February 22, 2024

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

Regulation of cryptocurrencies in Russia has been awaited for several years, but legislators continue to delay adoptionrelevant 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

He spoke about the next postponementDeputy Minister of Finance of the Russian Federation Alexey Moiseev. The reasons are still the same — various parties in the government cannot come to an agreement, opinions on a number of issues differ radically. Recently, a new version of the bill was prepared, which turned out to be very controversial (like the previous ones). As a result, the government was forced to postpone its consideration again, since 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 figure out what we didn't like about the new oneversion of the bill. Firstly, the main question remains valid — 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” avoids this topic in every possible way, focusing on the legalization of digital currencies. These include DFAs approved by the government, but detailed formulations are also lacking.

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 banning freecryptocurrencies still remain unclear. Write “prohibited” in the law — this is just the beginning, but here's how to really achieve this goal — Even the government doesn’t know. Bitcoin cannot simply be controlled, because it is anonymous and free. You can block exchangers, introduce liability for transactions with cryptocurrency, but prohibit — No.

The most interesting thing is that legislators have already openlyrecognize — The issue of regulation must be resolved urgently, because uncertainty causes constant harm. The country needs to start developing in the blockchain industry, but without laws this is simply impossible. Moreover, the lack of certainty allows unscrupulous parties to profit from this by using cryptocurrencies. We also need 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.