Fate of Cryptocurrencies in Russia to be Decided in the Next Six Months

Fate of Cryptocurrencies in Russia to be Decided in the Next Six Months

“Russia should regulate the crypto market, not ban it,” — the main results of the RBC’s crypto-asset conference. 

The RBC’s crypto-asset conference brought together high-ranking officials from state regulators and representatives of the crypto industry on January 25 to discuss the prospects for digital assets in Russia. RBC has posted a review material with the main statements made at the conference, and we will give the main excerpts from it: 

  1. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market, said that the decision on the regulation of cryptocurrencies will be made within six months. He also noted the possibility of the first secured digital assets in 2022, which will act in accordance with the law “On Digital Financial Assets.” In the official’s opinion, this is an alternative option for developing the crypto market in Russia, which “does not bother the Central Bank and does not create risks for citizens and business entities.” In addition, Aksakov allowed the legalization of cryptocurrencies within the framework of the law on experimental legal regimes so that the regulator could assess the possibility of controlling digital assets in practice. 
  2. Ivan Chebeskov, head of the Financial Policy Department at Russia’s Ministry of Finance, voiced his department’s position on cryptocurrencies: “We need to regulate, not ban.” According to him, the Ministry of Finance has already prepared a concept of regulation of the crypto market and is waiting for the government’s position.
  3. Andrey Lugovoy, deputy chair of the State Duma Committee for Security and Corruption, the Liberal Democratic Party deputy, prepares proposals to regulate the crypto market. The politician favors strict regulation of the cryptocurrency market and promises to present his proposals “in the near future.” 
  4. Daniel Wolfe, Managing Director of Simoleon Long-Term Value, opined that cryptocurrencies are inseparable from blockchain technology, and it is impossible to ban them but still try to develop the blockchain industry. 

Officials also spoke out about miners. They said there are “many questions” to miners today, but “hundreds of thousands of people” are already working in this field, and a ban on mining would mean the country is lagging behind in high-tech.

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