Russia’s finance ministry delaying bitcoin bill until late 2017

Moves to regulate digital currencies in Russia are facing another setback following reports the finance ministry is delaying the introduction of a bill regulating cryptocurrencies until 2017.

Deputy Finance Minister Alexei Moiseev was quoted by Russian media outlet Lenta saying he expects the adoption of the bill on digital currency to be adopted “not until the autumn of next year.”

For years, authorities in Russia, particularly the Ministry of Finance of the Russian Federations, has been very vocal in opposing digital currency in the country. In fact, ministry officials has been working on a draft law that will punish those who use bitcoins and engage cryptocurrency trade and mining activities.

That bill, however, has met strong opposition even before reaching the lower chamber of the Russian Parliament. In May, the Ministry of Justice challenged the bill’s lack of a precise definition for money substitutes or ‘surrogates,’ which is the term that Russian officials often use to describe bitcoin.