Russia’s finance ministry is reportedly delaying the introduction of a bill regulating cryptocurrencies until sometime next year.
According to Russian media source Lenta, Deputy Finance Minister Alexei Moiseev said that the measure could be introduced as early as next fall, though he appears to have indicated that the bill could see further delays. The comments were said to have been made during an interview at an event in London.
"Not until the autumn of next year," Moiseev was quoted as saying, according to a translation.
Russia’s efforts to develop – let alone pass – legislation related to the technology has come in fits and bursts since 2015, with movement earlier this year stymied amidst disagreement between government officials on the final scope. The measure, as it currently stands, would focus on the creation and proliferation of so-called "money surrogates", a classification that would cover bitcoin and other digital currencies.
For its part, the government has also experimented with the tech. In October, Russia’s Federal Antimonopoly Service said it was working in partnership with Sberbank on a document storage project.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.