On January 29, 2019, TASS reported that speaker of the Federation Council, Valentina Matvienko, instructed Dmitry Mezentsev, head of the upper house economic policy committee, to investigate the reasons for the delay in adopting bills by the State Duma on the use of digital assets in the financial sector and to speed up this work.
During the opening of the meeting with the head of the Ministry of Communications and Mass Media Konstantin Noskov, in a form of “open dialogue” Valentina Matvienko expressed:
“I’ll ask you to find out why for almost a year almost without a movement in the State Duma there are legislative initiatives of senators on the use of digital technologies in the financial sector. It’s necessary to find out what hinders their adoption. If they are of poor quality, tell us, we will refine them,”
According to her,
“the most important thing is not to delay the process of creating a legislative framework for the digital economy.”
The speaker noted that the “legal vacuum” in this area leads to the proliferation of various gray schemes, and the business is beginning to look for other jurisdictions for itself, including in nearby countries.
“It’s not for me to explain to you that in this super-dynamic and supercompetitive sphere the delay of death is similar. Today we have everything for a digital breakthrough, and it would be embarrassing to fail because of paperwork, excessive bureaucracy,”
she emphasized and also called on the Ministry of Economic Development to prepare a roadmap for developing initiatives in this area.
In May 2018, the State Duma adopted a bill in the first reading on digital financial assets, containing a definition of such assets, which include cryptocurrency. However, in December 2018, the State Duma has postponed the second reading of a much-anticipated bill meant to regulate cryptocurrencies and digital assets in the country.
— Crypto_Vibes (@Crypto_Vibes) December 20, 2018
In general, according to Matvienko, over the next three years, the parliament will consider more than 60 bills in the field of the digital economy, 20 of them – this year.