• Russian lawmakers say a long-awaited crypto legislation will be ready for debate in parliament next month.
• The bill has been in the pipelines for several years, with major divisions between law enforcement agencies and the Central Bank on one side and most major ministries on the other.
• Critics have expressed concerns about the new bill, which will reportedly seek to punish illegal crypto exchanges and brokers with jail time.
Crypto Legislation In Russia
Russian lawmakers say that long-awaited crypto legislation will be ready for debate in parliament next month – although critics have raised concerns. Anatoly Aksakov, the Chairman of the State Duma’s committee on the financial markets, stated that the “regulation of cryptocurrencies” would be “adopted in April.” Aksakov is the chief architect of the law, which has been in the pipelines for several years.
Divisions Over Crypto Bill
Major divisions between law enforcement agencies and the Central Bank on one side, and most major ministries on the other, have seen the bill stuck at the committee stage. However, Aksakov expressed optimism during this week’s Russian Financial Market Forum by stating that measures pertaining to responsibility including criminal punishment for illegal operations with cryptocurrency had already been agreed upon. He also added that it was “natural” that crypto should be banned as a payments tool on domestic market but Russians and Russian companies may be permitted to use them outside legal space.
Critics Speak Out
Many critics have expressed concerns about this new bill, which will reportedly seek to punish illegal crypto exchanges and brokers with jail time. Sergei Shvetsovthe former deputy head of Central Bank claimed this week that such measures were draconian equating them to measures taken to stamp out black market foreign currency trading in Soviet Union era. Shvetsov opined that crypto offenders should not face criminal liability charges saying “Why should criminal liability be applied here? We recall what happened under (Soviet leader Nikita Khrushchev) when citizens were shot for selling $20”
Aksakov’s Comments On Bitcoin
Earlier this week Aksakov stated that Bitcoin (BTC) had “no future,” and instead backed ruble- and commodity-backed coins to take off in digital space claiming they would launch later this year as well as 2024.
Conclusion
It remains to be seen how successful or popular these regulations aimed at punishing illegal activity related to cryptocurrency become when passed into law next month however it is clear there is still much disagreement regarding their severity amongst policy makers despite their potential ability to reduce crime associated with digital tokens