Russia Postpones Decision on Cryptocurrency Trading

Russian Ministry has postponed the fate of cryptocurrency trading in the country. According to local news reports, the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, said that a bill on how Russia will handle crypto assets will likely be passed this autumn.

The portal reported that the Russian leaders had hoped that the legislation would be passed this month. It further stated that the agency may ultimately decide to legalize the sale and purchase of cryptocurrency, but prevent citizens from spending their digital assets on goods and services.

A statement said, “In terms of cryptocurrency, the last question that remains is – literally today we had a meeting with the participation of both the Central Bank and the FSB. In fact, we now have a question of determining how much cryptocurrency can be used. There is a range from prohibition to possibility of purchase. It may become possible to buy and sell, but not pay [with cryptocurrency].”

Last month, Aksakov had said, “I note that actions with cryptocurrency, unconditional due to Russian legislation, will be considered illegitimate. This means that mining, organizing production, circulation, creating exchange points for these tools will be prohibited. For this, administrative liability will be in the form of a fine. We believe that cryptocurrencies created on open blockchains – bitcoins, ethers, etc., are illegitimate tools.”

He had stated, that while mining was still forbidden, it was no crime to hold cryptocurrencies, provided they were bought under foreign law at foreign points of sale and exchange.

He further added, that “a critical mass of actions and operations are now accumulating, which will allow Bitcoin to become popular again.” Aksakov, stated that once the speed of the bitcoin blockchain speeded up, things would be different.

While it appears both Russia and India are taking their own time to decide on fate of cryptocurrency trading, if the former decides then the latter can also look to Russia for inspiration.

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