Alexander Konovalov, Russia’s Minister of Justice, said on February 13, during the government hour in the Federation Council, that clear legislation on cryptocurrencies would not be formalized anytime soon. According to news agency Tass, Konovalov said both the constitution and the current financial system’s legislation “categorically prohibits the use of the cryptocurrency as a means of payment.”
He went on to cite Article 75 of the Russian Constitution which states the Russian ruble is the sole currency and that only the Central Bank of the Russian Federation can issue it. The introduction and issuance of other currencies in the Russian Federation is therefore prohibited.
Never-ending grey area?
The Minister of Justice’s position does nothing to clarify Russia’s already ambiguous stance on cryptocurrencies. Over the past 12 months, the Russian parliament, repeatedly postponed the adoption of a long-awaited bill intended to regulate to regulate digital financial assets, including cryptocurrencies, and ICOs.
While President Putin had set the deadline to July 1, 2018 to legalize ICOs and cryptocurrencies in Russia, lawmakers recently announced that a draft law “On Digital Financial Assets” would be reviewed during the spring parliamentary session of this year.
Russia’s Minister of Justice: Cryptocurrencies do not need to be legally defined yetRead More
