For example, the basis of this law is the term that bitcoin is not a currency, it is a product/item. No one here (at the state level) doesn't want to delve into the intricacies of the technology of the blockchain. In the end we get a law that will regulate only the purchase and sale of cryptocurrencies, the state just will get % for fictitious market regulation.
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@natord & @jrcornel I'm no expert but think that Russia specifically is calling Bitcoin a "product or commodity" is a very interesting approach regarding regulation because as I understand things, it's not common place to "tax" or charge a fee on a currency.
I believe this is one of the reasons the USA has been slow to take any overt/direct actions regarding Bitcoin regulation, although I believe there most likely have been covert involvement/activities done by certain 3 letter agencies ( plausible deniability ) to undermine Bitcoin & other alt coins.
I'd be very curious of your personal thoughts & opinions on the benefits/disadvantages of regulating Bitcoin as a product/commodity vs regulating Bitcoin as a currency...
Thank You Again for Your comments... Have a Great Week !!