The Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, has recently <a href="https://www.rbc.ru/crypto/news/5e8306af9a7947335b850262" target="_blank" rel="noopener">mentioned</a> that although the Digital Financial Bill has been finalized by the country, it would not implement the crypto law before the 2020 spring ends.
<h2>Russia’s Central Bank Deny To Implement Law</h2>
Aksakov has confessed that earlier, some local authorities expressed their disagreement on the new asset type law, therefore, the country did not adopt the bill.

Aksakov is also a Chairman of the National Banking Council at Russia’s central bank, and while expressing its (central bank) concern, he said that the central bank does not want the crypto assets to get legalized. As State Duma, Aksakov supported the country’s initiative to regulate the laws.

Currently, the authorities have again delayed the implementation of Digital Financial Bill, because of COVID-19 pandemic. At present, every country’s priority has been shifted to this issue, as it has left a very serious impact on every country.

The Digital Financial Bill was introduced in January 2018, by the Ministry of Finance of the Russian Federation (Minfin), to regulate laws for cryptocurrencies, ICOs and trading. And since then, the authorities always delays its implementation.
<h2>Law Will Not Regulate Mining Businesses</h2>
While talking about the crypto law, Aksakov said that apart from regulations for cryptocurrencies there would be a law for circulation of digital assets.

However, a legal executive at Russia’s central bank claims that after the implementation of the bill the circulation of cryptocurrencies would get banned.

Aksakov added that as far as the crypto exchanges do not violate the new law it would not affect them. The official also said that there would no regulations for mining in the Digital Financial Bill. But the miners would have to pay a tax if they earn profit from crypto mining.

According to the report, Russia again has delayed the adoption of the new law for crypto because of the increasing cases of Coronavirus in the country. The country has recorded the biggest surge in cases just in a day.

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Russia Again Delays Adoption Of  Digital Financial Bill

Anatoly Aksakov recently mentioned that although the Digital Financial Bill has been finalized by the country but would be implemented after the spring.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Russia Again Delays Adoption Of Digital Financial Bill

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