Deputy Chairman of the State Duma Committee on the Financial Market, Yuri Oleinikov, said that it is only possible to wait for the legitimization of cryptocurrencies in the Russian Federation after the creation of international legal mechanisms.
The deputy expressed this opinion, commenting on the news that the Russian Association of Cryptocurrencies and Blockchain (RACIB) and the Commission for Legal Support of the Digital Economy of the Moscow branch of the Association of Lawyers of Russia (MO AYR) have developed a mechanism for determining the official value of cryptocurrencies.
The essence of the mechanism is to request bitcoin rates from several cryptocurrency exchanges every day for 30 days. After that, all the data obtained is carefully analyzed and at 23:59:40 Moscow time, an average value is formed, from which the cross rate to the dollar and the ruble is already calculated. Such a procedure should be carried out every day.
First of all, the value of bitcoin will be determined in this way, but not only: the rate of the cryptocurrency traded in conjunction with it will also be calculated. The creators of the system emphasize that their development will make it possible to clarify the situation on the electronic currency market, since today the cost of the same types of digital money can vary on different exchanges.
According to the developers of the new cryptocurrency valuation system, it will be in demand, and the peak of its popularity will come when the cryptocurrency in Russia begins to be used in commercial and institutional calculations. However, as noted by Yuri Oleinikov, this will not happen soon, because this requires the adoption of a law on digital financial assets.
The deputy chairman of the State Duma Committee on the financial market said:
“All these conversations have no underlying motive so far, since officially neither Bitcoin nor any other cryptocurrencies are legalized in our country. They are not prohibited, but they simply do not exist in the legal field. At the same time, many people think about the law, including in the Duma, but the whole situation with it is now in limbo – there are a lot of difficulties. ”
According to him, precisely for this reason, the joint development of the RACIB and the Bar Association will not be able to find official application.
At the same time, lawyers note that now the number of citizens in Russia is interested in the possibility of legal use of cryptocurrencies. So, according to Mikhail Uspensky, deputy chairman of the digital economy legal support committee of the MOA of the Autonomous Republic of South Ossetia, he is often asked to help him calculate the cryptocurrency market rate for paying income tax, and there are more and more such precedents.
Oleinikov believes that only in cooperation with the world community should Russia regulate cryptocurrencies.
“For some reason, everyone forgets that cryptocurrency transactions can be used to launder income or other illegal financial fraud. This is a very complex system that allows, literally, money to appear out of nowhere. All this requires the most serious checks, including at the international level , ”the deputy noted.
“Of course, to ignore this industry is unreasonable, since it is becoming increasingly large. But you need to at least learn how to distinguish the whole world from more or less reliable currencies from regular bubbles that will not burst today or tomorrow, swallowing holders' money. This is precisely the task of both the Russian and the global financial sector. And while no clear criteria of reliability have been established, talking about legalization does not make any sense, ”the deputy concluded.
Publication date 10/10/2019
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