This week, Russian Justice Minister Alexander Konovalov said that for the time being there is no need to enshrine the concept of cryptocurrency in Russian legislation, since its use as a means of payment is prohibited by Article 75 of the Constitution of the Russian Federation. The Minister expressed this opinion in response to questions during the “governmental hour” in the Federation Council.
Konovalov noted that it would be unwise to give legal status to cryptocurrencies in their current state. In addition, according to the minister, you should not hurry with the creation of cryptocurrency legislation.
Recently, Russian parliamentarians are trying to create legislation regulating the circulation of cryptocurrency. Until the end of winter, they intend to adopt the entire complex of bills on the digitization of the economy.
The Minister of Justice’s call for caution in the matter of regulation can be based on the realization that cryptocurrency is an evolving technology, so attempts at tight regulation can stifle innovation. Konovalov may fear that the uncertainty in the issue of cryptocurrency in Russia can only increase. Currently, cryptocurrencies are deprived of the status of a payment instrument in the country. Lawmakers have yet to come to a consensus on which class of assets should include cryptocurrency.
Making his statement, Konovalov could take into account the opinion of other high-ranking Russian officials. So, at the end of last year, Deputy Prime Minister Maxim Akimov urged not to hurry with the adoption of the law on cryptocurrency due to market volatility.
The Vice Prime Minister stressed that the current recession may change the fundamental parameters of the market. In this situation, in his opinion, State Duma deputies should not hurry with the adoption of the law on digital assets, but take a wait and see how the market reacts to the fall of Bitcoin. Akimov noted that such a position would make it possible to correct the bill, making it more flexible.
It is noteworthy that last month, Russian Prime Minister Dmitry Medvedev, speaking at the Gaidar Forum in Moscow, said that "a sharp fall in cryptocurrency is not yet a reason to bury them."
According to Medvedev :
"As in any social phenomenon or economic institution, there are bright and dark sides." Also, the Prime Minister called for "closely and comprehensively monitor this phenomenon."
In addition, as early as this month, the Prime Minister said that relations in the digital sphere "must be regulated reasonably and without undue administrative pressure."
Medvedev believes that now we need to work out the issues of the legal definition of key concepts in the cryptosphere, including blockchain technology . He noted:
“As soon as we immerse something in the regulatory framework, we thereby make this phenomenon oblique. Therefore, we should not “lock up” creativity with excessive regulatory regulation. ”
In addition, Minister Konovalov could not be unaware of the fate of the draft law “On digital financial assets”, which provoked stormy discussions; although the bill was submitted to the State Duma at the beginning of last year, it only has to take on its final form.
Last year, the Co-Chairman of the Council of the Russian Union of Industrialists and Entrepreneurs (RSPP) and the head of the MMC Norilsk Nickel, Vladimir Potanin, objected to the wording of the draft law. He proposed to suspend consideration of the documents already adopted by the State Duma in the first reading.
According to Potanin, the three laws (“On digital financial assets”, “On crowdfunding” and “On digital rights”), adopted on first reading, do not take into account the position of industrialists as “the spokesman of the interests of a significant part of business”. The fact is that the laws considered by the State Duma do not even mention the very concept of “cryptocurrency” and “digital money”: the new class of assets is considered as “digital rights”. Also, mining is not described in the package of bills as a way to extract cryptocurrency, but is considered as a mechanism for attracting investments and capital into the country.
For its part, the Russian Union of Industrialists and Entrepreneurs proposed the following classification of digital assets: security tokens , digital signs (evidence of civil contracts) and cryptocurrency. Each group is supposed to apply its own type of regulation.
At that time, the Deputy Prime Minister said that, despite some hitch, the discussion of the draft law continues: “We are continuing negotiations with all interested parties, we are conducting a dialogue and are discussing this phenomenon at different venues. We adhere to the position that the two committees jointly developed (the State Duma Committee on Finance and the Committee on Civil Law). ”
Meanwhile, the landmark bill can be passed this month. In January, the Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, promised:
“The long-awaited bill on digital financial assets is under negotiation. It will be considered in conjunction with two other documents – the draft law on the regulation of investment platforms or on crowdfunding and amending the Civil Code. We decided to take all the above bills in the complex. Judging by the information I have, the deadlines for adoption will be in January-February, but most likely in February. ”
Date of publication: 16.02.2019
Share this material on social networks and leave your opinion in the comments below.
