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Lawmaker calls for streamlined adoption of law on cryptocurrencies in Russia

Anatoly Aksakov noted that "everyone understands that such a phenomenon [cryptocurrency] exists" and there are those who want to legally work with cryptocurrencies

MOSCOW, April 11. /TASS/. Head of the State Duma Committee on the Financial Market, Anatoly Aksakov believes the adoption of the law on payments in cryptocurrencies in Russia is taking too long.

"We need to legalize cryptocurrencies as quickly as possible, primarily for international payments. Unfortunately, we hit a snag here. I myself tried several times to introduce legislative initiatives, and [they] were buried in red tape," Aksakov said at the congress of the Association of Russian Banks.

He noted that "everyone understands that such a phenomenon [cryptocurrency] exists" and there are those who want to legally work with cryptocurrencies.

"Who can we push here? We are ready to quickly consider the issue to legitimize this phenomenon. Let it be on a special list, in a special regime, not everyone will have official access to working with such tools, but we need to gain some experience and test it out, in order to benefit and understand how to expand the number of participants who work in this direction," Aksakov concluded.

Earlier, head of the Bank of Russia, Elvira Nabiullina said that the regulator is in favor of accelerating the adoption of the bill on international payments in cryptocurrencies, but the start of such payments must be carried out in an experimental legal regime.

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