Russian Federation of Industrialists and Entrepreneurs Intends to Push the New Bill about Crypto

The Russian political lobby group is actively promoting the government to enact another legislation bill about cryptocurrency that aimed at resolving some of the contradictions in the bill of digital assets that has been drafted.

The Russian Federation of Industrialists and Entrepreneurs (RUIE) hoped to endow cryptocurrencies such as neo coin, ripple coin and tron coin with special status and delegate its regulatory powers to the Russian Central Bank. According to the documents they submitted, digital assets need to be divided into three categories: tokens alike xenon token (equivalent to securities), cryptocurrencies, and so-called digital signs. In addition, the Russian Federation of Industrialists and Entrepreneurs also hopes to further regulate the rights of cryptocurrency exchanges and cryptocurrency holders.

The reason why the Russian Federation of Industrialists and Entrepreneurs want to construct such a legislative proposal is actually driven by a group of the richest commercial giants behind them, including the president of the Russian mining and metallurgical company “Norilsk Nickel”, the Russian mining giant, the media king, and also Vladimir Potanin, one of the seven oligarchs, and Mikhail Oseevsky, president of Rostelecom, and Victor, president of the Skolkovo Innovation Fund, Victor Viktor Vekselberg. They stated that they have sought expert advice from government members, including the State Duma of the Russian Federation.

According to the Russian local media website, Forklog, Vladimir Potanin’s deputy, Elina Sidorenko, has begun to discuss the new bill in detail and said that all the authors of the bill want to promote a legitimate and secure business.

Elina Sidorenko said that the reason for proposing a new bill is because the previously introduced bill called“Digital Financial Assets”that conflicts with the first, second and fourth parts of the Russian Civil Code, especially with regard to attracting the part of the investment alternative, which is rough and full of contradictions.

According to the lobby group, they hope that the new bill will become a solution to the above problems. Elina Sidorenko said: “The Russian Industrialists and Entrepreneur Alliance Working Group will be responsible for the new bill, seeking a legal balance between the bills, and a consensus between the revision of the Digital Financial Assets Act and the Russian Federal Civil Code, and eliminate the contradiction between each other. It is reported that they will consider Western industry trends and current Russian legislation. ”

About cryptocurrencies, Elina Sidorenko hopes that Russian law will endow it with a special status and that the central bank can license the cryptocurrency exchange. In addition, she also recommends that cryptocurrency ownership and securities ownership be treated in unison.

Currently, the content of the new bill is being discussed by the Russian Federation of Industrialists and Entrepreneurs, and it is expected that consultations will be held with representatives of Russian state agencies in early October.