crypto regulation

Central Bank of Russia: Law of adoption of digital assets expected to be adopted by Spring 2019

According to a report by a local news agency TASS, the Central Bank of Russia states that the law on digital financial assets is fairly ready and will be adopted by the spring of 2019.

Olga Skorobogatova, the first deputy chairman of the Bank of Russia stated at a recent meeting with the Parliament that the law of digital financial assets is in a “fairly high degree of readiness.” She said that the State Duma committee members are very helpful, and the laws will be passed by the spring session in 2019.

She emphasized that these draft laws will be crucial for Russia and “will allow for the implementation of new projects.”

Recently, the Russian Prime Minister, Dmitry Medvedev had stated that crypto has lost popularity and is not a priority for the Russian authorities.

Due to an order from the Financial Action Task Force (FATF), the Russian authorities had to postpone the second reading of the DAF as revealed by the Chairman of the Russian Parliament’s Committee on Financial Market.

Central Bank of Russia was reportedly trying to convince lawmakers to avoid using words such as “cryptocurrencies” and “bitcoin” in the bill.

In November of 2018, there were announcements that Russia’s State Duma Committee will launch a state-backed cryptocurrency pegged to the Russian ruble by mid-2019.

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