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Russia Prepares Roadmap for Bitcoin, Crypto Regulation: Report

The Russian government is calling for comprehensive legislation for Bitcoin and cryptocurrency to be enacted, as members discuss the potential negative side effects of banning the industry altogether, as suggested by the central bank. Putin is reportedly backing the government’s efforts to regulate the asset class, despite the Bank of Russia’s comments last week about the alleged risks of Bitcoin spreading in the country. The president said in a Wednesday meeting with government officials that Russia had “some competitive advantages” for mining bitcoin, namely a surplus of power and an educated workforce, after declaring that the central bank would not stand in the way of technological innovation. More specific guidelines for regulating cryptocurrency in Russia came on the heels of Putin’s comments when Deputy Prime Minister Dmitry Chernyshenko signed a roadmap on Friday that is valid until the end of the year, RBC reported. The document provides for the regulation of Bitcoin, identification of customers, determination of liabilities for violations and the possibility of having cryptocurrency lending platforms and related assets in the country.Andrey Lugovoy, First Deputy Head of the State Security and Anti-Corruption Commission State Duma, the federal assembly of the Russian Federation, said on Friday that the legislator will support the government’s roadmap for regulating cryptocurrencies as it finds a blanket ban on this market “unconstructive” as it prevents the establishment of a “black market”. jeopardizes the economy, local state news agency RIA Novosti reported. “When we talk about digital financial assets, about cryptocurrency, about the crypto market, we have to understand that we are not just trying to modify certain accounts, we are trying to create a new entity that the whole world is facing, and we have to determine our position Lugovoi said according to a translated version of the report. According to RBC, the roadmap is the result of a coordinated effort between representatives of various departments and agencies, including the Ministries of Finance and Economic Development, the Public Prosecutor’s Office, the Federal Security Service and the Tax Administration, the Ministries of the Interior and Digital Development, and the Bank of Russia. The proposals in the document have reportedly received support from all relevant authorities except the central bank. Elizaveta Danilova, the head of financial stability at the Bank of Russia, said on Friday that the central bank considers comparing Bitcoin to money as “incorrect and very dangerous”, as the digital currency is an instrument “with risks”, even if “These risks will be excessive and we expect more and more countries to conclude that cryptocurrencies should be banned,” Danilova said, according to a TASS report. [people] mistakenly think of them as money even though they are not.” Danilova added that she believes it is impossible to equate bitcoin and cryptocurrencies with stocks and bonds, as the new assets “have no fundamental value” and “look like The Bank of Russia’s stances are in stark contrast to the government’s stance when it comes to cryptocurrency trading and mining. Danilova said they could come to a consensus such as asked by Putin, noting that the central bank has no right to legislative initiatives. in any case, we must coordinate the proposed measures with the government, with our parliament – the Duma, the Federation Council – we will now actively communicate with all these parties She added. The Bank of Russia had called for a complete ban on trading, owning and mining bitcoin and cryptocurrencies last week, but it seems The Treasury Department reacted quickly by exercising caution as such a path could lead to Russia lagging behind in innovation in the fast tech sector. Bitcoin miners flocked to Russia last year after China’s ban on the industry followed an exodus of ASIC machines. The eastern European country’s cold climate and energy-rich regions provide a powerful set of conditions for mining to spread.
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