After Current Edits, Russian Draft Bill Lacks Core Crypto Terms

Russian deputies have removed the definition of mining cryptography from the Digital Currency Regulation law before the next reading in the State Duma, local news agency Interfax reported on October 19th. Therefore, the new law will not clarify the tax problems of juveniles.

President of the Financial Markets Committee, Anatoly Aksakov, briefly explained the reason for the deputy's decision to eliminate the key term "crypt" from the law:

"We had some thoughts about Bitcoins about their integration into our economic system, but as we decided we did not need these ambiguous Bitcoins, we do not need mining."

If the law defined crypto-extraction, then it should be described as a cryptocurrency, Aksakov Interfax said. He added that it would be "stupid" to include mining into regulations proposed by the government. He said that mining should be subjected to supervision by the tax authorities, if necessary.

It is not clear for now whether the tokens and the initial coins (ICO), as well as the rules of crypto exchange - that were included in the initial draft - are in the current version. This law will be transposed to the other three readings of Duma.

The Law on "Digital Financial Assets" was first introduced in January by the Russian Ministry of Finance. In March, a group of deputy members led by Aksakov proposed a modified version that establishes customer policy (KYC) to verify the identity of cryptographic exchange users, reflecting current US requirements. States. The Duma approved the draft law from three hearings in May.

However, before the second session scheduled for the autumn session of Duma, the definition of "cryptocurrency" has been removed from the draft law. Mining is then defined as "the release of a chest for attracting capital investment".

In September, A group of industrialists and entrepreneurs from Russia (RSPP) began working on an alternative crypto regulation law. RSPP Vice President Elina Sidorenko, a new account to divide digital assets into three groups and help eliminate contradictions in the bill, which it describes as "unfinished and fragmented."

Aksakov talked with Interfax on the occasion of the 2019 Finnopolis event this year in the Russian city of Sochi. During the conference, state officials discussed the crypto and its role in the country's economy.

Russian central bank director Elvira Nabiullin compared the crypto interest to the "fever" that was "fortunately" completed. Herman Gref, executive director of the largest Russian bank, Sberbank, predicts that governments will not give up on centralised control over monetary policy and currencies to allow cryptocurrency cuttings to blossom over the next decade.


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