Russia continues to advance in its efforts to bring the new crypto legislation and provide its users and businesses with some workable rules and guidelines. However, according to recent reports, the legislation is taking a rather confusing shape.
As a consequence, local law experts are concerned about how the rules might impact the Russian crypto market. It even remains questionable whether the country’s crypto users will be able to legally trade Bitcoin and other cryptos on domestic exchanges at all.
Russian bill might ban Bitcoin and most altcoins
According to Daria Nosova, the head of Fintech 02 Consulting, the bill was not yet published in its entirety, so there is still no certainty regarding its potential impact. Especially since its terms seem to be changing all the time. However, the details that are known for now do not seem particularly promising.
On the other hand, according to local media, experts believe that the bill will remove some of the biggest and most common cryptocurrencies, including even Bitcoin itself. BTC trading might become illegal, which can only result in crypto users breaking the law.
Meanwhile, the crypto community in Russia seems to be getting rather annoyed by the constant changes to the bill, and the politicians’ inability to put the issue to bed.
At this point, Nosova believes that the bill might ban cryptocurrencies like Bitcoin, Ethereum, and other top coins. However, it is also very likely that the government will not make any extreme moves towards blocking people from crypto trading.
The future of crypto trading in Russia remains unknown
So far, Nosova believes that there were no compromises reached regarding the bill. One institution that is likely to strongly support the new rules is the Central Bank of Russia, which still remains opposed to anything even remotely connected to crypto.
Furthermore, one of the executives at Finam, a local investment company, believes that BTC trading is unlikely to be fully-criminalized, although the new ruling will marginalize it. As for the traders themselves, they will simply have to make further moves at their own risk.
Nosova believes that there might be a silver lining, though, as trading might be allowed in some exceptional cases. One example would be government-approved cryptocurrencies that might be considered derivatives by the regulators.