Industry insiders say the Russian government’s cryptocurrency policy is “shambolic” and says Moscow “urgently needs to start doing its deliberation behind closed doors,” while other experts welcome a possible two-bill solution.
The comments came after another government ministry spoke out against a draft bill that was put to parliamentarians proposing a partial China-style crypto crackdown.
Russia’s Ministry of Justice is the latest to express its disapproval of a controversial draft bill that would effectively ban crypto companies from the country. Per Izvestia, the ministry believes that the bill would create legal wrinkles, and has complained that its Federal Bailiffs Service agency would struggle to enforce its terms.
As previously reported, the Ministry of Economic Development has also spoken out in criticism of the bill – which has the support of the crypto-skeptic Central Bank of Russia.
Sources close to the matter told Our that a compromise on cryptocurrencies was still a long way off, with policy architects surprised at the backlash the bill has faced thus far.
Moscow-based crypto investment advisor Dmitriy Zaikov told Our,
“Mostly, there are disputes around the status of cryptocurrencies, while the definition of ‘digital financial assets’ is more or less clear. The initiative to split the bill and separate the concepts of digital currency and digital financial assets seems interesting. I believe if it is adopted, it can contribute to the further development of the blockchain market in Russia.”