State Duma deputy explains delays in regulating cryptocurrencies in the Russian Federation

Pavel Krasheninnikov said that the authorities have not yet reached a compromise on this issue

28.11.2022 - 11:30

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2 min

What’s new? The head of the State Duma State Building and Legislation Committee Pavel Krasheninnikov explained why there is still no clear regulation of cryptocurrencies in the country. According to him, the authorities have not yet reached a consensus on the recognition of digital assets as an object of civil law, so there are no relevant bills. Krasheninnikov added that this issue is under discussion in the government, the TASS news agency reports.

Material by TASS

What else did the deputy say? Krasheninnikov said that there is a group of people in the government who are in favor of recognizing cryptocurrencies as an object of civil law and a group that is against it. “They all have quite strong arguments,” the deputy said.

Krasheninnikov believes that a compromise is needed on this issue. In his opinion, it is necessary to ensure some limits on the circulation of digital assets and its transparency.

Earlier, Finance Minister Anton Siluanov compared crypto to a slot machine and urged caution about investing in this type of asset. At the same time, he called on the Bank of Russia to legalize the circulation of cryptocurrencies by analogy with fiat. The Central Bank, in turn, supported the draft law on the regulation of mining, which had been previously submitted to the State Duma with its participation.

The State Duma began preparations for the creation of a national crypto exchange. The document, taking into account the position of the market, will be submitted to the government and the Central Bank. In this, the parties consider the exchange more as an exchange point, rather than a platform for the distribution of cryptocurrencies as a means of payment within the Russian Federation.

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

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