Criticism aimed at authorities and the new legislation on “digital financial assets” is mounting in Russia. Local officials have rebuked lawmakers in the capital over slow progress, warning that the country will have to catch up with others. Experts from the crypto sector have expressed concerns about many unresolved issues in the proposed legal framework. Russian deputies are preparing to introduce two drafts on cryptocurrencies and crowdfunding, while more than 50 other digital economy bills are pending in parliament.
Also read: Russia’s Longest-Serving Finance Minister Backs Crypto “Self-Regulation”
Hurry Up or Catch Up
“Russian parliamentarians have spent a whole year discussing regulations, never reaching a unified stance on a concept to develop the digital economy. Authorities and entrepreneurs have not been able to formulate a consolidated position on cryptocurrencies”, a local official said during a meeting in the State Duma. “We need to hurry up”, Alexandr Brechalov, head of the Russian republic of Udmurtia, told deputies in the federal assembly.
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