Russia’s Ministry of Finance acknowledges a lack of understanding of smart contract possibilities

A representative of the department said that smart contracts may need regulation other than traditional finance

14.02.2023 - 11:15

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2 min

What’s new? The Russian authorities are still in the process of finding ways to regulate digital assets. One of the main agendas for controlling the industry is smart contracts. Thus, at the round table, “A new form of money” organized by Komsomolskaya Pravda, Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, allowed the possibility that smart contracts may need regulation other than traditional finance, taking into account their technological features, which are not fully clear to the department.

Information on the Ministry of Finance’s website

What else did Chebeskov say? According to the official, “no one claims that cryptocurrencies, as they exist now, will remain even with the introduction of state regulation.” That said, the process of seeking control over such assets is underway, and it is accelerating. The position of the Ministry of Finance is that the cryptocurrency market needs legalization and help to develop, but there are still many legal issues, the answer to which is not yet available, he stressed.

According to Chebeskov, the biggest difference between the regulation of digital currencies and conventional currencies is not in the speed of transactions or methods of transfer (online/offline), but in the technology and the ability to program assets. He explained that in question are smart contracts, the possibilities of which the Ministry of Finance does not fully understand.

Earlier, the Ministry of Finance supported the idea of bringing digital financial assets (DFAs) to Russian exchanges. According to Chebeskov, this will attract investors and increase trade turnover, and given the current realities, the department should accelerate the adoption of this decision.

For how Russia is trying to regulate digital assets, read GetBlock Magazine’s article.

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