In an interview with RIA Novosti, Alexei Savatyugin, auditor of the Accounts Chamber, recognized the need to regulate cryptocurrencies. 

Auditor of the Accounts Chamber of the Russian Federation: "It's time to introduce regulatory regulation of cryptocurrencies"  

The conversation was about the stability of the Russian economy amid the Western sanctions, the possibility of disconnecting Russia from SWIFT, the prospects of creating CBDCs and cryptocurrencies. 

According to the expert, the cryptocurrency market is associated with high risks, and the value of assets depends entirely on the optimism of market players. At the same time, the crypto market’s capitalization exceeds the capitalization of the Russian stock market. Moreover, many citizens own and mine cryptocurrencies, and therefore it is time to introduce regulation of this area. 

Meanwhile, the Accounts Chamber has not yet discussed such a possibility. Earlier, the State Duma created a working group on the legalization of mining. The idea to equate mining to business activities was supported by the Ministry of Economic Development and the Ministry of Energy. 

The current regulation of cryptocurrencies in Russia is limited by the Federal Law on Digital Financial Assets, which came into force on January 1, 2021. It provides information on cryptocurrencies and prohibits their use as legal tender.

According to the research conducted by TripleA, there are at least 17,3 million crypto investors in Russia. That’s about 11,91% of the country’s population.

Author: Mark Wallerstein