Russian lawmakers have been waffling on how best to regulate bitcoin. They’ve delayed a bill meant to provide a regulatory framework and legalization for the Bitcoin cryptocurrency.
Russian Media Outlet Pundit Weighs in on the Law
Politicians have opted to withhold the bill because of recent changes on the bitcoin marketplace, in addition to legal questions that have surfaced following the BTC-E take down.
Elina Leonidovna Sidorenko, gave an interview for Russian media outlet Invest-Foresight, explained her reasoning for the push back.
In April, we announced that the draft legislation would be ready in October. However, the situation on the market made us, along with the primary bill, consider several more choices. And now all these jobs are postponed, we’re seeing the situation to know.
Elina Leonidovna Sidorenko is professor at the Department of Criminal Law, Criminal Procedure and Criminalistics of MGIMO, head of the working group on assessing the risks of turnover of crypto-currency at the State Duma.
She further explained the delays have to do with how the government should define cryptocurrencies. She said Russia won’t go the same route as Japan and call it a payment way.
It appears they might take a stand like that of the United States IRS or SEC. To put it differently, it might be a digital safety or property. Sidorenko elaborated:
It is of basic importance for us to maintain the strategy to the crypto money as a particular commodity.
Russian authorities are also trying to decide whether cryptocurrency regulation should follow current laws or the regulations ought to be hailed as a new law. Either way, it seems that Russian policymakers won’t deliver a choice anytime too soon.
The bill was also postponed in December, with the plan being to released it maybe this fall.
The effort, which is being directed by the Russian Ministry of Finance and dates back to 2015, after controversially called for enormous fines for people who issue or dispersed so-called “money surrogates.”