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Russian Lawmakers Delay Bitcoin Regulation Bill

Russian lawmakers have been waffling on how to regulate bitcoin. They have delayed a bill intended to provide a regulatory framework and legalization for the digital currency.

Also read: Venezuelan Bitcoin Mining Continues Despite Government Crackdown

Russian Media Outlet Pundit Weighs in on the Law

Politicians have decided to withhold the bill due to recent fluctuations on the bitcoin market, as well as legal questions that have surfaced after the BTC-E take down. Elina Leonidovna Sidorenko, working for Russian media outlet Invest-Foresight, explained her reasoning for the push back.

“In April, we announced that the draft law would be ready in October. However, the situation on the market made us, in addition to the main bill, consider several more options. And now all these projects are postponed, we are watching the situation to understand.” Sidorenko also added;

Which solution will be optimal? Without coordination with ministries and departments, without developing a unified position, we are unlikely to advance..

She further explained the delays have to do with how the government should define cryptocurrencies. She said Russia will not go the same route as Japan and call it a payment means. It appears they may take a stand similar to that of the United States IRS or SEC. In other words, it may be a digital security or property. Sidorenko elaborated:

It is of fundamental importance for us to keep the approach to the crypto currency as a certain commodity.

Russian authorities are also trying to determine if cryptocurrency regulation should follow existing laws or the regulations should be drafted as a new law. In either case, it appears that Russian policymakers will not deliver a decision anytime too soon.

When do you think the Russians will finally legalize bitcoin?  Share your thoughts in the comments section below!

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Tags in this story
Bitcoin, Bitcoin as Property, Bitcoin regulation, BTC-e, Cryptocurrency, Cryptocurrency regulation, Elina Leonidovna Sidorenko, Invest-Foresight, Japan bitcoin, N-Privacy, Russia, Russian politicians
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Sterlin Lujan

Sterlin Lujan is a journalist, editor, speaker, anarchist, and essayist. He has been involved with cryptocurrency and Bitcoin since 2012. Sterlin is especially interested in the intersection of psychology and cryptography. He has written on behavioral economics in regards to innovative technology, and was one of the first to write about the emerging field of cryptopsychology on bitcoin.com.