Expect a strict cryptocurrency law in Russia despite the central bank's softer stance on cryptocurrency payments

 

The draft law "On digital currency", which aims to comprehensively regulate cryptocurrencies in Russia,

A "strict" law, according to the Chairman of the Duma's Financial Market Committee. Anatoly Aksakov revealed in an interview that the legislation was not done

It has yet to be completed and will not be reviewed by lawmakers in the near future, despite the Bank of Russia's decision to drop its opposition

Cryptocurrency payments, at least when they facilitate Russia's foreign trade amid sanctions.

Russian law on cryptocurrencies delayed due to ongoing rule debate

Discussions are continuing on the regulation of the Russian cryptocurrency market in the Government and it is not worth expecting to introduce a "digital currency" bill.

To the State Duma soon, Chairman of the Financial Market Committee of the House of Representatives of the Russian Parliament, Anatoly Aksakov, told Parlamentskaya Gazeta this week.

Aksakov revealed that Russian officials are currently discussing the third review of the bill

• talks Heated. I don't believe the paper will be debated in the State Duma anytime soon.
  

• The high-level MP explained that the situation in the market Cryptocurrencies don't add optimism either
  

• bitcoin has collapsed a lot on the back of sanctions decisions

• though Previous statements, legislation should be adopted during the spring session .

The lawmaker noted that the US State 

Department has begun clamping down on encrypted space, assuming bitcoin is being made .

Use it to circumvent sanctions against Russia. 

There are suspicions that the US intelligence agencies have such a strong hold on this market Aksakov continued, "therefore there is no desire to fall prey to their invisible or visible eyes when conducting financial transactions.

International crypto payments are not opposed by the Russian Central Bank.

1. Aksakov unveiled the "digital currency" bill
2. which was initially submitted by the Russian Ministry of Finance to 
3. the federal government in February
4. and is likely to be adopted in its stricter version.

This included the establishment of a central platform for exchange, reconciliation and other operations in digital currencies.

Russian officials have been working on legislation in the past few months with most institutions supporting the Ministry of Finance's proposed regulatory approach, which favors legalization under strict government control of encryption-related activities such as trade and mining, while banning the use of bitcoin and the like in payments.

The Russian Central Bank (CBR) has found itself in isolation as it seeks to impose a blanket ban, including issuing

and exchanging cryptocurrencies.

• However, the monetary authority recently relaxed its position slightly

• supporting a proposal to use digital currencies for international settlements while preserving

• cryptocurrency assets that bring risks to the country's financial system.

• The Kommersant Business daily quoted CBR's first vice-chairman

Ksenia Yudaeva, as saying during a press conference that the regulator did not oppose the use of cryptocurrencies "in international transactions and international financial infrastructure." A related provision, The Minfin Bill now allows crypto payments in international trade.