Duma deputy recognises Bitcoin’s right to be an investment asset

Legalisation of the cryptocurrency market in Russia will not push the ruble out of its role as the unit of settlement, but will allow people to invest safely in new financial instruments, Anton Gorelkin, deputy chairman of the State Duma committee on information policy, information technology and communications, said in his Telegram channel stated.

According to him, the high volatility of major digital currencies is incompatible with the retail market.

“If cryptocurrency is to become a means of payment, there is no talk about it. Paying with crypto in Russia is prohibited, and the corresponding law is not going to be repealed,” wrote Gorelkin.

He believes regulation will bring the industry out of the shadows and free citizens from having to “hide from the state in garages” and “illegally connect farms to power grids.”

“If we consider cryptocurrency as a security, highly volatile but highly liquid – it could well be an investment object. And we are interested that these investments – and the people who engage in them – are within the legal framework,” added the deputy.

Anton Gorelkin described the Ministry of Finance’s regulatory concept as “well-thought-out and viable,” although he acknowledged that it is aimed at de-anonymising market participants.

“The state will become clear not only to buyers and sellers of cryptocurrencies, but also to those who will service their deals. No additional difficulties for citizens should arise: identity verification is already used by major platforms – but in case of any disputed situations Russian clients of crypto exchanges will be able to count on legal protection from the state,” he concluded.

Earlier, Anton Gorelkin stated that the largest NFT marketplaces should open their representations in the Russian Federation for legal operation within the country.

As a reminder, the government-approved concept for regulating the turnover of cryptocurrencies will underpin the corresponding bill. It should be prepared by February 18. Nevertheless, the base document has already received a share of criticism from the Bank of Russia, which has consistently argued in favour of a complete ban on digital currencies in the country.

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