Regulatory Series on Cryptocurrencies: Pandemic Coronavirus Holds Back Russian Prohibition On Cryptocurrencies

Having total reported death cases exceeds due to the deadly contagious coronavirus, almost all markets have halted with a trauma and total number of confirmed cases has exceeded 1-million across the globe.

As the outbreak widens, Russian approach to deal with it is quite appreciable, as combating this deadly contagious COVID-19 outbreak has been inevitable in major parts of this planet, that causing the deferral of Russian legislative implementation “On Digital Financial Assets”. Nevertheless, as per the government official’s run through, the law is finalized,  and they will define cryptocurrency usage in the region, on the contrary, there could be potential prohibition on them from being used as a means of payment at certain cases.

According to a local report, indicated that it was postponed again, but this time the reason is the novel coronavirus.

Russian legislation pertaining to digital adoption in the country has already been discussed since early 2018, as per the report of Anatoly Aksakov, head of the Duma committee on the financial markets. Since then, however, internal disputes prevented its adoption a few times.

The deadly contagion has caused over 40,000 or nearing to 50,000 death cases so far across the globe which is hampering the adoption of all legislative processes too in Russia.