Russia’s new cryptocurrency act was finally sanctioned this week, after more than a two-year delay – but it is possible that the real struggle for the crypto-reference point in the country has not yet begun.
A close host implied that when politicians determined to split the draft law “On digital funds” into two parts, they eventually kicked the bank further around the corner.
The long stalemate among the crypto-dubious Central Bank and authorized experts in the branch led to the head of the strategy of the State Duma developing two new draft laws: “On digital funds” (sanctioned on June 22) and “On digital currencies”.
The previous one went through the third and last viewing in the Duma on Wednesday.
Speaking to Cryptonews.com, Maria Stankiewicz, head of EXMO exchange improvement, said:
“The key for business is the absolute draft of the Law on Digital Currencies », which we are talking about”.
The law adopted on Wednesday should enter into force on 1 January 2021, but Stankevich said that “it is more like a dictionary of ideas than the law itself”.
The most striking location of the law for the cryptography of the nation is related to the exchange of tokens, which has been legitimized according to its terms. In fact, in any event, payments to cryptography would be illegal.
Several scientists have criticized this, expressing that it seems absurd.
In any case Stankevich expressed the opinion that the arrangement “seems to her very reasonable”, since “not many people in Russia are concerned in Bitcoins (BTC) as a method of instalment payment”.
She added that Russians recognized that they could not pay for goods denominated in euros or dollars under Russian law, but that they should be able to make transactions using remote monetary standards or crypto.
In any case, she included a warning note expressing,
«We agree that it is too early to celebrate, on the grounds that the present law is simply a glossary. Perhaps not far behind the shock».
However, despite the fact that the fate of cryptanalysis has yet to be determined, despite all that there is room for good faith, the industry has said.
The past criticized by the past (and gathered together) of the bill appeared in the Duma before something like Chinese-style cryptographic suppression was proposed in the middle of this year. Despite this gained the backing of the Central Bank, the voices of industry experts, for example many within the administration, were terrified. Moreover, this, recommended by Stankiewicz, may indicate that there are people in high positions who are willing to stick to the course because of crypto-motivation.
She’s finished with it,
“Both organizations and legislators have recently effectively demonstrated their position, and even [the top of the Duma committee on monetary issues] Anatoly Aksakov has come out”.
According to Reuters, Aksakov told the deputies on consultations that “mainly, cryptographic money is a complex of computerized information, extended code or link, which is stored in data frames”.
Various commentators added with caution and in good faith.
Referring to the source of news of RBK, Dmitry Kirillov, legal counsel of the law firm Bryan Cave Leighton Paiser (Russia) and a professor of the Moscow Digital School, stated that the draft law introduced on Wednesday, “no longer looks as draconian as the May execution” but Included, that it “despite everything represents a battle with the Central Bank”.