Russian cryptocurrency draft law to be published in October

The draft legislation on cryptocurrency will be finished in October 2017, told Anatoly Aksakov, the head of Russian State Duma Financial Market Committee. He is developing this document along with the state central bank and the Ministry of Finance.

“Approaches are ready, I believe, during this month we are going to reach the final position. When will the draft law be ready? I think, during this October, and after that, we will discuss it before submission. We will use documents to reach mutual agreement on its fate,” Aksakov vaguely explains.

TASS, the respectable news agency in Russia, tells that he also said that the wide and public discussion on this draft would start next year.

Meanwhile, Maxim Oreshkin, the young Minister of Economic Development, compared the Bitcoin hype with MMM, the infamous Ponzi scheme many Russians fell for during the 1990s, when the market legislation was so underdeveloped that such schemes even appeared in advertisement messages on the TV. Oreshkin declared that the state would not be able to protect cryptocurrency investors from financial risks and thus they should be extremely vigilant and careful while playing on this market. He also told there’s another aspect: cryptocurrency is an innovative technology that is unacceptable to miss or ban altogether, or else the state risks to find itself on the periphery of the global market.

Another amusing news are coming from Russia thanks to Alexander Yushenko, a State Duma member. He intends to replace “blockchain” and “mining”, which are loan words from English, with some unspecified Russian equivalents, as he thinks many people would find them confusing. Well, let’s remember that Russians borrowed the word “computer” too and understood the concept pretty well. Yushenko’s statement seems to be just a bad try to play a nationalism card.