December 9, 2022

The law on cryptocurrency in Russia will not have time to pass until the end of 2019

The law on cryptocurrency in Russia will not have time to pass until the end of 2019

Cryptocurrency regulation in Russia has been waiting for several years, but lawmakers continue to delay adoption relevant laws. Today it became known that the draft law “On Digital Financial Assets” will not be in time to be adopted in 2019.

Cryptocurrency Law Postponed Again

Talked about the next postponementDeputy Minister of Finance of the Russian Federation Alexei Moiseev. The reasons are the same - different parties in the government cannot agree, opinions on a number of issues are radically different. Recently, a fresh version of the bill was prepared, which turned out to be very controversial (like the past). As a result, the government was forced to postpone its consideration again, as the document did not find support among various departments.

A similar comment was given by Anatoly Aksakov, andnone of them specified which departments criticized the law. It is not difficult to guess that the Central Bank is still the main adversary, who adamantly protests against the legalization of cryptocurrencies in the country.

Let's see what did not like in the newversion of the bill. Firstly, the main question remains in force - whether to allow the use of traditional cryptocurrencies built on open blockchains (bitcoin, ether, etc.). The latest version of the Bill on Digital Financial Assets bypasses this topic in every way, focusing on the legalization of digital currencies. These include CFAs approved by the government, but detailed wording is also missing.

If you interpret the bill as the most obviousThus, tokens issued by various companies to attract investment will fall under the definition of a CFA, and foreign tokens will also apply here.

It is impossible to prohibit bitcoin

Secondly, the very possibility of a ban on freecryptocurrencies are still incomprehensible. Writing “forbidden” in the law is only the beginning, but even the government does not know how to really achieve this goal. The same bitcoin cannot be simply controlled, because it is anonymous and free. You can block exchangers, introduce responsibility for operations with cryptocurrency, but prohibit it - no.

The most interesting thing is that lawmakers are already openrecognize - the issue of regulation must be addressed urgently, because uncertainty causes permanent harm. The country needs to begin to develop in the blockchain industry, but without laws this is simply impossible. Moreover, the lack of certainty allows unscrupulous parties to cash in on this using cryptocurrencies. We also have to fight this, but only after introducing them into the legal field.

As a result, the authorities strongly doubt that the lawwill be adopted this year, so once again we need to be patient and wait for a favorable outcome. If the authorities decide to ban the use of open cryptocurrencies, all this many years of waiting will be in vain.