In Russia, there is no need to adopt laws on regulation of cryptocurrency

The head of the ministry, Alexander Konovalov, believes that the status of digital assets is determined by the Constitution – calculations in cryptocurrency are illegal.

There is no need to pass laws on cryptocurrency regulation in Russia. With such a statement, Justice Minister Alexander Konovalov spoke at the Federation Council, writes Tass.

Konovalov explained his position by the fact that the use on the territory of Russia of other means of payment, other than fiat currencies, is prohibited by the main body of laws of the country – the Constitution. In particular, 75 articles, he said.

In addition, the current legislation gives a fairly precise definition of cryptocurrency, the Minister of Justice noted. Digital money is considered “other property” and is regulated accordingly, he recalled.

However, Konovalov’s position is not shared by Federation Council Speaker Valentina Matvienko. In late January, the senator instructed to understand the reasons for the refusal of the State Duma to begin consideration of laws on the status of cryptocurrency in Russia.

A month earlier, presidential aide Andrei Belousov called for speeding up the process of reviewing the law on digital financial assets. It is assumed that the document will pass the first reading in the lower house of the Russian parliament before the end of the spring session of the State Duma – that is, until July 28, 2019. However, the date of the review is not set.

Publication date 13.02.2019
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