The Bank of Russia, the Finance Ministry and the government have aligned their positions on the development of cryptocurrencies in the country. This was stated by Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs (RSPP), report by Vedomosti.
The sides agreed that cryptocurrencies will not obtain status as a means of payment in Russia. At the same time, their purchase, exchange and sale remain subject to regulation.
“Both sides of this debate—the central bank as regulator and the Finance Ministry with the government—have converged on many positions. In particular, where bans are concerned, they are more about prohibiting the use of cryptocurrency as a means of payment, while other aspects remain to be regulated,” Shokhin said.
Co-chair of the coordinating council of the RSPP, Vladimir Potanin, president of Norilsk Nickel, said that the sides are currently negotiating regulatory details, but all parties support banning the use of cryptocurrency as a means of payment.
“The business community has reached an understanding with the government, the Central Bank and lawmakers that the problems of cryptocurrencies are more difficult and harder to regulate than the issues surrounding digital financial assets,” he added.
The current law, “On Digital Financial Assets”, recognises cryptocurrencies as property and prohibits their use to pay for goods and services within the country.
By 18 February, authorities must prepare a bill regulating the turnover of digital currencies in the country, based on the proposed concept by the Finance Ministry.
According to the chairman of the State Duma Committee on Financial Markets Anatoly Aksakov, the draft of the document is already ready. Its adoption is expected in the first half of 2022.
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