The growth of cryptocurrency popularity, the mainwhose dignity is fast, cheap and anonymous financial transactions, forced the Russian authorities to take measures to tighten control over new digital finances. Currently, lawmakers are considering a draft law that will provide comprehensive control of power over the process of mining digital currency and transactions conducted using cryptocurrency.
Bill proposed by the chairman of the committeeon the financial market, Anatoly Aksakov, has already passed the first reading. The legislative act introduces such concepts as “digital currency” - actually cryptocurrency and “digital financial assets” - digitized or tokenized financial assets and securities that fall under the control of the main financial regulators of Russia.
The law governs all operations with digitalcurrencies, requiring the establishment of control over them by regulators. Corresponding changes will also be made to the Criminal and Administrative Codes, which will lead to the need for legalization by owners of all digital assets, including cryptocurrencies, by submitting an appropriate declaration to the tax authorities.
Human rights defenders have already expressedclaims to the promoted bill. In particular, items restricting the dissemination of information about digital currencies are subject to criticism, which leads to pressure on the media and violates the right of citizens to access information.
The anonymous nature of transactions and storageCryptocurrency complicates the ability to prove ownership of the cryptocurrency, which limits the process of listing digital assets in the declaration. The actual mining ban contained in the bill, according to critics of the document, leads to a containment of technology development.
The Skolkovo Foundation’s statement states that inthe bill does not contain a reference to the mechanisms for implementing the process of legalization of digital assets. At the same time, at present, a ban on the cryptocurrency turnover has not been introduced in Russia. The implementation of the new law will lead to unreasonable restriction of the rights of citizens and business.
In the government and the Ministry of Economic Development inin particular, they recognize the difficulties in implementing the law and the need to balance the interests of the state and business. It is recognized that digital finance is an integral part of the implementation of the digital economy program. In the near future, additional consultations will be held with interested departments and businesses to find a compromise. According to the Russian Association of Cryptocurrencies and Blockchain, the average daily turnover of digital currency is $ 15 billion, of which Russia accounts for 10%.