Deputy Finance Minister of Russia Says State Duma Considers Adopting Cryptocurrencies in Second Reading Within Next Two Weeks, Will Not Legalize Facebook’s Libra Coin

Russia Cryptocurrency

To allow the crypto enthusiast to trade with the leading cryptocurrencies, the Russian Parliament State Duma considers of adopting a new cryptocurrency bill within the next two weeks. The new crypto bill is named as ‘Digital Financial Assets’ (DFA). The local senior finance official and Tass reported the development news. Tass is an agency backed by the Russian government and revealed the crypto news on 19th June.

Tass mentions the Ministry of Finance’s deputy head, Alexie Moiseev stated that the deputy members could draft amendments to the crypto bill by July before moving for final acceptance.

Back in May 2018, the lower chamber of State Duma approved the first reading. At the hearing, nearly 410 deputies voted in support of the bill, and one deputy voted against it. The second reading will take place after successful completion of amendments to the crypto bill and will be passed to the upper house- The Federation Council.

Alexie Moiseev stated Russia’s parliament is hopeful of accepting the bill in the second reading by the next two weeks. The parliament is, currently referring to the proposed crypto bill DFA.

The crypto bill upon passing in the second reading will be forwarded to the Russian President Vladimir Putin in order to make it a law.

Moiseev further informed that the Russian officials had accepted initial coin offerings regulation that will be part of country’s crowdfunding law. Russia will eventually have two bills related to digital currencies, namely, the DFA and the crowdfunding law. DFA will be approved with the new version that is developed for the second reading.

If the crypto assets are approved by the authorities, and crypto legislation receives an order from President Vladimir Putin, then the President allows the state to implement the legislation for the crypto industry by 1 July 2019.

Moisee mentioned:

We had a meeting last week…. In general, we reached an agreement and prepared the final text of the bill. It is now being reviewed, and I hope we will be able to pass it within two weeks.

However, Tass recently reported that Russia was delaying the crypto legislation adoption because of several terminology requirements from the Financial Action Task Force (FATF) on Money Laundering. The initially proposed bill failed to mention important terms like digital currency.

He further stated the legislation includes two laws, the crowdfunding law that covers the ICO and law on DFA.

Moisee even mentioned that the imposing tax on digital currency activities was not discussed in the meeting. But said it is a normal human operation that must be controlled like anything else.

The second reading of the proposed crypto bill ‘On Digital Financial Asset’ was initially scheduled on April but unfortunately postponed.

Russia not to adopt Facebook’s Libra Coin

One hand, Russia is showing a positive approach towards leading digital currency and planning to adopt cryptocurrency, and on the other hand, Russia is criticizing Facebook’s must speculate crypto coin ‘Libra coin.’  The Russian officials have teamed up with other states across the world and sharing their view on Facebook’s crypto project.

Russia will not legalize Facebook’s Libra coin. But there is some relief for citizens thinking to adopt it. Citizens will be allowed to buy it on other digital currency trading platforms.

Russia is worried about digital currencies, believes they might harm the financial system of the nation. Russia is mostly going to either impose restriction for creating crypto exchanges and also on trading platforms or ban them.

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