The issue of legalizing or completely banning the circulation of cryptocurrencies in the Russian financial system will be considered at a meeting with First Deputy Prime Minister Anton Siluanov on September 18, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market, on the sidelines of the Russia Association forum in Sochi.
“Next week we have a meeting with the First Deputy Prime Minister on this issue ,” the deputy said.
Aksakov noted that in general, the bill on digital financial assets is ready.
“In principle, in order to deploy it in one direction or another, we need a maximum of two weeks. That is, when making a decision in either direction, we can prescribe something that is either legalized by the relevant institutions or prohibited , ”he said.
The draft law on digital financial assets in its original version assumed the introduction of their definition (such assets include cryptocurrency and token ), and also legislatively fixed a new type of contract concluded in electronic form – a smart contract – obligations under which are performed using digital financial technologies .
According to the document, the cryptocurrency and the token are property, the key differences between them are determined based on the characteristic of one issuer (token) and many issuers / miners (cryptocurrency), as well as the purpose of the issue. In the draft law for the second reading, the concepts of token, cryptocurrencies and smart contract were excluded.
Russia has an obligation to the FATF to legally regulate the sphere of cryptocurrency circulation, while the organization will be happy with any option for solving a fundamental issue.
According to the order of the Prime Minister Dmitry Medvedev, the law “On Digital Financial Assets” should be adopted before November 1, 2019.
Publication date 09/13/2019
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