The head of the Russian State Duma’s Financial Markets Committee said the “digital currency” bill, which aims to comprehensively regulate crypto transactions in Russia, would be a “draconian” law. Anatoly Aksakov revealed in an interview that despite the decision of Russian banks to drop their opposition to crypto payments, the legislation has not yet been finalized and will not be finalized by lawmakers in the near future, at least as they facilitate Russia’s foreign trade during the sanctions period. review.
Passage of Russia’s Law on Cryptocurrencies Delayed by Continued Debate over Rules
As the Russian government continues to discuss regulating the Russian cryptocurrency market, it is not worth expecting that a draft law on “digital currencies” will be submitted to the State Duma anytime soon, Anatoly Aksakov, chairman of the Russian parliament’s lower house of financial markets committee, told Parlamentskaya Gazeta this week.
Aksakov revealed that Russian officials are currently debating the third revision of the bill, and negotiations are very intense. “I don’t think the document will appear in the State Duma in the near future. The situation in the cryptocurrency market has not increased optimism either – Bitcoin has fallen sharply in the context of the sanctions decision,” the senior deputy detailed Elaborate, despite earlier statements that the legislation should be passed during the Spring Session of the House of Representatives.
The lawmaker noted that the U.S. State Department has begun cracking down on the cryptocurrency space, assuming bitcoin is used to circumvent sanctions against Russia. “There is a suspicion that U.S. intelligence services largely control this market and therefore do not want to fall into their invisible or visible eyes when conducting financial transactions,” Aksakov added.
Russian Banks Not Against International Crypto Payments
Aksakov further revealed that the bill “on digital currencies” originally submitted to the federal government by the Russian Ministry of Finance in February may be adopted in a stricter version. He detailed that this includes building a centralized platform for the exchange, settlement and other operations of digital currencies.
For the past few months, Russian officials have been working with most agencies to develop legislation that would support a regulatory approach proposed by the Ministry of Finance that would facilitate legalization while the government strictly controls crypto-related activities such as trading and mining, while banning the use of payments in Bitcoin etc.
The Central Bank of Russia (CBR) found itself in isolation as it pushed for a blanket ban, including the issuance and exchange of cryptocurrencies. However, monetary authorities have softened their stance a bit recently, backing proposals to use digital currencies for international settlements, while insisting that crypto assets pose risks to the country’s financial system.
The regulator has no objection to the use of cryptocurrencies “in international transactions and in international financial infrastructure,” Ksenia Yudaeva, CBR’s first vice-chairman, said in a news release. Corresponding provisions have been added to Minfin’s draft law to allow crypto payments in foreign trade.
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