Crypto Regulations Need Amendments Says Russian Deputy Prime Minister

Dec 14, 2018 at 19:21 Update Date :Dec 21, 2018 at 11:51 UTC

According to Russian Finmarket, Maxim Akimov, the Deputy Prime Minister of Russia thinks that the current decline in the crypto market justifies that the country has to be cautious while enforcing crypto regulations.

Recently, Akimov has announced that the current crypto regulation of the country need amendments. In May 2018, the Russian parliament adopted the bill on digital financial assets. From its introduction, the bill has been the subject of discussion in Russia. As a draft bill, the bill went through major edits. In the edit, all terminologies related to token were replaced with the term digital rights. The bill also cut the definition of cryptocurrency mining and claimed that the term is similar to cryptocurrency.

Also Read: The Future of Cryptocurrencies is Uncertain Says Kenneth Rogoff

The Russian parliament, State Duma’s draft was included in the National Program of Digital Economy which was designed to bring stability in the circulation of cryptocurrencies and tokens. The head of Digitization Coordination Board of the Russian Union of Industries and Entrepreneurs and President of Norlisk Nickel, Vladimir Potanin is the main opponent of the bill. In the near future, Potanin has the plan to introduce cryptocurrency backed by future metals. According to Potanin, the bill is wrong in its makeup including the law which governs cryptocurrencies. The law does not even clarify how it will regulate the tokens.

Recently, Pavel Krasheninnikov the head of State Duma’s Committee on State Building said that certain aspects of the bill need a significant change. At the same time, Akimov believes that the bill does not require significant changes this time. He further added

“We are having a big conversation with any interested parties, we are in dialogue and discuss it at various venues. We adhere to the position that has been worked out at the site of the two committees [the Finance Committee and the Civil Law Committee of the State Duma].”

Akimov also said that the country could also draft regulations for stablecoins in the near future.

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