The Russian authorities criticized on the proposal of law aiming to regulate crypto-currencies

The criticism of the Russian authorities and the new legislation on digital currencies are increasing in the country. Local leaders have reprimanded the lawmakers about the slow progress of the proposed legislation, warning that Russia must catch up with other countries. Experts in the sector of the crypto-currencies have expressed their concerns about many unresolved issues in the proposed legal framework. The Russian mp is preparing to present two proposals for law on crypto-currencies and the ICO, while more than 50 % of other devices on the digital economy are pending in Parliament.

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An emergency situation

The Russian legislators have passed a whole year to discuss the regulation, without ever managing to make a decision for the establishment of a law aiming to regulate the market of digital currencies. Authorities and contractors have not been able to formulate a strong proposal on the crypto-currencies, said a local official at a meeting in the state Duma. Alexandr Brechalov, president of the republic of Udmurtia, has stated that they must hurry.

Like many of his colleagues in other Russian regions, Brechalov sees many opportunities for development in the area of virtual currency. Its region is home to major industrial enterprises, including Izhmash. The scan would stimulate other sectors of the local economy, said Brechalov.

The future of Bitcoin is still undecided

The fact is that the Russian authorities have not yet decided what to do with crypto-currencies such as Bitcoin. The central Bank of Russia has insisted on the prohibition of their exchange in the country, citing the risk of money laundering. However, the project presented by the ministry of Finance in January stipulates that citizens can buy and sell digital currency on exchange platforms with a license.

Source : Pixabay. Russia has not yet decided on the future of Bitcoin in the country.

The chair of the committee on financial markets of the state Duma, Anatoly Aksakov, said that his members are trying to speed up the legal process.

Source : NewsBitcoin