The Russian authorities are developing a transaction-analytics technology for monitoring citizens’ transaction activity within the country. In an interview with Parliamentary Newspaper, Anton Tkachev, the first deputy head of the State Duma Committee on Information Policy, Information Technologies and Communications, said.
According to him, the system is currently being tested at one of the banks. In the future, consideration will be given to scaling it across the entire banking sector of the country.
Tkachev explained the need for the procedure by noting that the sector-specific law On CFA defines cryptocurrencies as property, but does not regulate transactions with them in any way.
He also pointed to growing Russians’ interest in digital assets amid sanctions. According to him, more than 13 million wallets were opened in Russia last year.
“Companies that can trade using cryptocurrencies are not subject to this sanctions pressure, because tracing payments becomes an order of magnitude more difficult. At present there are no international controls governing such transfers,” Tkachev said.
Nevertheless, the official is convinced that domestic circulation of Bitcoin “will be absolutely banned” — it will not become a means of payment in Russia.
“At the same time, Russian companies will need to gain access to the ability to exchange cryptocurrencies [through a specialised banking organisation, the creation of which was announced by the Central Bank],” he added.
Mining will, most likely, be permitted only for legal entities — the OKVED will include industrial mining of coins. In addition, this is intended to provide businesses with digital liquidity for cross-border payments.
Currently in Russia, deals involving the purchase and sale, circulation and issuance of cryptocurrencies are allowed. However, the use of such assets as a means of payment and advertising such a possibility is not allowed.
As noted, the bill regulating mining has been registered in the State Duma since mid-November 2022. It obliges individuals and legal entities to report to the tax authorities about mined cryptocurrencies, indicating the address to which they are credited. Its adoption is expected in 2024.
As an amendment to the document, the Ministry of Finance proposed to prohibit the circulation of cryptocurrencies with the exception of stablecoins and selling coins to miners.