The brand new updated version of the bill passed by the Russian Government known as the “On-Digital-Financial-Assets” does not illegalize the use of cryptocurrency. However, there are some other bills that actually can criminalize it. Let’s get into the article to know more regarding this subject matter.
The new bill mentioned above actually made cryptocurrency usage very much legal and not a criminal offense. As per the formal registers of the State Duma, the legislative body of Russia, the financial market’s committee of Duma has come up with a proposition for reading the bill on “Digital Financial Assets” (also called DFA) for a second time on the 20th of July, 2020.
Every bill is pointed to three readings after it gets passed through the evolution from being a draft to being an adoption. The reading for the second time is for summing up alterations and propositions to the draft bill. The reading done for the third time is completely related to the settled adoption.
The Decision of State Duma not to Initiate Unlawful Offense Codes to the Bill
The document of the draft bill that was published on the 20th of July, the legislation does not take any intention to initiate any skins of illegal liability like prison terms or fines for illicit usage of Cryptocurrency in Russia. An official leader behind legislation and the State Duma’s member named Anatoly Aksakov made a confirmation of the news to a local news channel RIA Novosti.
He made a statement that this specific bill would not be consisting of any liability. Anything that was made by decisions of the committee for isolating the plan of initiation of the administrative and illegal offense does not code to the bill. Besides that, Anatoly Aksakov also keeps faith that the bill of DFA is very much possible to pass in this July. He keeps the hope that it would be enforced from the 1st of January 2021.
Another Bill for Cryptocurrency Might Inflict the Blame
In the month of May 2020, illicit usage of crypto was under the list of unlawful acts in Russia. It was a huge punishable offense that even led to the payments of fines each worth approximately 30000 USD or getting locked up for at least seven years.
Anatoly Aksakov stated that the State Duma keeps an expectation to pass the “On Digital Currency” or the DC bill at the time of the Autumn session ending in late December.