The Kremlin is in favor of establishing a comprehensive law on Bitcoin and cryptocurrencies to discuss the potential negative side effects of members banning the industry altogether, as the central bank suggests. increase.
Putin reportedly supports the government’s efforts to regulate asset classes, despite last week’s comments by the Central Bank of Russia on the risks that would allow Bitcoin to grow domestically. After the president said in a meeting with government officials Wednesday that the central bank would not interfere with innovation, Russia was well trained in bitcoin mining with a “competitive advantage”, namely power surplus. He said he had a labor force.
More specific directives to regulate Russian cryptocurrencies followed Putin’s comments as Deputy Prime Minister Dmitry Chernyschenko signed a roadmap valid until the end of the year, RBC report. This document stipulates Bitcoin regulation, client identification, establishment of liability for breaches, and the possibility of holding a cryptocurrency lending platform and related assets domestically.
Andrey Lugoboy, the first vice chairman of the Security and Anti-Corruption Commission of the House of Representatives, the Russian Federal Assembly, said on Friday that the parliament is considering a complete ban and the government’s roadmap to regulate cryptocurrencies. Said to support.Local state media outlets because they are “non-constructive” in this market and risk establishing a “black market” in the economy. RIA Novosti report.
“When we talk about digital financial assets, cryptocurrencies and crypto markets, we need to understand that we are not only trying to amend certain bills, but also to regulate the new entities facing the world. According to the translated version of the report, which must be decided, Lugovoi said.
according to RBCThe Roadmap is the result of coordinated efforts among representatives of various departments and agencies, including the Ministry of Finance and Economic Development, the Directorate General of Prosecutors, the Federal Security and Tax Department, the Ministry of Interior and the Ministry of Digital Development. Sberbank of Russia. The proposals contained in this document are reportedly endorsed by all relevant agencies except the central bank.
Elisabeta Danilowa, head of financial stability at the Central Bank of Russia, said on Friday that comparing bitcoin and money is “inaccurate and very risky” because digital currencies are a “riskful” tool, even with restrictions. It is dangerous to the central bank, he said.
“These risks are excessive and we expect more countries to come to the conclusion that cryptocurrencies should be banned,” said Danilova. TASS Report. “Several [people] They don’t, but they mistakenly consider them money. “
Danilova added that he believes it is impossible to equate Bitcoin and cryptocurrencies with stocks and bonds because the new assets “have no fundamental value” and “look like a financial pyramid.” I did.
While the Bank of Russia’s view is in stark contrast to the government’s position on cryptocurrency trading and mining, Danilowa points out that the central bank does not have the right to a legislative initiative and agrees at Putin’s request. Said that it could reach.
“In any case, the proposed measures need to be coordinated with the government. We will actively contact all these parties with the Parliament, the House of Representatives and the House of Federations,” she added.
The Central Bank of Russia called for a complete ban on Bitcoin and cryptocurrency transactions, ownership and mining last week, but the Treasury said such a path would lag Russia’s fast-paced innovation. The technology sector responded swiftly by paying attention to it, as it could lead to.
Bitcoin miners flocked to Russia last year after China’s industry ban caused an ASIC machine spill. The cold climate and energy-rich regions of Eastern European countries create strong conditions for the mining industry to grow.
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