Russia is preparing for a crucial moment for its economy – the possible legalization of cryptocurrency and the determination of its status in the country's legislation.
As we reported in February of this year, Russian President Vladimir Putin ordered that by July 1, 2019, the country's legislators should prepare federal laws aimed at developing the digital economy, including defining the procedure for conducting and regulating civil law transactions in electronic form, regulating digital financial assets , attracting financial resources using digital technologies.
According to the Parliamentary newspaper, the Ministry of Finance of Russia and the Central Bank of Russia are working on this issue, and they already have two versions of the bill, and although the trade in cryptocurrencies will apparently be legalized, the legal component of the right of ownership is still being discussed. At the same time, the use of cryptocurrencies as means of payment is not envisaged, since the Central Bank opposes this.
“These regulations prohibit barter transactions between legal entities and individuals, the subject of which is the exchange of cryptocurrency. It turns out that regulation defines a token and cryptocurrency as securities, ”said Nina Efimova , senior lecturer at the Department for Legal Regulation of Economic Activities of the Financial University under the Government of the Russian Federation .
The adoption of laws will also weaken the negative attitude of the state to mining cryptocurrency . Government agencies will be more tolerant of domestic miners who "carry out cryptocurrency mining activities that do not fall under the criteria for the mining industry."
Possible legalization of cryptocurrency trading can have a positive impact not only on the Russian economy, but also on the entire ecosystem of digital assets. Russia is one of the leading countries in Bitcoin trade, but the anti-currency policy of state authorities has undermined not only the credibility of these technologies, but also the motivation of the population to participate in cryptoeconomics.
Publication date 06/26/2019
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