Minister Of Justice Of Russia Thinks It’s Too Early To Formalize Crypto Legislation

Russian-owned news agency TASS reported in their blockchain news section that the Ministry of Russia still doesn’t see the need to define the legal framework that will regulate cryptocurrencies at this point.

The Minister of Justice of Russia Alexander Konovalov stated that he believes that is too early to formalize legislation that is crypto-related up to this day. Konovalov backs up his claims on the fact that currently in the country; cryptocurrencies cannot be used as a payment method as far as the Russian Constitution is concerned.

The current financial system and the legislation around it, and the constitution of Russia ‘’categorically prohibit’’ the use of cryptocurrencies as a method of payment after Konovalov cited article 75 of the Russian constitution.

The upper house of the Federal Assembly of Russia was speaking not so long ago at a meeting of the Federation Council where the Minister pointed out that cryptocurrencies are seen as a different type of asset as far as how the legislation perceives it, again making clear that legislators avoid defining it at this stage.

In 2018 in May, the Russian parliament passed one crypto bill dubbed ‘’On Digital Financial Assets’’ but later the same year, all of the crypto terminologies was replaced with the term ‘’digital rights’’ as well as the term ‘’crypto mining’’ getting cut out from the bill. The bill was later sent back after the long assessment for another reading stage in December 2018.

Also, pretty recently, the chairman of the upper house of the parliament said that an urgent discussion is necessary to provide a draft on crypto by saying that federal institutions in Russia should investigate the reasons for the huge delay in creating a legislation draft.