Russia Eyes Summer Deadline for New Cryptocurrency Laws

[danilogmachado]

Russia is reportedly hoping to pass long-discussed new cryptocurrency legislation by this summer.

Published today, a report from Russia's Parliament Newspaper, the official publication of the state's legislative body, says that the schedule for a date of July 1 has been ordered by Russia's president Vladimir Putin.

Currently, two draft laws on cryptocurrencies have been proposed from the Ministry of Finance and the Central Bank of Russia, the report indicates.

While the majority of the two drafts have reached a consensus regarding crowd-funding using cryptocurrencies, they still reportedly take contradictory stances on the status of cryptocurrency exchange operations.

As reported by CoinDesk, Russia's Ministry of Finance released a draft of its legislation last month, which seeks to put thresholds on initial coin offerings (ICOs) in an effort to allow fund-raising activities to continue in a regulated environment.

However, the report indicates that the central bank does not wish to give domestic investors legal exposure to cryptocurrency trading.

"The Central Bank is against the legalization of this type of digital currency (that can be exchanged), since in this case, citizens can start actively investing in cryptocurrencies, not taking into account possible risks," said Anatoly Aksakov, chair of the State Duma Committee for the Financial Market.

Aksakov said that both bills will be submitted to his chamber this month for consideration.

https://www.coindesk.com/russia-eyes-summer-deadline-new-cryptocurrency-laws/


This year should be the year of crypto regulation in major countries, which do you think will be the market reaction?

[jseverson]

Interesting how their Central Bank is openly advocating the crypto ban. It's funny how they keep using the excuse that it's risky; let your citizens make their own decision. It's a revolutionary technology which has plenty of upsides and it just so happens that some of their features overlap with banks'.

There also seems to be a lot of violent crypto thefts in Russia, so I wonder if that issue will come up and become a deciding factor.

The market reaction for Russia's case specifically should be somewhat subdued, given their rather small trading volume. I'm not expecting a massive jump for positive news nor a massive slide for negative news. It would still be better for all of us for them to reach a favorable conclusion though.

[Proton2233]

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

[DerekGT]

Well countries that are weakened economically and countries that want to keep their wealth and power which is almost all of them, need to take best of the crypto. They can't ignore it anymore and it remains what to do to exploit the current situation. Banks can say whatever they want, but if governments decide to accept they will follow and take some moves to get their piece of wealth.

[richardsNY]

Yeah, let the Russian troll show continue.... I seriously wouldn't be surprised to see this result in absolutely nothing, just like their planned actions and whatnot resulted in absolutely nothing throughout the last years. It would suit them to finally back up all this unnecessary back and forward talking with actions, to take away the uncertainties and to allow crypto to develop further within the legal set of rules it has to abide by. People are ready for it, and the economical entities being part of this ecosystem are ready for it, so they should quit this nonsense and start doing something to make it happen. Time will tell what's going to happen, but don't get your hopes up....

[Coffee135]

Well countries that are weakened economically and countries that want to keep their wealth and power which is almost all of them, need to take best of the crypto. They can't ignore it anymore and it remains what to do to exploit the current situation. Banks can say whatever they want, but if governments decide to accept they will follow and take some moves to get their piece of wealth.

You're wrong. Governments have an interest in maintaining poverty among people. Poor people are easy to manage. Many government officials secretly own bitcoin accounts. They know what it is and will never allow people to a fair economy. Russia is a totalitarian country. It is more interested in the poverty of its citizens than in democratic countries.

[Sithara007]

Russia has already lost a good number of years, due to the opposition of the authorities towards crypto. This is tragic, because many of the best crypto developers are Russians and many of them had to emigrate to other countries during the past few years. Many of the crypto ventures also had to shift their operations outside Russia.

[tweetbit]

Central banks stands on this draft is common now and not surprising at all. In the end if the Russian government will regulate cryptocurrency in they’re country is beyond our concern, let see what summer comes to the bitcoin or crypto  users who will be affected on any negative or positive outcome to they’re own citizens. Let judge the crooks in time, when it pass but until it isn’t just observe and be hopeful.

