earlier, the deputy said that the government hasdiametrically opposed positions on the issue of legalizing or banning cryptocurrencies. The Digital Currency Law is under discussion and discussion. Now, in July and August, active work will be carried out to coordinate positions on this document. Aksakov expressed the hope that by September the legislators will come up with a text that will be most ready for public discussion.

In May 2020 a number of bills were sent to the Ministry of Economic Development, concerning the circulation and issuance of cryptocurrencies and providing for administrative and criminal liability for violations in their use. First, the documents were criticized in the community, then a negative position on them was expressed in several ministries, in particular, in the Ministry of Justice, the Ministry of Economy and the Ministry of Telecom and Mass Communications.

For example, in the Russian Associationcryptoindustry, artificial intelligence and blockchain technologies (RACIB) were warned that the approval of the documents in the current edition would cause "irreparable damage to Russia." After criticism, the bills were recognized as unsatisfactory, said Elina Sidorenko, head of the working group of the State Duma of the Federal Assembly of the Russian Federation on assessing the risks of cryptocurrency turnover. According to her, the project "leaked" and needs to be improved.

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