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Russian Parliament to pass digital financial assets bill

It is very likely that Russia’s parliament, the State Duma, could enact its long-awaited crypto laws by March.

It also seems that the standoff between pro-crypto businesses and the crypto-skeptic central bank may have eventually ended.

Anatoly Aksakov, chairman of the Duma’s financial committee who doubles as a lawmaker for the A Just Russia party asserted that he was optimistic the Duma could uphold the laws in the approaching spring session.

Aksakov also happens to be the man charged with winning the legislation through parliament.

Aksakov stated that even though the Central Bank of Russia and other groups had clashing views on cryptocurrencies, the parties had now established a familiar ground.

The committee chief stated that the differences had not been resolved to date.

But a few days ago, another discussion took place, and they seemed to reach a consensus.

A text, which will be delivered to the appropriate establishments, including the central bank is now being readied.

According to him, this could bring about a second and probably third reading for the bills, whose first readings passed the Duma about two years ago.

Russian central bank skeptical about cryptocurrencies

Around November last year, senior bank officials revealed that they would favor a proposed federal embargo on crypto payments.

To them, these crypto payments hold substantial dangers, including criminal money laundering and the financing of terrorist actions.

Earlier this month, Aksakov noted that large Russian companies were ready to utilize blockchain technology for economic processes.

He acknowledged that it was high time they created a legal stand for crypto-keen Russian businesses.

The bills were originally recommended as a package of three fintech-related bills in early 2018, only one of which has since been passed.

Ongoing conflicts between crypto supporters and crypto-skeptic state institutions have hindered the long-suffering Aksakov and his team from completing their legislative work.


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