In the Russian legislation until the end of 2019, you may receive the notion of “virtual currency” instead of the concept of “cryptocurrency”. This was announced on Tuesday, the head of the Duma Committee on financial market Anatoly Aksakov.

The MP said: “We have removed from the bill on digital rights and digital assets, for example, the concept of “cryptocurrency” because it decided not to legalize it what can laundered money and financed terrorism”

Thus, the draft law “On digital of financial assets” (CFA), which is submitted to the state Duma in March 2018, not regulates the circulation of cryptocurrency as such. According to Aksakov, in the public block chain, you cannot use Russian law, so the legislators decided not to regulate these processes. According to the Deputy, the draft law on digital of financial assets should not contain the terms “bitcoin” and “mining”, because in this case they do not solve the issues of attracting investments in the digital platforms. The current version of the bill on CFA reglamentary only as non-public companies and individual entrepreneurs to produce digital assets that will confirm cash and other rights of investors in the capital of the company, said Aksakov.

The MP believes that it is better to separate the bill to prescribe the concept of “virtual currency”, especially because the Group of development of financial measures to combat money laundering (The Financial Action Task Force, FATF) also uses this concept.

“To develop a new bill on the basis of the Committee created a working group with representatives of the Federal security service, Rosfinmonitoring, Ministry of Finance, Ministry of economic development and the Central Bank. The document must be adopted before the end of this year”, – said the Deputy.

In October 2018 added in the FATF recommendations clarification on virtual assets and warned the country that they should prevent the use of these assets to Finance crime.

The bill on digital of financial assets, the state Duma should consider in the second reading today, March 19. While the Parliament was not informed officially about the outcome of the session.