Russia has clarified its position after its recent announcement on permission to use crypto for international payments. Elvira Nabiullinethe Governor of the Russian Central Bank, reiterated that Russia adheres to a policy of intolerance of crypto transactions at the national level. However, she added that it could be used for overseas businesses and events.
Cryptocurrencies have no place in the Russian financial system.
Yesterday Elvira NabiullineI have stated that I am paying to allow crypto payments under certain conditions. She said crypto payments could It is allowed if the ecosystem does not affect the economy of the country.
According to RBC, Nabioulline I said that if cryptocurrencies do not enter the Russian financial system, they can be used for international payments. Besides, the central bank governor said that crypto-asset prices are volatile. Moreover, she pointed out that investor protection is three important elements when it comes to these assets. Digital assets must meet all specified requirements to protect investors.
” The cryptocurrency should not be traded on organized markets, as this asset is too volatile, too risky for potential investors.”
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Compliance to protect investors
The authorities of the Russian central bank seek to make comply with disclosure obligations in the space crypto. On the other hand, assets stored on crypto exchanges must have a prospectus and a responsible person.
In May, the First Deputy Governor of the Bank of Russia, Ksenia Yudaevato present the regulation that allows cryptocurrency regulation. At the time, he said regulators were not opposed to the use of cryptocurrencies in settlements. However, in the interest of investors, the risks associated with the use of digital assets are also more in evidence.
The will be submitted by September The submission of the Russian cryptocurrency bill
More, Anatolia Aksakovone alludes to the time of submission. Aksakov is the head of the Duma Committee on Financial Markets. I revealed that Russian Crypto Bill so expected could be submitted in September 2022. However, Anatolia Warned that the country’s authorities plan to impose strict regulations on space crypto.
In his own, he tells local media that a consensus needs to be reached by the government and the central bank with a version of the bill that already exists. By the way, there are two bills to observe, a crypto mining bill and another on crypto legalization and regulation. Aksakov confirmed that the latter would be confirmed in the fall.
The Central Bank renewed its position; it has been respected in all recent discussions. Moreover, the position of the Ministry of Finance also lasted. I believe that the bill may appear in the State Duma in the fall. Perhaps a compromise will be found, which will consist of very strict regulation of the crypto market,” says Aksakov.
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Feeds today on the chat platform United RussiaRussia’s Deputy Minister of Industry and Trade has revealed the steps the country is taking to regulate cryptocurrency mining. He talked about the development of blockchain technology and the regulation of digital financial assets.
Mining: an energy activity.
Although mining activity is in the gray zone, the extraction of crypto would consume more of them% of Russia’s total electricity. This is a consumption that gives way to the energy appropriation of total consumption for agriculture. Incidentally, negotiations to legalize cryptocurrency mining in Russia began after a proposal to ban all cryptocurrency activity in the country a This is published in a report by the country’s central bank.
Russian Prime Minister, Michael Mishustin, to reveal that the government and the Central Bank agree on banning cryptocurrency as legal tender. This despite mining activity being discussed.
According Chpak, cryptocurrencies are currently in a gray area. Also, their high power consumption makes them worthy of being considered as an industrial activity. according to him, “The mining industry is recognized, regulated and integrated into industrial activity”.
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Cancellation of the amnesty promise for minors from crypto
A draft law “On mining in the Russian Federation” was submitted to the State Duma in April. In general, the text of the bill has not changed. However, some paragraphs were found to be missing. The bill requires all users of crypto and the country’s miners register. In addition, it is registered entities that can obtain the ministries. An amnesty program has been put in place to allow registered minors to clear customs.
Less than a month later, the crypto-mining bill was redone. The new bill saw several missing key points in the first draft. According to the document, the paragraphs on the establishment of a mining register for registered users and the promise of amnesty for registered users. Furthermore, the“Lack of mining registration” means that there are standard procedures for business registration. The promise of amnesty to this abandoned, because it could “eventually cost the federal budget”.
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