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Before the plenary meeting of the State Duma on November 18, 2021, the deputy of the New People party, Anton Tkachev, said that there is still no adequate regulation of the cryptocurrency market in Russia. The editorial staff of BeInCrypto spoke with the politician and found out how to fix the situation, and what the authorities are doing for this.
BIC: The authorities have been trying for several years to form a legal framework for the cryptoindustry. Why do you think they fail to do this? What obstacles do regulators face on the way to form the legal framework for the digital asset market?
Federal laws on the regulation of the circulation of digital currency have not yet been adopted. There is an active discussion. For example, the Bank of Russia indicates high risks of transactions with cryptocurrencies. This includes the absence of a single emission center, the issuance of cryptocurrencies by an unlimited circle of anonymous persons, the lack of guarantees for consumer protection, and sharp fluctuations in the exchange rate.
Federal officials believe, and not without reason, that cryptocurrency is often used for criminal purposes. It is impossible to ensure proper control over it.
It should also be noted that the current legislation does not define cryptocurrency mining as an entrepreneurial activity. Currently, a bill on taxation of digital currency is under consideration in the State Duma. It only regulates the taxation of cryptocurrency ownership. The project does not provide for taxation of cryptocurrency mining, and there are currently no other legislative initiatives regarding the taxation of cryptocurrencies.
See also: A State Duma deputy proposed making a pilot region of the Irkutsk region for the legalization of cryptocurrency mining
As a result, the reason is not only the complexity of the system and thousands of nuances, but also the state’s suspicion regarding cryptocurrencies. Hopefully, in the end we will come to a compromise and build a clear, working system.
Deputy of the New People party Anton Tkachev. Source: VKontakte
BIC: Your faction proposed to create a department with an expert community on the basis of the Central Bank, which will deal with the development of the cryptoindustry. Has your initiative found support among colleagues? Is there any progress in the implementation of the initiative?
We will look for solutions within the already existing working group on digital financial assets under the State Duma. Involve experts and government representatives.
BIC: What countries, in your opinion, should Russia be guided by when forming a regulatory environment for the cryptocurrency market?
A number of solutions that work in the Republic of Belarus or Singapore require detailed study. For example, in Belarus, cryptocurrency exchanges have received a license from the Central Bank and are controlled and subject to financial monitoring. The Belarusian colleagues are already gaining valuable experience. Don’t ignore him.
BIC: What consequences can the Russian Federation face if effective rules for regulating the digital asset market are not promptly formed in the country?
Now the crypto market in Russia is one of the largest in the world, and at the same time it is in the gray zone. For example, in Primorye, a kilowatt of electricity is cheaper than in other regions of Russia, due to subsidies from the federal and regional budgets. It turns out that the state supports mining from the budget, and as a result, we see a drop in income. The situation is in dire need of immediate regulatory action.
Read about the state of the cryptocurrency market in Russia in the first comprehensive industry study by BeInCrypto
BIC: How do your colleagues feel about cryptocurrencies? Are there miners and crypto investors among them?
Many parliamentarians are determined to work on the legalization of the crypt. I am sure that they have acquaintances who are not only interested in the field, but are also entrepreneurs in this market. This is probably one of the reasons why a specialized working group was created under the State Duma.
BIC: How do you feel about the legalization of bitcoin in El Salvador? Do you think the decision of the country’s authorities is correct?
I think that replacing the main national currency at the expense of the CFA is very dangerous from the economic point of view, since the national currency should be tied to the country’s assets or subsoil. Such a measure is too radical, but the introduction of an alternative method of calculation will provide an opportunity for rapid development and investment in the technology sector.
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