According to Vedomosti, the Bank of Russia, the Ministry of Finance and the government have found a common understanding on the regulation of cryptocurrencies in the Russian Federation. They believe that digital currencies in the country should not be a means of payment. This is likely to be banned or very heavily regulated. Individuals and companies will be allowed to buy, exchange and sell cryptocurrencies, provided that all requirements of regulators and government agencies are met.
The source of the publication said that the Central Bank, the Ministry of Finance and the government continue to discuss cryptocurrencies, in which they want to understand what exactly they need to regulate and how. According to him, so far the state structures have agreed on one thing - they all support the introduction of a ban on the use of cryptocurrency as a means of payment. This has not yet been approved, but now the departments are working on the creation of a single and final decision on this matter.
On January 20, the Central Bank published a report in which it proposed to ban cryptocurrencies and mining in the Russian Federation. After that, the state departments decided to hold discussions on the regulation of cryptocurrencies in the Russian Federation, and not to ban it completely.
On January 27, the Ministry of Finance of the Russian Federation presented the concept of rules for operations with cryptocurrencies. On January 28, the Ministry of Digital Development explained that a ban on the circulation of cryptocurrencies in Russia would dramatically reduce the pace of development of the IT industry and make it uncompetitive.
On February 8, 2022, the Government of the Russian Federation approved the Concept of legislative regulation of the mechanisms for organizing the circulation of digital currencies. It assumes that all transactions with cryptocurrencies must be carried out through Russian banks and declared, and clients will be identified and divided into categories - qualified and unqualified investors of cryptocurrencies.
According to the Concept, the Central Bank, the Ministry of Finance, Rosfinmonitoring, the Federal Tax Service, the Ministry of Digital Transformation and the Prosecutor General's Office will monitor compliance with all regulatory restrictions on cryptocurrencies in the country. To control and track payments in cryptocurrency, it is proposed to use the Rosfinmonitoring service "Transparent Blockchain". This service will allow you to determine the parameters of "normal", suspicious and high-risk transactions, trace the chains of movement of digital financial assets, create a database of cryptocurrency wallets related to illegal activities and financing of terrorism.
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