Bitcoin enthusiasts in Russia will have to endure yet another setback as the government has a postponed bill seeking to recognize and regulate digital financial assets in the country. The delay comes after several terms including “cryptocurrency,” “smart contracts,” and “token” were removed from the bill’s text.
According to a report, the terms were removed during the bill’s second reading on March 18.
While the delay may prove troublesome for some cryptocurrency holders in the country, it should come as no surprise, given that Russia has been dragging its heels when it comes to cryptocurrency regulation for years.
Reports have suggested Russia is actually leveraging cryptocurrencies in a bid to bypass foreign sanctions – namely those imposed by the US.
Others have claimed Russia is quietly working on its own cryptocurrency, which it would use to circumvent mainstream finance and as such move away from the wondering eyes of many foreign nations.