The legal department of the State Duma indicated to the initiators of the bill on cryptocurrencies and mining that there were internal contradictions in the document and rejected the approval until the comments were eliminated.
The bill “On Amendments to the Federal Law on Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation” was submitted by State Duma deputies Aksakov A.G., Gordeev A.V. and Davankov V.A.
The legal department of the State Duma stated that the proposed changes to Part 2 of Article 141 of Federal Law No. 259-FZ, which provide for the replacement of the concept of “issuing a digital currency in the Russian Federation” with “creating a digital currency in the Russian Federation”, entail internal contradictions. So, in parts 1 and 4, as well as in the projected part 8, the concept of “issue of digital currency in the Russian Federation” is used. At the same time, the article regulates the circulation of digital currency, and not its creation.
In addition, part 2 of article 141 provides for the obligation of a person engaged in mining, “to provide information on the receipt of digital currency credited as a result of mining, in the manner and within the time limits established by the legislation of the Russian Federation on taxes and fees.” However, this norm is not consistent with the Tax Code of the Russian Federation, which does not establish such a procedure and terms.
The legal department suggests that in part 3 of the draft article 141, a direct ban should be established on transactions for the alienation of digital currency obtained as a result of mining using Russian information infrastructure facilities. Exceptions should relate to the implementation of transactions in accordance with the established experimental legal regime.
In addition, the Legal Department of the State Duma suggested that the initiative group of deputies submit the draft law for conclusion to the Bank of Russia in accordance with Article 7 of Federal Law No. 86-FZ “On the Central Bank of the Russian Federation”.
Earlier, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, confirmed the intention of the authorities to completely ban the circulation of crypto assets in Russia and introduce liability for the use of cryptocurrency as a means of payment in Russian jurisdiction.
I work as an author at World Stock Market. I specialize in financial analysis and market commentary. I have been working in the financial industry for over 8 years, and have authored articles on a wide range of topics, including stocks, commodities, and currencies. I am also a frequent contributor to global stock markets on Seeking Alpha.