Friday is supposedly D-Day for Russian parliamentarians, who will present their much-discussed draft of a crypto regulatory bill – but the drama continues to rumble on, leading some to wonder if the bill will actually be passed as quickly as some had hoped.
As reported, leading deputies predicted that the law, which is to be officially presented, could pass the State Duma (the Russian Parliament) in the first half of this year. Details that have emerged so far suggest that the bill is aimed at “legalizing” crypto, but strongly regulating its use, taxing traders and monitoring crypto exchanges and brokers.
But the Russian central bank remains vehemently opposed to the measures and instead prefers a blanket ban on the Chinese model. His leadership recently warned about the “new risks” that the bill could create for the Russian economy and society.
However, the Minister of Finance has hit back with the claim“ that”it is impossible to ban crypto.”
Quoted by Forbes Russia, the Minister Anton Siluanov stated:
“The Central Bank wants to ban cryptoassets, cryptocurrencies, arguing that they create risks primarily for citizens and can “infect” financial institutions and banks, as well as create an opaque settlement market. This is the same as banning the Internet: it is impossible. While he agreed that the central bank’s concerns were “understandable,” he urged the panel to stop the delay – and accept the government’s proposals.
“Even if we make a mistake somewhere on the track, we can always correct it. It is worse if the decision is delayed. The grey industry [where crypto is neither legal nor illegal] is just evolving in the meantime,” he was quoted as saying.
But the central bank has also dipped an oar, saying that fake miners and other crypto scammers are running amok in Russia. In a precisely timed report dated 16. In February, the central bank claimed that it had identified “almost 2,700“illegal companies and financial pyramid schemes in 2021.”
More than half of the 871 pyramids (53%), he added, were found to “raise funds in cryptocurrency” or had “advertised investments in various non-existent cryptoassets,” including mining projects for tokens that did not even exist. The bank said it had successfully removed some 3,000 fake websites from scammers, many of which allegedly operated crypto and forex-themed ones.
But the Treasury seems unfazed by the bank’s persistent claims. The Central Bank would prefer to follow a ban with the introduction of its own digital ruble. And while the Kremlin seems to be interested in issuing a digital currency, it also seems to be interested in not deterring miners – especially since the tense situation around Ukraine leads to the fact that overseas energy markets are increasingly reluctant to buy Russian electricity resources.
Siluanov, Vedomosti reported, spoke about the development of an “amnesty” mechanism for people who “already own cryptocurrencies.” The minister suggested that crypto holders should try to link their wallets with banks or other conventional financial institutions so that their “assets” can enter legal circulation.” Those who do not comply with it” he suggested,”should be dealt with by law enforcement agencies.”
He added, that miners should also receive “a Code of Economic Activity” and be taxed accordingly.