Russia Postpones Cryptocurrency Law, Puts Onus on Coronavirus

After facing numerous postponements, the espousal of Russia’s key digital currency law will be deferred again because of the coronavirus.

The chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov comments that Russia’s cryptocurrency law is now concluded but won’t be implemented before the culmination of the spring 2020.

As per a report published by Russian news agency RBC on March 31, Aksakov has acknowledged that earlier postponements in the adoption of the bill were caused by disagreement on the novel asset type between local authorities.

Nevertheless, the long-awaited law is being deferred for an alternative reason now. Aksakov purportedly noted the reason being the shift of Russia’s emphasis to imperative actions against the coronavirus contagion because of which all legislative processes have decelerated down.

Aksakov purportedly added that Russia’s imminent cryptocurrency law will provide a description of virtual currencies and forbid the use of cryptocurrencies as payment.

It is to be noted that Aksakov’s latest remarks come at a time when Russia recorded its highest one-day upsurge in corona cases for the 6th day in succession. Moscow’s authorities have already ordered inhabitants to self-quarantine, while the countrywide lockdown is being mulled over, according to the latest report published by Reuters.