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Opinion: The adoption of the draft law “On digital financial assets” marks the end of free cryptoeconomics

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If the State Duma approves the bill “On digital financial assets”, then in Russia the entire system of tokenization will be under the control of the Central Bank. This opinion was expressed by the head of the interdepartmental group for assessing the risks of cryptocurrency turnover in the Russian Federation Elina Sidorenko on the Blockchain Life 2018 forum, reports IHODL.

She noted that in the draft law there are no concepts of “cryptocurrency” and “mining”, however there is a reference to a certain “unit of operational accounting”.

“There is only a small blot, where it is written that in some cases the unit of operational accounting can be introduced into the work of certain market participants by a clear order of the Central Bank of Russia. And this means that if the bill is implemented, tomorrow we will not see free cryptoeconomics in the Russian Federation. The law is called “On digital financial assets,” but there is not a single word about digital, financial, or assets, ” Elina Sidorenko said.

She noted that the bill indicated an incorrect interpretation of the concept of “release of tokens”. The document states that this means crediting purchased tokens to the user's personal account, Elina Sidorenko said.

In addition, according to her, the authors of the project have spelled the terms "blockchain" and "distributed registry" in an incomprehensible language. Sidorenko stressed:

"When you read, you will not understand anything."

If the State Duma adopts the bill, then “there will be no cryptocurrency per se in Russia,” Sidorenko said.

Recall, according to Anatoly Aksakov , there is no concept “Bitcoin” in the draft law on cryptocurrency because of its fragility. Later he added that Bitcoin is not needed by the Russian economic system.

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