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Dmitry Machikhin, a leading expert in the field of crypto regulation, recorded a video message to Elvira Nabiullina, in which he challenged the head of the Central Bank of Russia to debate.
As part of the proposed discussion, Dmitry wants to prove on behalf of the Russian crypto community “culturally and constructively” that the ban on cryptocurrencies will lead to negative consequences and hit the country’s economy, as well as propose a working solution regarding the regulation of cryptocurrencies that will satisfy both the community and the government.
Dmitry Machikhin invited Elvira Nabiullina to explain why the Central Bank wants to deprive the treasury of the potential income that cryptocurrency users can bring with proper taxation.
“In Russia, 20 million people own cryptocurrencies, Russia is in third place in the world in terms of mining volume, Russian exchange users cover 10% of the global volume, and all this together can bring up to 200 billion in taxes per year, create thousands of jobs annually,” – said Dmitry.
A day earlier, on December 16, 2021, the Reuters news agency published a report in which it was reported that the Central Bank is trying to ban cryptocurrency investments in the country and is already negotiating with market participants.
A leading expert in the field of digital currencies regulation, in his video message, also reasonably refuted the main theses with which the Central Bank explains its negative attitude towards cryptographic currency:
- Cryptocurrencies are a pyramid.
- Cryptocurrency is used for money laundering.
- Cryptocurrency is used to buy drugs and finance terrorism.
- Cryptocurrency is a threat to the ruble and Russia’s financial stability.
He noted that the digital ruble will never replace cryptocurrencies, as these are completely different asset classes.
“It’s like replacing solid with liquid.”
Dmitry pointed out that cryptocurrencies need to be regulated “in a special way”, urged to resolve this issue, and not to prohibit cryptocurrencies in Russia.
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