Lawmakers in Russia Defer Adoption of On Digital Financial Assets Bill Until Fall This Year

The Russian Parliament, the State Duma may change course on the proposed cryptocurrency bill ‘’On Digital Financial Asset’’ (DFA) until the autumn session, Russian based news outlet TASS reported on July 9.

A Major Paradigm Shift

Russia’s highest decision-making body is greatly thinking about shifting the adoption of the DFA bill to the autumn session. Meanwhile, most of the members of the house have agreed on a bill on crowdfunding.

The Chairman of the state of the Duma committee on financial markets, Anatoly Aksakov stated that, although there has been a lot of deliberation on the topic, lawmakers are yet to reach a consensus, he said:

‘’ The law on the DFA is set to decide whether we will place a ban on cryptocurrencies as a medium of exchange in Russian legislation, this means that there will be no exchange points nor exchanges that work with cryptocurrencies. We are yet to reach a quorum; we need to first define what cryptocurrency is at the legislative level. Then, there is a fork in the road: we wither prohibit any form of organizing infrastructure for the purchase and sale of cryptocurrencies in Russia, and we can also decide to allow it.’’

A Great Dilemma

Russia is still on a cross-road, as to the direction it’s going to face, concerning the virtual currency market.

At inception, the parliament has concluded its plans to reach an agreement at the end of June, at that time, some parliamentarians including the deputy finance minister, Alexei Moiseev have stressed the fact that the country will decide the way forward for cryptocurrency, while adopting a policy for initial coin offering, which will be part of Russia’s law on crowdfunding.

The authorities in Russia are skeptical about the prospect of the digital currency. While they understand and appreciate its usefulness, they are of course wary of its other side.

Some anti-crypto crusaders in the country are of the opinion that, if allowed, it could be an avenue where anti-government operatives launder money to spread propaganda against the government, fund anti-government protest and revolts, fund terrorism and illicit acts and breed a whole new set of crypto criminals.

Russia has previously postponed the adoption of crypto legislation due to a requirement from the Financial Action Task Force on Money Laundering (FATF) in late May.

The financial regulatory body at that time urged the State Duma to expand the terminology of the federal bill on the regulation of crypto assets, which requires that the country legislate major industry terms such as cryptocurrency and bitcoin.

In related news, the economic sanctions imposed on Russia by the Trump administration in the US did not in any way affect crypto exchanges and influence in the United State. Bitcoin Exchange Guide early in the year reported that the array of economic sanctions meted to the eastern European nation by the United State, though may affect other economic structure in the country, had little or no effect on Crypto exchanges and interest in the country.

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