Russia's Controversial Bitcoin Bill Could See Further Delays

Russia’s finance ministry is reportedly looking to introduce a bill regulating cryptocurrency sometime next year.

AccessTimeIconDec 6, 2016 at 6:52 p.m. UTC
Updated Sep 11, 2021 at 12:44 p.m. UTC

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.

At the same time, the Russian central bank, in tandem with domestic financial institutions, have pursued research into potential blockchain applications. Financial firms have investigated the tech for possible use on their own as well.

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


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