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The association noted that the ban on the circulation of cryptocurrencies will not solve the existing problems with fraud and illegal actions, but, on the contrary, will complicate control over them.
The Russian Association for Electronic Communications (RAEC) supported the steps currently being taken to regulate cryptocurrency transactions in Russia, presented by the concept of the Ministry of Finance of the Russian Federation and the road map approved by Deputy Prime Minister Dmitry Chernyshenko.
The measures proposed by the Ministry of Finance as part of the regulation of digital assets are aimed at creating a space of trust when using virtual assets, protecting the rights and interests of citizens, as well as effectively countering illegal operations in the cryptocurrency market, the RAEC noted. The association noted that the ban on the circulation of cryptocurrencies will not solve the existing problems with fraud and illegal actions, but, on the contrary, will complicate their control, since activity on the market will move into the “gray” zone.
“The ban on the circulation of cryptocurrencies will leave Russia on the sidelines of the development of one of the fastest growing digital markets at the moment, which will significantly slow down the innovative development of the country,” the association said in a statement.
According to RAEC, the contribution of digital markets to the Russian economy in 2020 amounted to 6.7 trillion rubles, and in 2021, according to preliminary estimates, it will grow by 29% to 8.6 trillion rubles.
On January 20, the Bank of Russia released a report for public discussion, in which it proposed to ban the issuance, circulation and exchange of cryptocurrencies in Russia, as well as the organization of these operations. The regulator also considers it necessary to ban the mining of digital assets and start monitoring Russian investments in cryptocurrency on foreign trading platforms.
At the moment, Deputy Prime Minister Dmitry Chernyshenko has approved a roadmap that proposes the regulation of cryptocurrencies, and not their ban, identification of customers, responsibility for the illegal circulation of digital assets, as well as the development of a methodology for assessing the value of cryptocurrencies. Representatives of the Ministry of Finance, the Ministry of Economic Development, the Prosecutor General’s Office, Rosfinmonitoring, the Federal Security Service, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Digital Development and the Bank of Russia took part in the development of the roadmap.
On January 26, Russian President Vladimir Putin called on the government and the Central Bank to come to a consensus on the regulation of digital assets. The head of state said that he was familiar with the discussion regarding the regulation of cryptocurrencies.
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