Central Bank of Russia Named the Conditions of Cryptocurrency Legalization

Published on 28 May. 2018
St petersburg 1199343 1280

During the Peterburg International economic forum, Olga Skorobogatova, the first deputy chief of the Central Bank, stated that her institution stays conservative about the regulation of cryptocurrencies. Still, she leaves open the possibility of reconsidering their position, inform Russian mass media.

The issue of cryptocurrencies as a means of payment is not considered right now – the risks are too significant at the moment. But it doesn’t mean that, after some time, when we understand that the technology itself and the cases based on it are useful, we won’t return to this question and make amendments in some parts,

 - Skorobogatova said.

The deputy chief of the CB added that they discuss the possibility of the government procurement of the new blockchain-based platform “Masterchain” with the Ministry of the Economic Development. The banker mentioned that the Ministry of Finance would also take part in this pilot project to track and correct the whole chain.

As we reported, on May 22, the Russian deputies adopted in the first reading the law projects "On digital financial assets," “On attracting investments using investment platforms,” “On digital rights.” The first law project legally fixes the new type of agreement – smart contract – and defines cryptocurrencies and tokens as the property, and states that they are not the legal means of payment on the territory of Russia.

Mining is recognized as entrepreneurship in the case when the individual exceeds the energy consumption limits, specified by the RF government, during three months,

- the new law states.

To protect unqualified investors, the law project provides the Central Bank with authority to limit the purchase of tokens by the individuals, not defined as qualified investors,

- says the message from the State Duma.


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