[Theb]

I don't even know how the market will react to this. If Russia officially makes Bitcoin as an acceptable payment method I don't think it will have a positive or a negative effect on the market. I mean look at our current situation now were almost the majority think that China has banned Bitcoin when the truth is that it is accepted as a payment method in their country, even that FUD still prevails and has cloud the truth from us making the majority think that China a big global power has banned Bitcoin in their country. I hope in the future it will be clear to all of us.

[Benkortan]

Russia has already lost a good number of years, due to the opposition of the authorities towards crypto. This is tragic, because many of the best crypto developers are Russians and many of them had to emigrate to other countries during the past few years. Many of the crypto ventures also had to shift their operations outside Russia.

This is the truth. They didn't recognize it in the early phase, look Buterin and other examples.
But other countries missed the early phase too. Russia will catch up if they do things aggressively.

[gentlemand]

I will believe it when I see it.

Russia appears to be in love with issuing an endless stream of threats and then contradicting them within a ten minute window. Does anyone there have a clue what's going on?

Possibly because of this Russia is a crypto nothing and likely always will be.

The one I'm really interested in watching is Belarus which has gone full crypto friendly. They're also Russia's irritating little brother so I wonder if they'll buckle if Russia decides to actually follow through on their menacing willy waving.

[Irvinn]

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

Yes, this is the main reason why the leadership of the National Bank of Russia is trying to prevent the use of crypto currency as a means of payment on the territory of Russia. As always, they allegedly worry about the interests of their citizens and as always do not ask in themselves. In fact, they are worried that citizens will switch to the use of crypto currency and profits from banks will drop sharply. They think about themselves, however, as always, they hide behind the interests of citizens.
 However, by the summer everything will really be decided. Who in this case will win - common sense or tightly stuffed purses of bankers, let's see.

[Proton2233]

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

Yes, this is the main reason why the leadership of the National Bank of Russia is trying to prevent the use of crypto currency as a means of payment on the territory of Russia. As always, they allegedly worry about the interests of their citizens and as always do not ask in themselves. In fact, they are worried that citizens will switch to the use of crypto currency and profits from banks will drop sharply. They think about themselves, however, as always, they hide behind the interests of citizens.
 However, by the summer everything will really be decided. Who in this case will win - common sense or tightly stuffed purses of bankers, let's see.

You can even not to doubt that will win desire to earn money. Do you really think that Russia has common sense? All power in Russia rests on a giant propaganda machine. People are brainwashed since childhood. They are not able to claim from the authorities the adoption of smart solutions. They can't even choose the normal politicians. But if it is fair to say that normal politicians do not exist. All people always choose the best of the worst.

[Glenn Techincs]

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

[Coffee135]

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

[Glenn Techincs]

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

Those sanctions won't last forever, I think. Current situation doesn't look ideal for opening business, but it's more a long-term oriented decision, which will be profitable in some time

[Irvine Scottish]

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

agree. at least some steps towards they've already done, but the question is will it positevly affect Russia and Belarus or not

[palle11]

It is doubting, believing Russia to be upright in this adoption. Russia has not been known to be friendly and protective in business environment to their patronisers both their citizens and friends. The most abysmal ponzi scheme originated from Russia without no remorse to "losers". They are not prepared for legitimate business.

[Spaffin]

As always, bankers are against the legal use of crypto-currency, fearing losing their customers and profits. However, they can not say this directly and cover themselves with care for their citizens. Therefore, the Central Bank of Russia, justifying its position with regard to the complete prohibition of the crypto currency, points out that in case of its legalization, citizens can actively invest in the crypto currency, forgetting about possible risks. Such care for citizens, well, the bank here acts as a human rights organization. However, apart from hypocrisy and the desire to keep their profits, there is nothing here.
In general, the approach to the crypto currency in Russia is so contradictory that it is difficult to say which of the proposed bills will eventually be adopted as a law.

[TianaStam]

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

As I heard Russia plan to set limits of investments into crypto currencies. I think it's smart, because of all crypto projects are still not hold fulfill responsibility infront of the law, so in the case of unsuccess people simply have a place to complain.