Regulations

Russia to adopt digital currencies within two weeks, Facebook Coin kicked out

In the next two weeks, the State Duma Russian parliament will adopt the country’s crypto bill on Digital Financial Assets (DFA)to adopt digital currencies. This is according to a local senior finance official and as reported by Tass, a Russian government-backed agency.

Alexei Moiseev, Russia’s deputy finance minister, revealed that the State Duma is considering the DFA and in the second reading within two weeks is expected to adopt the bill.

He also added that Russian authorities had approved separate legislation for initial coin offerings which will be part of Russia’s law on crowdfunding.

Moiseev added:

“Now we are looking at the text [of the bill on digital financial assets] and within two weeks, I hope, we will come out for adoption in the second reading,”

If the digital currencies are adopted as expected by the officials, a crypto regulation will come by order of the country’s President. President Vladimir Putin requires the state to enforce regulation for crypto industry by July 2019.

A recent report by Tass indicated that Russia has been postponing the adoption of crypto legislation because of specific terminology requirements from the Financial Action Task Force on Money Laundering. This is because the bill lacked key terms like cryptocurrency.

Facebook Coin kicked out

On the other hand, Russian authorities joined other states around the globe, expressing fierce criticism against Facebook Libra currency.

Russia will not legalize Libra. However, the citizens will be able to purchase it on different cryptocurrency trading platform.

Russia doesn’t have plans to legalize active circulation of cryptocurrency instruments based on the public blockchain. The country fears virtual currencies may threaten the national financial system. The country is going to prohibit or limit the creation of cryptocurrency exchanges and trading platforms for coins like Libra.

In a radio interview Aksakov said:

“If someone wants to purchase these instruments from platforms that operate under foreign jurisdictions, they may do it at their own peril.”

Do you think digital currency adoption in Russia will help boost innovation in the country?

You may also be interested in:

Russia considers creating a cryptocurrency trading hub near the Chinese border

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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