Russia (bbabo.net), - The Bank of Russia has prepared a bill that prohibits the circulation of cryptocurrencies in the country and introduces fines for it. Thus, the Central Bank continues to insist on its tough position regarding cryptocurrency. So far, there is no complete understanding of the future of cryptocurrencies in Russia, but the Ministry of Finance and the government are not in favor of their ban, but for the regulation of turnover.

From the explanatory note to the document (have) it follows that the Central Bank plans to establish a ban on the organization of the issue, the issue itself, the organization of the circulation of "private digital currencies" on the territory of Russia, and even the dissemination of information about this. The ban is extraterritorial in nature and applies to both "private digital currency" issued both within Russia and abroad. It is assumed that banks will also have to block money transfers through payment cards and electronic wallets if they have information that the recipient of the transfer is engaged in activities that contribute to the organization of the issuance, release and circulation of cryptocurrencies in Russia and abroad.

For violation of the bans, the Bank of Russia proposes to introduce fines. For individuals, they are planned to be set in the amount of 300-500 thousand rubles, for legal entities - from 700 thousand to 1 million rubles.

A public discussion about the future of cryptocurrencies in Russia has been going on for about a month. It began in January with the publication of a Central Bank report on cryptocurrencies, which proposed to ban almost all operations with cryptocurrencies, including mining, and leave only the opportunity to buy and sell them on foreign platforms and own them. The Ministry of Finance and the government do not agree with the position of the Bank of Russia. The financial department advocates the regulation of cryptocurrencies. In early February, the government published the concept of legislative regulation of the circulation of digital currencies with an emphasis on protecting the rights of ordinary investors. The concept assumes that as a result, a legal cryptocurrency market will be formed with the establishment of turnover rules and the circle of participants in transactions with cryptocurrencies, as well as requirements for them. As follows from the document, crypto investors will be divided into qualified and unskilled (the latter being proposed by the Ministry of Finance to limit investments in cryptocurrencies to the amount of 50-100 thousand rubles). Transaction limits will be set for unqualified investors. Those wishing to sell or buy crypto-currencies in any case will have to be identified.

"The argument that the legalization of cryptocurrencies will allow more taxes to be collected, it seems to me, does not take into account the fact that, along with illegal operations that many people really service cryptocurrencies quite easily, conditions will arise for tax evasion in the whole economy," the head of the Bank of Russia emphasized earlier. Elvira Nabiullina. She added that the Central Bank had long struggled with illegal operations in the financial sector, in banks, and removed from the market players who were systemically involved in laundering and cashing out. “And cryptocurrency, by its very nature, will open a new large-scale channel for such operations,” Nabiullina said.

Banks will be required to block transfers if they have information that the recipient is issuing and circulating cryptocurrencies

In general, the Ministry of Finance and the Bank of Russia have not yet reached an understanding on the regulation of cryptocurrencies, Finance Minister Anton Siluanov admitted last week. Most likely, the differences between them will be removed with the help of the government, he said. He added that the dispute between the Ministry of Finance and the Bank of Russia over the future of cryptocurrencies has been going on for a year and a half, and such a delay hinders the development of the sector. “The worst thing is when a decision is not made, the gray sector drags on and remains the same, it only develops even more,” Siluanov said. At the same time, according to him, taxation was not the main goal of regulation of the sector.

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