October 27, 2020

The law on cryptocurrency in Russia will NOT be adopted within the stated time frame

The law on cryptocurrency in Russia will NOT be adopted within the stated time frame

The State Duma will not be able to adopt a law on digital financial assets until November 1, as demanded Prime Minister Dmitry Medvedev. This was reported by TASS with reference to the statement of the head of the State Duma Committee on the financial market Anatoly Aksakov.

Answering a question about whether to expect approval of the law by November 1, he said:

"I'm afraid not".

Obviously, the main problem hindering the further progress of the process is still related to determining the status of cryptocurrencies on the territory of the Russian Federation.

“The compromise, I think, is to give suchthe possibility of [using cryptocurrencies in the Russian Federation] and the key to the Central Bank. That is, such a phenomenon may be, but with the permission of the Bank of Russia, which is categorically against it ”- commented Aksakov.

He also noted that unsecured cryptocurrencies like Bitcoin carry "Real danger", while stablecoins have a right to exist.

Aksakov previously supported the idea of ​​the Russian Association of Cryptocurrencies and Blockchain (RACIB) to determine the official cryptocurrency exchange rate for taxation and legal proceedings.

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