The Russian central bank, the Ministry of Finance and the government have united questions about how to regulate Russian crypto space. The decentralized digital currency will not be accepted as a means of payment, the Head of the Russian Union of Industrialis and Entrepreneurs (RSPP) Alexander Shokhin told reporters after the meeting aimed at digitalization.
Last month, Russian banks urged to ban the extensive crypto related activities, including its use in payments, exchanges and mining. The hardline policy proposal is filled with opposition from other institutions, including the Ministry of Finance which comes with its own vision of how Cryptocurrency must be treated. Siding with Treasury’s attitude, the federal government adopts plans that support regulations on prohibitions.
“It is clear that both parties in this discussion are generally closer. In particular, if we talk about prohibitions, it is more about the prohibition on the use of cryptocurrency as a means of payment, while other aspects are subject to regulations,” Shokhin said as quoted by Daily Izvestia. According to the concept of regulations approved by the government, coins can be purchased, exchanged, and sold, report records.
Vladimir Potanin, Co-Chairman of the RSPP Coordination Board and President Nornickel, noted that the supervisory body was still seeking an agreement on the details of the Russian crypto framework but he emphasized that all of them supported the prohibition of using cryptocurrency as a legal tender.
“The business community has achieved understanding with the government, the central bank and parliamentarians that Cryptocurrency is more complicated and difficult to regulate than digital financial assets,” billionaires described, quoted by forklog.
While regulating certain aspects of the Crypto economy such as the issuance of tokens, Russian law “on digital financial assets,” which came into force in January last year, leaving many unanswered questions. Working groups in Duma countries, houses under parliament, are now preparing for laws to fill the gap.
New laws that introduce comprehensive rules for Cryptocurrency circulation in Russia, based on the Ministry of Finance’s proposal, are estimated on February 18. Earlier this week, Chairman of the Anatoly Aksakov Financial Market Committee announced that the concept was already on his desk. Deputy plans to adopt it during the Spring Duma session.