National law on cryptocurrencies will be adopted in autumn

The national law on cryptocurrencies will be adopted in the fall. The document will contain a number of fundamental requirements for the cryptocurrency market, said the head of the Financial Market Committee Anatoly Aksakov.

In particular, the production of digital instruments in Russia, as well as their trade, will be banned. However, users will be able to purchase cryptocurrencies in other jurisdictions and declare their digital assets. In addition, the Russians will be prohibited from mining.

“We have been putting off the decision on the bill on digital financial assets for a long time, but we came to the conclusion that it is necessary to define the concept of cryptocurrencies and create a legal basis for working with them,” said Anatoly Aksakov. In turn, representatives of the Russian Association of Crypto Industry, Artificial Intelligence and Blockchain Technologies said that if this normative act is adopted, it will cause significant damage to Russia.