Immature Bitcoin and crypto regulation bill worries the Russian government

Russian authorities were slammed by the government for the new cryptocurrency regulation proposed in the parliament. The Russian local officials feel that they are lagging behind in the crypto-world and have raised concerns over the unresolved issues in the legal framework.

The Russian ministers have presented two drafts on cryptocurrencies and crowdfunding whereas there are more than 50 digital bills pending in the parliament. Even the experts are clueless on what legal rights and regulations are required in the market.

Amidst the strong opposition by the Central Bank of Russia over the circulation of digital currency in the country as they might lead to money laundering, the Finance Ministry presented a bill in January that cites that the citizens can buy and sell cryptos and tokens on licensed platforms.

Anatoliy Aksakov, the Chairman of the Financial Market Committee says,

“We have two bills which are ready, one for cryptocurrencies and the other for ICO’s.  We are closely coordinating with the Central Bank and the government to quickly take the necessary decisions.”

The country has strict and formulated rules on crowdfunding, they have not yet come to a decision on what to do with cryptocurrencies like Bitcoin. This is turning out to be the major concern in the country. The bill proposed has not laid down proper instructions on the regulation of cryptocurrency exchanges and taxation on the transactions which limits the use of virtual currency technologies. There is no clear indication if a digital coin is legal or not. They have been considered as ordinary contracts in the new legislation but a term such as that does not exist in the civil code.

Alexandr Brechalov, Head of Russian Republic of Udmurtia says

“Russian parliamentarians have spent a whole year discussing regulations, never reaching a unified stance on how to develop the digital economy. Even after such a long time, they have not been able to formulate a unified position on cryptocurrencies. We need to hurry up.”

Even though there are more than 50 bills proposed and is pending in the parliament, the government has not yet taken a step to regulate the cryptocurrency world in Russia. Most of the officials fear that all the countries across the globe will move ahead of them in the digital currency world and they will be the one lagging behind.

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