First Hearings on Cryptocurrency Regulation Were Held in Russian Parliament

Published on 21 Feb. 2018
Russia 652915 1280

On Tuesday, February 20, the Russian parliament held the hearing during which the deputies discussed the questions under the general title “Formation of the legal conditions of financing and development of digital economics.” Deputies also talked about the legal status of cryptocurrencies directly. 

The local mass media informed about the first historical parliament hearings on cryptocurrency in Russia. We suggest getting acquainted with some comments from Russian officials. 

The committee that works on digital economics development is ready for close cooperation. At the moment, we have two law projects that relate to digital financial assets and crowdfunding. We cooperate with the Central Bank, government… we are ready to present these projects to accelerate their consideration in the Duma and take the necessary steps in this direction,

- stated the head of the financial department of the Duma Anatolii Aksakov, mentioning that the key point for deputies would be particularly normative regulation.

Earlier, we’ve informed that two law drafts were presented in Russia. A project from the Ministry of Finance related to the definitions and status of cryptocurrencies and Russian Association of Cryptocurrencies and Blockchain worked out the project for the ICO regulation. Also, in December, the information about the launching of the regulative sandbox from the Russian CB was revealed. Due to the words of Olga Skorobogatova, deputy head of the Central Bank, the sandbox is necessary for understanding precisely what legislative and organizational methods are required for the new projects.

Head of Economic Policy Committee Sergei Zhyharov is certain that legalization of digital currencies as a means of payment can help to attract investments from abroad, including countries that support Western sanctions against Russia. He is sure that due to such “instrument” they can raise the capital that the country needs.

Natalia Kasperskaia, CEO of Infowatch company, which specializes in the informational security in the corporate sector, is not so optimistic. She has voiced a list of threats which the supporters of the distributed ledger system can face. According to her words, the hype around cryptocurrencies is becoming the reason for neglecting risks that this technology carries.

If we move too fast by implementing these technologies from West, we will descend to the stage of digital colonization,

- claimed Kasperskaia.

One more parliamentary, Serhei Neverov, talked about risks referring to cryptocurrency mining. He reminded about facts with fire accident. The initial steps that the Duma must take – restrict such unprofessional people who harm others. He noted: 

Mining leads to the increased use of electricity, so when the cryptocurrency mining happens in the abnormal conditions, in places that cannot bare such load and don’t have the needed level of fire security, it causes a threat to life.

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