Prime Minister Mikhail Mishustin called cryptoassets ‘not straightforward instruments’ and said that in developing their regulation it is necessary to take into account ‘all relevant elements that in some way characterize cryptocurrencies’.
There are, in principle, quite different types of digital currencies. We have central-bank currencies, the so-called bitcoins, altcoins, tokens, stablecoins. Among them there are quite stable means — these are stablecoins, which are backed either by gold or fiat.
The Prime Minister also stressed that the government, like the Bank of Russia, is against recognizing digital currencies as a means of payment.
Mishustin noted that the government-approved concept provides for ‘traceability’ of crypto transactions and identification of users.
According to him, more than 10 million Russians have cryptocurrency wallets containing funds totaling over ten trillion rubles.
The Prime Minister noted that, to stimulate investment, authorities are prepared to discuss mining issues.
Earlier, Mishustin acknowledged the need to integrate cryptocurrencies into Russia’s economy.
A Finance Ministry-drafted bill on regulating digital currencies would treat them as property and would not allow them to be used by legal entities or individuals as a means of payment.
It also envisages conducting cryptocurrency transactions through Russian banks, identifying wallet holders, and differentiating investors by qualifications.
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