Legalization of cryptocurrencies in Russia is just around the corner
In recent months, the legal environment for cryptocurrencies in Russia has moved strongly towards acceptance. Even before the sanctions, one could notice strong disputes among the regulators of the Russian Federation about what to do with cryptocurrencies — to ban them or legalize them. The Central Bank actively called for a ban on cryptocurrencies, while the Ministry of Finance and the FSB opposed the ban. Many were very surprised by this circumstance, but it was quite logical: Russia has cheap electricity, a cold climate, and now it has become necessary to bypass sanctions and blockages.
Now the attention of Russian crypto-enthusiasts is riveted to the bill of the Ministry of Finance on digital currencies, which is being developed jointly with other ministries: the Ministry of Economic Development, the Ministry of Internal Affairs, the Ministry of Digital Development. Also, such government bodies as the Federal Tax Service and Rosfinmonitoring take part in the development, while the Central Bank called cryptocurrencies a “financial pyramid”.
The Deputy Chairman of the State Duma Committee on Information Policy wrote in his Telegram channel that the majority of participants assessed the initiative of the Ministry of Finance positively. In addition, he noted that the idea of dividing the bill “On Digital Currencies” is now being discussed and, first of all, to pass through the State Duma that part of it that regulates mining, since the position of the Central Bank on this particular issue is softer.
Cryptocurrency as a means of international settlements
When Russian banks were cut off from SWIFT, the cryptocurrency quickly turned from a speculative asset into an effective tool to circumvent the restrictions of Western financial institutions. After Visa and Mastercard payments stopped working, for many, cryptocurrency has become the only way to send funds to parents from abroad or receive money from a foreign client.
Now there is already talk about the use of cryptocurrencies in international settlements. Russian Foreign Minister Sergey Lavrov recently suggested that cryptocurrencies will occupy a “very significant segment in international settlements.”
Ivan Chebeskov, director of the financial policy department at the Russian Ministry of Finance, is also considering using cryptocurrencies for international payments as barter transactions. This is quite in line with the expectations of Barter Smartplace — as long as the cryptocurrency is not recognized as legal tender and as long as volatility reigns in the money world, barter will be an attractive tool.
The Central Bank was skeptical about the possibility of using cryptocurrencies in international settlements, they believed that the sanctions realities only harm the potential of cryptocurrencies as a means of international settlements. But, in the end, the Central Bank also stated that it would not object to international payments, although the Central Bank still looks at crypto with caution.
Curb your expectations
At first glance, everything looks very rosy, if you do not take into account the opposition of the Central Bank. In reality, the conditions for legitimate transactions with cryptocurrencies are very strict:
Firstly, in order to carry out the sale and purchase of cryptocurrencies on its own behalf, the exchange operator must have a capital of at least 30 million rubles. For the operator of the digital trading platform, we are talking about 100 million rubles.
Secondly, there can be no question of any anonymity. Crypto exchangers and crypto exchanges will have to store information about digital currencies for 3 years and transfer information about users at the first request of law enforcement agencies. Individual entrepreneurs and legal entities involved in mining will be added to a special registry.
Thirdly, the bill deals with the prohibition of advertising of illegal crypto-exchangers, that have not received the appropriate license.
So even if the Ministry of Finance, together with other regulators, can push through the legalization of cryptocurrencies in the near future, most likely the framework will be quite strict.
Use our apps:
Barter Smartplace — trade real and digital assets for cryptocurrency.
Barter Wallet Bot — use free cryptocurrency transfers in Telegram and earn 22% per annum.
Subscribe to read our publications:
Join our crypto community — BRTR Holders:
