Moscow Monetary Authority legislative attempt to legalize However, the regulator wants to make an exception and sell the extracted digital currency only outside the country or under a special Russian legal system.
Russia’s central bank proposes adding restrictions to proposed cryptocurrency mining law
Central Bank of the Russian Federation (CBR) aims to legalize the cryptomining sector, which “notionally endorses” the bill, but at the same time, the digital currency obtained in the process will be sold only to non-residents, mainly in foreign exchange.
In comments to Russia’s Interfax news agency, the bank’s press outlet argued that if coins were to be exchanged domestically, they would be licensed to operate in a controlled and regulated environment. It should be done only through a designated platform, he added. Representative Details:
Lifting such restrictions within the framework of an experimental legal regime, provided that transactions with cryptocurrencies are conducted through licensed entities. admit the possibility.
Officials adhered to what the monetary authorities have repeatedly stated and repeated their position that the circulation of cryptocurrencies within the Russian Federation is “unacceptable.” emphasized that there is
In November, a group of parliamentarians asked the House of Commons, the House of Representatives, to ban mining of currencies such as Bitcoin and other virtual currency activities under the country’s existing law “On Digital Financial Assets.”
The
draft provides miners with two options for selling minted coins referenced by the Bank of Russia. In either case, the Federal Tax Service must be notified of the transaction. Payments in any form other than the Russian ruble are still prohibited under current law, but amid the sanctions, the idea of legalizing cross-border crypto payments is gaining momentum.
However, the proposed bill does not mention that mined cryptocurrencies should only be sold to non-residents of Russia, and its provisions are subject to internal special legal regimes. It does not refer to “authorized entities” for transactions conducted in the country.
Finance Ministry rejects central bank’s latest position
Deputy Finance Minister Alexei Moiseyev, speaking to reporters on Tuesday, commented that the CBR has a new position. . Outside the above legal system. He said his department does not accept this “fully licensed” policy.
For months, the ministry and banks have been debating the regulatory treatment of cryptocurrencies in Russia, with Minfin taking a more liberal stance and monetary authorities threatening to stop mining and trading. It proposes a total ban on related activities, including
Despite these continuing disagreements, Anatoly Aksakov, chairman of the parliament’s Financial Markets Committee, said earlier this week that parliamentarians will pass a new bill by the end of the year. reportedly said he was looking forward to
Meanwhile, Alexander Brazhnikov, executive director of the Russian Association for Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), said that Russian miners sell abroad I pointed out that you are likely to face it if you try. Foreign Exchange Restrictions. Trading coins in a Russian Special Regulation Zone is a good idea, but it will take at least a year to establish.
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