Central Bank of Russia Expects Crypto Draft Bill Adoption in Spring

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According to local news agency TASS on May 22, the Central Bank of Russia is confident that the draft bill on crypto regulation will be ready for adoption in the spring of 2019.

The first deputy governor of the Russian central bank, Olga Skorobogatova, revealed that they expect the crypto bill, titled ‘On Digital Financial Assets’ (DFA), to be accepted and adopted during the spring session in 2019 as per the orders of the country’s president, Vladimir Putin.

Skorobogatova explained this during a recent meeting of the Parliament, where she argued that the DFA, along with the draft law on crowdfunding and other crypto bills, are “sufficiently ready” to be adopted very soon.

She added that all these draft laws are “crucial for the country and will allow for the implementation of new projects”. On the contrary, the Russian prime minister himself along with the former president Dmitry Medvedev indicated that crypto regulation was in fact not a priority for the government courtesy the “loss of popularity” among the masses.

Russia’s authorities have been facing some hurdles while getting the crypto regulation approved. One prime example appeared yesterday when the Chairman of the Russian Parliament’s Committee on Financial Market explained why they had to delay the second reading of the DFA due to an intervention by the Financial Action Task Force on Money Laundering (FATF).

The FATF has obligated Russia to define and legislate key industry terms like “Bitcoin (BTC)” and “cryptocurrencies”, as there were reports of Russian central bank trying to influence the lawmakers to circumvent the use of this terminology in the bill.

 

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