State Duma Committee on Financial Markets Chair Anatoly Aksakov has confirmed that Russia’s new digital asset legislation is being delayed due to the ongoing Covid-19 pandemic, according to Russian media reports. In a recent interview, Aksakov said that the legislation has been finalized, but likely won’t be passed until late spring, as the legislature has turned its attention to measures needed to fight the coronavirus.
He also offered a general preview of some of the issues the legislation seeks to address. He noted that the new law will provide definitions for cryptocurrency and suggested that it will include a ban on the use of cryptocurrency as a payment option. He claimed that the bill does not cover cryptocurrency mining but suggested that mining proceeds should be taxed.
“We came to the conclusion that it is necessary to define these tools, but to prohibit their use as a means of payment. The law will define digital financial assets, the procedure for their issue and circulation. It will also include the issue and circulation of digital assets secured by goods.”
According to Aksakov, the law will also require regulation for digital asset exchanges, though he claimed that there are no plans to interfere with exchanges that abide by the new legal framework. In addition, he stated his belief that Russia will eventually issue its own central bank digital ruble.