The Russian Parliament Pushed Back On Its Crypto Regulation Bill Reading

Initially scheduled for March 22, the reading for the Russian crypto bill will have a new unspecified date according to the Russian Duma announcement since the outcome of the voting on the plenary session last week decided. But, is there any other reason for the delay? Let’s find out in the blockchain news below.

The draft bill aimed to remove the terms ‘’smart contract’’, ‘’token’’ and ‘’cryptocurrency.’’

Russia has a very cautious position on cryptocurrency and is always in and out of creating a regulatory framework for crypto trading. The president of Russia Vladimir Putin has previously expressed his stance on digital currencies by saying:

‘’In most countries, cryptocurrency is not a means of settlement. The Central Bank of the Russian Federation believes that cryptocurrencies cannot be a means of payment, settlement or store of value. These currencies are not secured by anything.’’

Russia has minimal progress on the crypto regulation question. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.
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According to the Russian media outlets, the delay of the crypto bill draft reading was initially proposed by the head of the Duma’s Financial Market Committee Anatoly Aksakov. He didn’t explain why he wanted to postpone the reading so it will be remembered that the committee recommended that the bill could be adopted after removing the previously mentioned terms above such as digital currency or cryptocurrency.

The initial draft bill aimed to create a better framework for regulating digital assets which were described as cryptocurrencies and tokens but more importantly provided a legal basis for smart contracts and their validity. The draft bill was set to recognize the minimal difference between cryptocurrencies and tokens and to make a plan to recognize the digital assets as property in Russia.

The bill is extremely broad and non-specified because it was not discussed about it nor there was a change to provide legalization and improved regulation on crypto assets. Under the bill, all of the rights regarding cryptocurrencies will be transferred to the equity securities context.