Russia postpones enactment of Cryptocurrency Law again due to Covid

Anatoly Aksakov, Chairman of the Lower House of Parliament of the Russian Federation on Financial Markets and Chairman of the National Banking Council, said that the country’s Cryptocurrency Law (Bill on Digital Assets) has been approved. completed but not approved due to the Corona virus situation.

Russian Authorities Controversy About Cryptocurrency Regulation Since January 2018

According to primexbt news, Aksakov admitted that the previous delay was due to disagreement among authorities over the new asset class. Specifically, the Central Bank opposes the legalization of cryptocurrencies while the House of Representatives supports the initiative.

Currently, Russia is redirecting all activities to the priority of fighting the Covid-19 pandemic, so all legislative processes will be postponed. Thus, since it was first introduced in January 2018, after a long wait, this Code of Cryptocurrencies has been delayed again.

See more: Play games to learn about Crypto economy

Russia’s crypto law will not hinder the operation of domestic cryptocurrency exchanges

Aksakov added that the upcoming Russian Cryptocurrency Law will include: Definition of electronic money, Regulations banning the use of cryptocurrencies as payment, Regulations on the issuance and circulation of digital assets However, in mid-March, a Legal Executive at the Central Bank of Russia said the Bill would ban the issuance and circulation of cryptocurrencies. Thus, when the bill has not been enacted. We can’t be sure of anything yet!

In addition, he also emphasized that the new law will not hinder the operations of exchanges, unless they violate certain laws. The bill also does not include regulations related to cryptocurrency mining. However, profits from cryptocurrency mining can be taxed as it is a lucrative business.

The new bill was postponed on the day Russia recorded the highest number of Covid-19 infections in six consecutive days. Moscow authorities have ordered people to self-isolate and consider a nationwide blockade. On March 24, the Ministry of Economic Development of the Russian Federation published a draft law that allows testing of cryptocurrencies and Blockchain development within special regulatory limits.