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The process of discussing the adoption of cryptocurrencies in Russia is gaining momentum. From how and what the relevant ministries and departments agree on, it depends on what status cryptocurrencies will acquire in our country.
Regulation of cryptocurrencies in Russia – current status
Under the regulation of cryptocurrencies fall several main activities around which there is a debate. In general, all departments are ready to approve mining. None of the relevant ministers and heads of services is against the use of cryptocurrencies to pay for imports. Only the Central Bank of the Russian Federation opposes the organization of cryptocurrency exchanges in the Russian Federation.
The other day there was another discussion a draft law on cryptocurrencies proposed by the Ministry of Finance. The discussion was attended by representatives of the State Duma, the Ministry of Finance, the Ministry of Economic Development, the Ministry of Industry and Trade, the Central Bank, the Ministry of Energy, the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB), the largest mining company in Eurasia BitRiver, the Internet Initiatives Development Fund (IIDF), the Association of Lawyers of Russia and other departments and institutions. This discussion took place in real time and was broadcast on the Internet, its recording Available.
Currently in Russia legislatively two concepts have been approved:
- A digital financial asset (DFA) is a tokenized security. For example, a token per share of a non-public joint-stock company.
- A digital currency is a token that does not have an issuer, for example, Bitcoin.
Federal Law 259-FZ “About Digital Financial Assets” gives an idea of digital financial assets. With regard to digital currencies, additional adoption of the law is required.
The history of cryptocurrency adoption in Russia
In January of this year, the Central Bank of Russia Made with a proposal prohibit cryptocurrency. But then President Putin Offered The Central Bank of the Russian Federation will discuss this issue together with the Ministry of Finance and the Government of the Russian Federation.
In February, the Ministry of Finance took out the draft law “On Digital Currency” developed by him is for discussion. This one bill was discussed in May, including at the above-mentioned round table.
As a result of the discussion, the position of the departments regarding the main activities related to cryptocurrencies was determined.
All departments advocated the legalization and regulation of mining. Ministry of Finance, Central Bank, United Russia, Ministry of Industry and Trade, Ministry of Energy, Ministry of Economic Development and the largest miner in Eurasia BitRiver spoke approvingly on the matter.
Everyone agreed that mining allows:
• “Export” energy from resource-saturated regions, especially in the face of sanctions (to mine cryptocurrency in Russia and sell it abroad);
• Use the free capacity of energy generating enterprises, thereby increasing their efficiency.
Payment for import with cryptocurrency
In the context of the sanctions imposed on Russia, imports to Russia have decreased to 90%. Many Western banks refuse to make payments related to Russian importers. The few banks that still make payments delay them for weeks or even months. At the same time, sellers of goods are ready to supply them to Russia. The ability to pay for imports with digital currency will bypass the restrictions of banking institutions and speed up settlements, thereby increasing the import of goods to Russia.
Purchase and sale of cryptocurrency
In this matter, representatives of all departments, except the Central Bank, spoke in favor. The Bank of Russia does not want Russian citizens and banks to use cryptocurrency that does not have a responsible body that could be verified. As an argument, the Central Bank of the Russian Federation cites the example of a recent Collapse LUNA cryptocurrency and UST stablecoin.
Also, the Central Bank is worried that the possibility of buying cryptocurrencies will entail an outflow of funds from classic instruments – bank deposits and stock exchanges.
Of additional concern to the Bank of Russia is the anonymity of cryptocurrency transactions. But anonymity cryptocurrency is exaggerated and many of it ponThey do.
Proposals of the Ministry of Finance regarding the regulation of cryptocurrencies
The Ministry of Finance makes the following proposals:
• Allow buying and selling cryptocurrencies: up to 50 thousand rubles. per year for individuals who have not passed the test and up to 600 thousand rubles. per year for those who have passed. There are no limits for professional participants;
• Do not allow to pay with digital currency within the Russian Federation, but allow you to pay for imports;
• Allow the creation of cryptocurrency exchange offices and cryptocurrency exchanges;
• Make banks responsible for identifying cryptocurrency users and verifying them, as well as conducting procedures aimed at countering the laundering of proceeds from crime (the so-called KYC and AML procedures). The Central Bank is categorically against this point of the Ministry of Finance;
• Allow mining.
Discussions and disputes regarding the regulation of cryptocurrencies in Russia will still continue. But to date, it can be assumed that decisions on issues where there are no contradictions can be made in the near future.
Mining and payments for imports can be legalized in the near future, since representatives of all departments speak positively on these points. On the purchase and sale of digital assets, consensus has yet to be found.
Author: Elvir, Analyst at Freedman Club Crypto News
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