United Russia to discuss methodology for valuing Bitcoin

Members of the United Russia party will discuss optimal mechanisms for regulating the cryptocurrency market to protect its participants. This was stated by Anton Nemkin, a member of the State Duma committee on information policy, information technologies and communications.

According to him, the deputies will submit their proposals based on the government-approved concept.

“We must answer questions about the methodology for valuing cryptocurrency assets, the regulation of crypto exchanges’ activities, and responsibility for organizing illicit turnover and violations of the rules governing deals with digital assets,” Nemkin noted.

He stressed that the main task for the authorities will be to protect investors’ interests.

“Today, everything related to mining and cryptocurrency transactions creates risks for citizens: unfortunately, they often become victims of fraudsters. Therefore the state must regulate this sphere and protect people, providing them with certain legal guarantees,” the deputy said.

Nevertheless, Nemkin added that regulation should not hinder the development of the industry, because “there are unique professionals in the field of cryptocurrencies, whose expertise can strengthen the country’s technological and economic potential.”

Earlier, the Russian government approved the concept of legislative regulation of cryptocurrency turnover, which envisages strict obligations for all market participants.

ForkLog has thoroughly analysed its main provisions.

Follow ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analysis.