Russia’s Parliament Changes Its Mind, Might Not Criminalize BTC

Russia’s parliament is discussing a new version of the initial legislation on cryptocurrencies according to a new report and this time the State Duma might not criminalize Bitcoin and put users in jail for using it. In our Bitcoin news today, we find out more about their decision.

Following the latest reports about Russia’s Parliament, it seems that they might introduce new legislation that will not criminalize the crypto usage as the new documents show that the country is reviewing the updated version of the “Digital Financial assets” bill which aimed to put Bitcoin users behind bars. The members of the Russian lower house contemplated a very harsh regulatory framework for cryptocurrencies.
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The first reading of the DFA bill noted that the digital assets will be banned entirely from any usage in the country but it warned that if citizens break the law, they will pay harsh fines of $30,000 and face a prison sentence up to five years or forced labor up to seven years. Many crypto proponents in the country argued that such extreme measures against the Digital asset usage could turn away the investors from the country and will push them into more regulatory-friendly countries.

The second reading of the bill was scheduled to take place today but they removed the intention to introduce criminal liability. The chairman of Russia’s Duma Anatoly Aksakov confirmed this by saying that “there will be no responsibility in this bill.” He noted that the parliament will be considering another legislation that can be adopted in the upcoming autumn session and he also clarified that the second bill will be more stringent on crypto assets. The current spring session of the Duma ends on July 23^rd and Aksanov explained that the three-bill readings can be completed soon. According to the head of the committee, the new version of the legislation could see implementation by 2021:

 “The law on digital financial assets should come into force on January 1st, 2021. Accordingly, now it should be adopted in the second and third readings in the spring session.”

Aksanov noted that the bill defines cryptocurrencies as digital codes or a set of electronic data that is contained in an information system and it can be used as a means of payment but also as a store of value.