Cryptocurrency may be partially legalized in Russia next year. This was stated by Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, TASS reported.
“I can assure everyone that crypto as a legal product will definitely appear next year … Next year crypto will enter the legal space, but I can say with certainty that it cannot be used as a means of payment for internal payments in the Russian Federation, ”the deputy emphasized.
He added that he hopes the relevant bill will be supported in the Parliament and approved by the President of the Russian Federation.
“I hope this happens because, as I said, reconciliation procedures have been arranged,” Aksakov added. He explained that the cryptocurrency will be used to pay for parallel imports and related deliveries to Russia.
“At the moment they are still used, they just raise the question of whether it is necessary to establish a legal framework, including paying taxes, within a clear regulatory framework,” he said.
Anatoly Aksakov added that the bill on the partial legalization of cryptocurrency for international settlements in the Russian Federation is planned to be adopted in 2022. However, due to the long approval process, it is likely to be adopted in January 2023.
“Unfortunately, everything is not going as I want, we expected to act faster, but there are reconciliation procedures that we cannot overcome, we hope that these procedures will be completed in the near future,” the deputy summarized.
Ministry of Finance against the Central Bank
In February, the Russian Ministry of Finance submitted a draft law on digital currencies to the government. According to the document, the use of cryptocurrencies as a means of payment in Russia will again be prohibited, and digital currencies will be considered as an investment tool.
It has also been proposed to create a special register of exchanges and stockbrokers in the country, which can carry out activities related to the organization of the circulation of cryptocurrencies.
Cryptocurrency trading related transactions will only be possible for identified customers. Cryptocurrency deposits and withdrawals from a customer to an operator and vice versa can only be made through banks using a bank account.
On May 27, the Ministry of Finance completed the draft “On Digital Currencies”, taking into account the comments of the Ministry of Economic Development, the Ministry of Internal Affairs, the Ministry of Digital Development, the Federal Tax Service, Rosfinmonitoring and the Center. National Projects of the Analytical Center under the Government of the Russian Federation.
The Central Bank of the Russian Federation opposes the legalization of cryptocurrency in Russia. The regulator also submitted the bill on the regulation of cryptocurrencies to the Ministry of Finance, proposing to ban the mining of bitcoin and other digital currencies, the circulation and possession of cryptocurrencies in the country, and to impose a fine of 1 million rubles. violations in this area.
On October 5, Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, told Izvestia that Russian companies conduct international transactions using cryptocurrencies, although regulation of such transactions is not yet working.
“The regulation of cross-border transactions using cryptocurrencies and digital assets may start to work in 2023, but businesses are already doing such calculations to a limited extent,” Chebeskov said. The Central Bank of the Russian Federation stated that the regulator will not allow the free movement of cryptocurrencies in Russia.
Can’t Russians use crypto?
On October 5, the head of the State Duma’s financial market committee, Anatoly Aksakov, said that the use of cryptocurrency as a means of payment in the Russian market should be considered a crime.
“The number of individuals involved in cryptocurrencies is quite large. <….> That’s why we need to streamline all processes. First, the use of cryptocurrency as a means of payment in Russia is strictly prohibited and held accountable,” he said.
At the same time, he found it acceptable to use cryptocurrency when paying for goods imports into Russia.
“But at the same time, if there is such an opportunity, including paying for the supply of goods to Russia, you can give the opportunity to work in a transcendent jurisdiction, why not,” said Aksakov.
On November 24, Russian Finance Minister Anton Siluanov said that the Ministry of Finance and the Central Bank could not reach a consensus on the regulation of cryptocurrencies.
“In our view it will be possible to gradually develop our crypto market, it can be done gradually. But it would probably be wrong to ignore what really exists. Therefore, we are in favor of the legalization of this sector. This is the view of the Ministry of Finance. However, the Central Bank’s view on this issue is still different,” he said.
He added that now the cryptocurrency has become a data with the help of which you can perform many operations. Moreover, all this takes place on foreign infrastructure. So everything is done illegally. Therefore, the Minister of Finance believes that it is better to have it in the law than without it.
The head of the Central Bank, Elvira Nabiullina, said in June 2022 that if the digital currency does not enter the Russian financial system, it can be used for international payments. “Cryptocurrency should not be traded on organized trading floors, because this asset is too volatile and too risky for potential investors,” said the head of the Central Bank of Russia.