Russia is not ready for the issuance and circulation of cryptocurrencies

A special representative of the Russian president said that the country is not yet ready for circulation and the issue of cryptocurrencies, according to the local RIA news agency on Monday 10 September.

The special representative of the president on digital and technological development Dmitry Peskov explained his opinion on the status of digital resources in an interview with RIA:

"Since the beginning, we have not blocked legally blockchain and cryptocurrencies and we are trying to bring them into a normative space.But the government must give fair warning, that there is a high risk of ending up with a MMM 2.0 [famous pyramid scheme that existed in 1990s]. "

Peskov declared that the official position of the Russian Central Bank on encryption was too weak. "The threat level is so high that the position could be more severe," he said. Moreover, Peskov claimed that the issue of cryptocurrencies is contrary to the basic principles of state:

"The emission and circulation of cryptocurrencies can not yet be authorized, contradicts the basic functions of the government." The order is important. principles of working with cryptocurrencies at the government level, so we can discuss the implementation of these principles in everyday life, but it is not right to do it the other way around. "

According to Peskov, the best step forward for the legal development of the sphere of cryptocurrency in the country would be to create a normative sandbox to analyze" all aspects of labor "with cryptocurrency.

Peskov, which should not be confused with the Kremlin secretary and the Deputy Chief of Staff of the same president, he was appointed special representative by presidential decree in July 2018. Peskov is also the director of young professionals at the Agency for Strategic Initiatives. [19659002] At the beginning of this year, Russian President Vladimir Putin himself faced the cryptic issue during his annual session of live questions and answers, Putin said that Russia can not have its cryptocurrency, since Cryptocurrency "by definition" can not be controlled by a centralized entity, but it has also observed that while the government does not regulate encrypted extraction, " to very carefully ".

The legal status of cryptocurrencies, mining and Initial Coin Offerings (ICOs) not yet clearly defined in Russia. A bill entitled "On digital financial resources", which was prepared by the Russian Ministry of Finance in March 2018, was accepted by the State Duma in the first of the three May readings. According to RIA, the second reading will take place from the autumn.

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