Russian Lawmakers – Failure to Regulate Crypto Hurting Russian Economy

cryptonews.com:

Russian lawmakers have criticized Moscow over its “failure” to regulate the crypto sector, claiming that inaction harms the nation’s economy.

Per the media outlets Finam and Pravda, lawmakers spoke about the matter on March 13.

One MP blasted Moscow for failing to recognize tokens as a valid payment tool. And another called for a system of crypto declarations for public officials.

Artem Kiryanov, the Deputy Chairman of the State Duma Committee on Economic Policy, and the head of the Russian Union of Taxpayers, said it had become “necessary to pass a law” to “regulate the cryptocurrency sector.”

Kiryanov was speaking at a media event that focused on the “financial status of Bitcoin in Russia,” and explained:

“Currently, a large part of the Russian black and ‘gray’ markets make use of cryptoassets. We must adopt a law that regulates the use of these cryptoassets.”

The lawmaker was critical of previous attempts to police the sector. He claimed that bills proposed in the State Duma “do not treat cryptocurrency as a means of payment.” Kiryanov added:

“In Russia, we do not allow for the idea that people can pay for goods and services with cryptocurrency.”

However, this week reports claimed that top Russian policymakers have admitted crypto regulation may not roll out until 2025.

Two years after the Kremlin’s invasion of Ukraine, many in Russia have reason to feel the wartime economy is working well for them in a setback for Western sanctions designed to pit the populace against Putin https://t.co/x70WAYV15X

— Bloomberg (@business) March 14, 2024

Kiryanov added that many citizens were becoming unsure as to whether the Central Bank’s digital ruble is also a “cryptoasset.”

The Committee Deputy Chairman said that the Russian CBDC “cannot be