Blockchain, Cryptocurrency

Russian Government – separating Crypto from ‘e-Pay’ wallet

Russia’s parliament, the State Duma, is set to vote on a bill that could unwittingly clarify the distinction between e-pay wallets and crypto-wallets. The bill attempts to allow anonymous payments in digital transactions – granting they are made in fiat.

The bill was submitted by a group of MPs, including Anatoly Aksakov, the Duma’s committee on the financial markets. The chief architect of Russia’s more complex crypto-related legislation seeks to redress a questionable bill introduced in August this year.

The latest bill is labeled “On the National Payment System.” It appears to be an effort to legitimize and free the e-pay sector from bundling together with crypto-related regulations.

Previous crypto regulations introduced this year have sought to marginalize crypto transactions – with the government hard at work on developing software it believes will be capable of damasking anonymous crypto transfers.

Nevertheless, scores of critics have come forward with complaints about Moscow’s regulations, which contained terminology such as “digital wallets,” “electronic money,” and “electronic transactions,” sparking fear that leading providers like YooMoneyQIWI WalletWebMoney, and PayPal would be affected.

Media outlet RBC assumes that the new Aksakov-championed bill seeks to exclude crypto as bitcoin (BTC) and altcoins are not legal tender.

If the bill is voted into law, it will help drive another wedge between crypto and e-pay platforms in Russia – and comes hot on the heels of a report from earlier this week that YooMoney (formerly Yandex. Money) wants to block crypto exchange-linked accounts.

The service is co-run by Sberbank, Russia’s most notable commercial bank – a majority-owned entity by the Russian state.

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