Russian authorities plan to regulate cryptocurrencies while banning crypto payments.
“It is already clear that both sides in this discussion have generally come closer. In particular, if we are talking about prohibitions, then that is rather about a ban on the use of cryptocurrency as a means of payment, while other aspects are subject to regulation,” Shokhin was quoted as saying by the daily Izvestia. According to the government-approved regulatory concept, coins can be bought, exchanged, and sold, the report notes.
Vladimir Potanin, co-chairman of RSPP’s Coordinating Council and president of Nornickel, noted that the regulatory bodies are still seeking agreement on the details of Russia’s crypto framework but he emphasized that all of them support a ban on the use of cryptocurrency as a legal tender. “The business community has reached an understanding with the government, the central bank and lawmakers that cryptocurrencies are more complicated and difficult to regulate than digital financial assets,” the billionaire elaborated, quoted by Forklog.
While regulating certain aspects of the crypto economy such as the issuance of tokens, the Russian law “On Digital Financial Assets,” which went into force in January of last year, left many unanswered questions. Aat the State Duma, the lower house of parliament, is now preparing legislation to fill the gaps.
A new law introducing comprehensive rules for the circulation of cryptocurrencies in Russia, based on the finance ministry’s proposals, is expected by Feb. 18. Earlier this week, the chairman of the Financial Market Committee Anatoly Aksakov announced that a draft is already on his desk. Deputies plan to adopt it during the spring session of the Duma.