Anatoly Aksakov: The law on cryptocurrencies will be tough and will not appear in the near future

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The Chairman of the State Duma Committee on the Financial Market believes that it is not expected that a bill on regulating cryptocurrencies will be submitted to Parliament anytime soon.

Anatoly Aksakov informed the guestspress center of the Parliamentary Newspaper that the continuation of the active phase of the discussion on methods of regulating the Russian cryptocurrency market does not allow us to expect the rapid appearance of a finished bill.

There is already a third version of the text of the future bill on regulation of the cryptocurrency market, and it is being hotly debated, the deputy says:

“This is the main work of the parliament andgovernment. However, I do not think that the document will appear in the State Duma in the near future. The situation on the cryptocurrency market also adds to the skepticism: Bitcoin has fallen dramatically against the backdrop of the sanctions decisions of the American State Department.”

Anatoly Aksakov expects that, despiteopposition from the Bank of Russia, the bill on cryptocurrency may be adopted - in a version that provides for strict government regulation. The head of the committee admitted that a single centralized platform will be created in Russia, where it will be possible to exchange, calculate and service cryptocurrencies.

Aksakov admitted that in the next two to three yearson the basis of crypto assets, an “alternative revolution” may occur in financial relationships, both within the country and on the foreign market. However, “unfriendly countries” and American intelligence services largely control this market, the parliamentarian is sure, so “there is no desire to fall under their invisible or visible eye when carrying out financial transactions.”

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In May, the chairman of the State Duma Committee onfinancial market, during his speech at the Moscow Academic Economic Forum, he stated that the first digital financial assets could be issued in Russia by the end of the year.