Russia Delays Crypto Law due to Coronavirus Pandemic
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March 31, 2020
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Even though the work on the digital financial assets bill has been completed, the approval of the bill will be delayed until the end of Spring due to the coronavirus pandemic, said Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov in an interview with Happy Coin NEWS.

Aksakov says the bill describes the definition of cryptocurrencies, as well as a ban of their use as a means of payment.

"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," Aksakov said.

However because of the coronavirus, all legislative processes in Russia have slowed down, the focus of attention has switched to priority measures to combat the pandemic, the deputy explained.

Aksakov also added that cryptocurrency mining is not mentioned in the bill. Nevertheless, cryptocurrency mining is a type of business that produces value, so it should be taxed, said the representative of the State Duma. He highlighted that the new law will spell out rules relating to the fight against money laundering.

Russia's Principal Security Agency Wants to Ban Crypto Payments

Earlier iHodl reported that Russia may prohibit the issuance and turnover of cryptocurrencies as the legalization of the issue and the organization of cryptocurrency turnover is "an unjustified risk."

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